One of the back-bones of successful businesses is to follow best practices in accounting and financial management. Every successful business no doubt requires the services of a good Chartered Accountant in Dubai but considering there are so many of them , who do you trust to manage your business’ financial statements, bookkeeping and the required analysis.
Here are some key aspects to consider before you engage an accountant’s services:
Credentials: Ensure that the accountant you engage has the relevant and updated qualifications which include CPA and CMA. These professionals must take ongoing education courses to remain certified and licensed so they are up to date with the best practices within financial services.
Industry Expertise: Besides the certifications you also need to hire someone who has the specific industry experience. Ask for references from their current client base from your industry that they are providing services to. For example some accounting firms’ specialise for construction companies, some are better at corporate services and others at retail services. Those specialties can be based on type of service they provide and type of industry.
Size of the Firm: You need to understand and be comfortable with the scale of the accounting firm you are dealing with. Depending on the accounting requirements of your business you need to choose the most suitable one – whether it is a sole practitioner, large branded firm or a small boutique firm. A common trend of large accounting services is that they can tend to outsource to smaller accounting practices- something you may or may not be comfortable with.
Services: Depending on what services your business needs from an accountant you need to hire accordingly. Define what your business needs are – is it just compiling end-of-year financial statements or do you require bookkeeping, payroll and tax preparation services.
Advice: Determine if you require business planning and forecasting advice from your accountants as some of them will tell their clients what they want to hear and avoid the actual difficult conversations. Always make decisions in the best interests of your business.
Technology: Choose an accountant who is adept at technology and versatile in accounting software. With so many efficient softwares available, your accountant should be able to manage your financial needs by using one of them. This will save time, minimise errors and provide better data management. Steer away from someone who is heavily focussed on manual efforts as this is the era of digital records.
Billing: It is always wise to ask their costs and payments schedules on fees and billing up front. Once you define your scope of services most accounting firms should be able to provide an accurate quotation. Some accountants work on a fixed cost model and others on an hourly billing rate. Once you know how they charge then you can use their services smartly to be cost-effective.