How to Choose Best Accounting Services Provider in Dubai

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How to Choose Best Accounting Services Provider
in Dubai

• When You Should Hire an Accountant Then Most
  Important Tips to Select Best Accounting Services
  Provider in Dubai.

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What's the definition of an accountant?

• A professional person who performs accounting
  functions such as audits or financial statement
  analysis. Accountants can either be employed with
  an accounting firm, a large company with an
  internal accounting department, or can set up an
  individual practice.

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Choosing the Right Accountant Hiring a Firm
Versus an Inside Accountant

• Many entrepreneurs who launch their own
  businesses start out by wearing the accountant's
  hat and doing your own taxes, in addition to
  doing just about everything else in the business,
  too. It's become easier for a layperson to keep
  track of a business' finance with the advent of
  simple bookkeeping software, such as QuickBooks,
  Quicken, and Microsoft Office Small Business
  Accounting. But there comes a time in a growing
  enterprise when it makes sense to hand over
  responsibilities for taxes, accounting, and the
  rest of the financial functions to specialists.

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• The right accountant can help a business with not
  only tax returns, but with longer term tax
  planning, business planning, networking, and even
  personal tax planning if your still the major
  stakeholder in your business. "It is an
  absolutely critical decision," Koziel says. "You
  are trusting that CPA with your financial future
  as a small business. You're hoping that it is
  someone well versed in what you need, and someone
  who has had other life experience and can help
  you from a financial perspective."

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Choosing the Right Accountant When Is It
Time?

• Many small businesses don't have the volume of
  financial transactions that necessitate hiring a
  full-time -- or even part-time -- bookkeeper or
  accountant on staff. Then again, the financial
  situation of their business is such that they
  could benefit from more regular financial review
  and planning and up-to-date accounting -- instead
  of leaving every invoice, receipt, and ledger to
  hand off to the tax preparer at the close of the
  fiscal year.

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• Hiring an outside accountant or accounting firm
  on a consulting basis is a good first step for a
  growing business, Koziel says. The outside firm
  can often cost less than the salary and benefits
  of a full-time employee and, at the same time,
  you may be getting a higher level of advice from
  a CPA or a tax accountant, the latter of whom
  usually is a licensed CPA and a lawyer
  specializing in tax law. Even with the latest and
  greatest accounting and tax software, it still
  may be easier to farm out your financials to a
  CPA firm that can manage your books online
  through secure software-as-a-service programs
  than to maintain those software programs in-house.

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Outside accountant

• An accounting firm usually handles the following
  accounting functions
• Tax return preparation
• Preparing financial statements, including the
  balance sheet, income statement, and statement of
  cash
• Analysis or problem-solving advice
• "Every company is different," says Jim
  Chamberlain, a management counselor and financial
  expert with SCORE, a nonprofit organization that
  serves small businesses. "A business owner may
  expand the scope of work to include recording of
  transactions, but usually this is the
  responsibility of the "inside" accountant -- it
  isn't profitable for a firm to perform this duty."

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• An Accounting Services In Dubai will offer an
  hourly rate schedule, adds Chamberlain. There may
  be different rates for different accounting
  functions depending on the level of complexity
  and who in the accountant's firm is actually
  performing the tasks. "Keep in mind that a good
  tax expert should save the company money over and
  above his/her fees," Chamberlain says. "The total
  annual invoice may appear high, but you now are
  getting a professional look at your statements
  and performance."

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Inside accountant

• When the business grows in revenue and the
  transactions become more complicated, it is time
  to consider hiring a full- or part-time inside
  accountant. Since the outside accountant's fee
  grows with the size of the business, the owner
  may see some cost savings by bringing some of the
  work in-house.
• According to Chamberlain, duties and
  responsibilities of an in-house accountant
  usually include
• General ledger/chart of account maintenance
• Responsibility for daily transactions
• Financial statement preparation and analysis
• Cost accounting and variance analysis
• Treasury and cash management including bank
  reconciliations
• Payroll and fixed asset accounting

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Choosing the Right Accountant The Key
Qualifications

• A qualification is not a necessity for someone to
  be a dependable bookkeeper. However, a minimum 1
  year bookkeeping diploma or equivalent is a good
  starting point when differentiating between
  candidates. Having some sort of qualification
  (e.g. BComm.) is beneficial in that the
  bookkeeper will more likely be able to handle
  non-routine accounting issues.
• If you are looking for someone to run your entire
  financial department and take control of all
  financial issues, you should be looking to hire
  someone with a CA (Chartered Accountant)
  qualification.

