There’s an increasing trend amongst businesses of all sizes in UAE to outsource the accounting function to a professional accounting agency to help them ease the burden and leverage the expertise to boost business profitability. Undoubtedly, professional accounting firms have definitely helped businesses to get an expert helping hand in managing complex accounting records (especially with the introduction of VAT), businesses need to consider various points before choosing a professional outsource accounting partner. That’s because accounts represent a core business department with loads of confidentiality involved. Any mismanagement at this end would leave the business vulnerable and exposed.
While there are various credible accounting firms offering outsourcing services in the UAE, you need to be sure of their professionalism and expertise.
Are you looking to outsource your accounting function in UAE?
Below we have come up with a few key considerations that will certainly help you choose the right accounting firm to handle your business accounts department.
– Fees Charged
The cost involved in hiring a professional accounting firm remains a primary concern for many small and medium businesses. Therefore, before you choose to handover this crucial aspect of your business to a third-party make sure you are done with the charges involved for the process. Now, the cost of a professional accounting firm may vary greatly depending upon the services on offer as well as the expertise of the consultants. See if the firm is offering separate pricing for individual services; which might be a good option of most SMEs in Dubai.
– Specialized Services
Once you are done with the fees, the next important consideration is to look out for the specialized services offered by the firm. It’s rare that we see a firm offering whole set of services, in reality, they specialized in a few of the services like Taxations, VAT, Audit, accounts or others. For instance, at present, the most pressing needs for many businesses in UAE remains VAT experts, who can deal with the VAT obligations of the business. Thereby, it is important to choose a firm that specializes in the services which you need.
Judging the expertise of the firm is yet another challenge which businesses need to consider. Now, one way to assess the level of expertise of an outsourced accounting firm is to look at the certifications held by the company. For instance, an accounting firm specializing in taxation should carry certifications from FTA as a mean to authenticate expertise of the company.
– Level of Service
As a business owner, it’s only natural for you to stay curious about the updates and analytical reports. So, while you are choosing an outsource accounting firm for your business, make sure the firm offers reliable and constant updates for the work completed and is approachable.
Lastly, you should always check out the compatibility of the accounting partner. Hiring the most expensive accounting firm that’s not compatible with your business needs won’t work for the business. Thereby, when you are looking for an outsource accounting partner, make sure that you can relate with the firm.