Accounting service providers play a vital role in the growth of a small business. Often, small businesses may not have the necessary expertise to maintain the books of accounts. In the absence of proper books of accounts, paying taxes and meeting other legal obligations can become challenging. This is where an accounting service provider comes into the picture.
An accounting service provider not only maintains the books of accounts of the business but also provides the necessary financial advice. Thus, finding the right accounting service provider for a business is essential.
How to choose the best accounting service provider in the UAE?
● Understand your needs
Before looking for an accounting company, you should clearly understand your accounting needs. Do you want to maintain only the books of accounts? Or do you want to look further and seek financial advice? What about budgeting and setting your financial goal? Having a clear idea about your financial needs helps you to select the right service provider.
It is always best to select an accounting firm in Dubai when launching the business. This way, the service provider will have sound knowledge of your business needs and can even fulfil extra needs you were unaware of.
● Ask for recommendation
You can ask your family, friends or others in business for recommendations. You can also check with other business associates in the same field as yours. A recommendation is critical for new businesses with little experience in accounting.
You can check online reviews if you do not have anyone to help. While checking online reviews, you should always go for a firm with many reviews, as the chances of fake reviews are minimal. Another method is to ask the accounting firm for references with whom you can discuss.
● Check their fees
This is another primary consideration when selecting an accounting firm. There are different ways accounting firms charge their fees. Some charge you for a set number of services, whereas others charge you hourly. You should consider this and decide how much you need to pay annually to the accounting firm. Once you have decided on the fees, it is best to write them down in the contract.
● Consider their experience
The number of years in service is another thing to consider before finalising an accounting service provider. The more the number of years, the more will be their experience. Experienced firms would have managed the accounts of different types of clients and know how to deal with different financial situations.
But you should ensure that the service provider has worked with businesses like yours. This way, they can understand the requirements of a business like yours rather than work on a general basis.
● Level and ease of communication
Not all accounting service providers work the same way. Some provide the service you want without advising you on crucial matters. Others provide crucial advice about managing your asset and saving tax. Thus, you should check whether the accounting firm has a reasonable level of communication. They should be able to provide feedback and suggestion on all aspects of your finance.
Along with the level of communication, you should also consider the ease of communication. Do you have to fix a prior appointment to talk to the service provider? Or is the service provider available on the spot or a phone call away? You should consider these factors as well.
● Check out for personal connection.
You are hiring an accounting service provider on a professional level. But it is essential to have a personal connection with the staff. This is particularly important if you want a lot of financial advice from the service provider. The team should be easily approachable and friendly to talk. After all, your financial information is entrusted to the service provider.
● Level of tech savviness
In this digital era, there are accounting service providers that make use of outdated technology for maintaining accounts. This is time-consuming and may not provide the desired result. Before finalising, you should check how digitally abreast the service provider is. Using modern accounting software helps the service provider find loopholes without spending much time and effort.
Conclusion
Accounting is the base of any business, whether big or small. Thus, selecting the right accounting service provider is of utmost importance. Make sure that the provider you select can understand your business goals clearly. They should be tech-savvy, and you should be able to connect with them on a personal level.