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Experience

• Any experience is a plus, but the bookkeeper you
  hire must have experience of your type of
  business. Experience in only one type of business
  (e.g. services) will cause difficulty when
  adjusting to a different type of business (e.g.
  manufacturing).
• Knowledge of your accounting-software system
  (e.g. Pastel or Quickbooks) is beneficial, since
  business owners often do not have the time or
  knowledge to train a bookkeeper about accounting
  systems.
• If hiring a Chartered Accountant (CA), they will
  have at least 3 years of experience through doing
  their articles at an auditing firm and therefore
  should have gained some valuable knowledge of
  different accounting systems.

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Reputation and reference

• Their reputation can be a good gauge of whether
  they are reliable. However, the difficulty is
  that many bookkeepers operate solely, and can
  move from business to business with no brand and
  ethical code of conduct to adhere to.
• Dont be afraid to ask for testimonials. Your
  bookkeeper should be very open to you requesting
  a reference. This way you are able to see what
  level of service you will be receiving directly
  from their clients, instead of only having to
  take their word.

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Reliability

• Many bookkeepers may leave you in the lurch when
  they go away on holiday or unexpectedly fall ill.
  For this reason, it is advisable to investigate
  the reliability of the bookkeeper from their
  previous clients or employers.

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Regulation

• If your bookkeeper is regulated by a governing
  industry body, it will go a long way to ensure
  that they adhere to a code of ethics. For a
  bookkeeper, look out for membership of a body
  such as the Institute of Certified Bookkeepers
  (ICB).
• For accountants - to legally sign-off financial
  statements for Ptys - they need to be a member
  of SAICA (South African Institute of Chartered
  Accountants) and a member of the PAAB (Public
  Accountants and Auditors Board). When hiring a
  bookkeeper or accountant, ask them for their
  membership numbers to these professional
  associations. You can then do your own follow up
  to ensure that these memberships are valid.

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Other options

• Many business owners with small or medium-sized
  businesses outsource their bookkeeping and
  accounting requirements to expert bookkeepers and
  Chartered Accountants. Such outsourced-accounting
  service providers often charge an affordable
  rate, and take more care in upholding their
  reputation for reliability.
• This might be the best option for a business
  owner with an early-stage business - your monthly
  accounts are up to date and in order, and experts
  are on hand for financial accounting guidance
  when you require it. What is for certain is that
  the difficulty in selecting the right people to
  look after your financials is taken care of.

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• Jitendra Consultancy collection was founded by
  Mr. Jitendra Gianchandani approximately 10 years
  ago with a focused vision of striving to deliver
  the greatest possible services in accordance to
  the changing scenario of business, globally.
• One Of the Best World Wide Accounting Services
  Provider Company In Dubai, United Arab Emirates.
• If you have any question Then Call Toll Free No
  971 4 3438022 
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  ng-services-uae

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Address

• Head Office Dubai
• Suite 3006, 30th Floor, Al Attar Tower (Near
  DIFC) Sheikh Zayed Road, P.O. Box 43630 Dubai,
  United Arab Emirates Tel [phone] Fax
  971 4 3438033 
• Jebel Ali Office
• Office No. 27, Lob 2, P.O. Box 262053 Jebel
  Ali, Dubai, United Arab Emirates Tel 971 4
  8810790 Fax [phone] 

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• Sharjah Office
• Office No. 1005, Omran Tower, Above Mashreq
  Bank, Immigration Road, P.O. Box 61317 Sharjah,
  United Arab Emirates Tel [phone] Fax
  971 6 5746325 
• Hamriyah Free Zone
• E-LOB Office No. E2-115F-40, Hamriyah Free
  Zone, P.O. Box 49124, Sharjah, United Arab
  Emirates Tel [phone] Fax 971 6
  5746325 

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Sources

• http//southafrica.smetoolkit.org/sa/en/content/en
  /8024/How-to-select-an-accountant-or-bookkeeper
• http//www.inc.com/guides/2010/04/choosing-an-acco
  untant.html

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