In Dubai, one of the leading business hubs in the world, accounting and bookkeeping services are crucial for the businesses. Many businesses fail to thrive or stay stagnant because of inadequate:
- Timely/ pivotal / accurate reports and/or
- Confidential accounting reports generated that helps businesses to take a decision.
This is done by a qualified, trained accountant who can do the job in a more cost-effective and efficient way. In the UAE, keeping the account books of the previous 5 years has been mandated. This, along with the value-added tax (VAT) directives in effect from 2018, make accounting vital for the functioning of any business in Dubai.
The right accounting firm can facilitate business with not only your tax returns, however with long-term tax planning, business planning, networking, and even personal tax designing if you’re still the foremost neutral in your business. select the companies in port that aid clients in goal setting and observance money progress. this can be very useful if you’re a startup business.
Things to consider while outsourcing bookkeeping and accounting firms in Dubai
QUALIFICATION: A qualification is not necessarily required for someone to be an eligible bookkeeper. However, a minimum 1-year bookkeeping diploma or equivalent is effective when differentiating between candidates. Having some sort of qualification (e.g. B.Com.) is worthwhile when the bookkeeper will be able to handle non-routine accounting issues. If you are looking for someone to take care of your entire financial department and take charge of all financial issues, you better hire someone with a CA (Chartered Accountant) qualification.
EXPERIENCE: Any experience is a plus, but the bookkeeper or bookkeeping services you hire must be specialized in your type of business. Experience in a business (e.g. services) will cause difficulty when adjusting to a different kind of business (e.g. manufacturing). Knowledge of your accounting-software system (e.g. Pastel or QuickBooks or Quicken, and Microsoft Office Small Business Accounting) is beneficial since entrepreneurs often do not have the time or knowledge to train a bookkeeper about accounting systems or software. While hiring a Chartered Accountant (CA), they will have a minimum of 3 years of experience completing their articles at an auditing firm and therefore should have attained some valuable knowledge of different accounting systems/software.
REPUTATION AND REFERENCE: The reputation of accounting firms can be a good gauge of whether they are reliable and trustworthy. However, the main issue is that many bookkeepers operate exclusively, and can move from one firm to another with no brand and ethical code of conduct to adhere to. Don’t fret to ask for testimonials. Your bookkeeping firms in Dubai or bookkeeper are liable to respond to you while requesting a reference. This way you can measure what level of service you will be receiving directly from their end, instead of only considering their word.
RELIABILITY: Many bookkeepers/ accountants will leave you in the lurch when they take a holiday or unexpectedly fall ill. For this reason, it is recommended to consider the reliability of the bookkeeper from their previous customers or employers.
REGULATION: If your bookkeeper is administered by a governing industry body, it will go a long way to ensure that they adhere to a code of ethics. Make sure the chosen firm is registered in major free zones of the UAE and is well equipped to carry out professional services in all Emirates of UAE. When hiring a bookkeeper or accountant, ask whether they are a registered agent. Make sure they have licensed CPA and a lawyer specializing in tax law. You can then do your own follow up to ensure that these memberships are valid.
COST EFFECTIVENESS: The most important thing to keep in mind is the amount charged by accounting firms in Dubai, accounting fees depend upon the policies of their firms. Some companies charge a specific fee for every financial task that they perform. On the other hand, some firms charge by the minute and each call you make to the accountant (i.e. Pay as you go basis) which can increase your bill. You should choose whichever option suits your requirement.
CONSULTING SERVICES: There are many audit firms in Dubai that offer quick consulting on the financial goals of a consulting firm. The amount of information you need depends on your financial knowledge and experience. In case you need detailed advice, you should select a firm that offers in-depth financial counselling.
LEVEL OF SERVICE: If you require a complete bookkeeping/ accounting services then you should choose a firm which offers complete information about your bookkeeping. These firms employ bookkeepers who handle day-to-day transactions.
AUDIT SUPPORT: Facing an audit is a dilemmatic situation and it is comforting to have your accountant by your side. Consider a firm which provides an accountant to represent your interests and provide support during the time of your need.
Many entrepreneurs in SMEs outsource their bookkeeping and accounting requirements to expert bookkeepers and Chartered Accountants. Such outsourced-accounting firms often charge an affordable fee and take considerable care in upholding their reputation for reliability. This might be the best option for a business owner with a start-up business. Your daily and monthly accounts are up to date and in order. And professionals are on hand for financial accounting guidance when you require it. Make sure that you get reliable people to look after your financials efficiently. And improve the overall performance of the business.