In this article, you can see a few points to keep in mind which you are selecting a firm for Financial accounting in Dubai, UAE.
Financial accounting might be a routine, boring department for any company, but its importance is immense. Accounting forms an immensely crucial part of any business. No firm can afford to compromise the consistency of records or to let accounting be handled carelessly or loosely. This not only could have implications in financial terms but also may have legal consequences. As much as UAE supports businesses, its policies in relation to maintenance of accounts, etc. are pretty rigid and business cannot stand to violate them.
So, while it is normal that you might want to outsource a routine accounting task to a professional accounting agency, do so with due care. Especially in busy economies like UAE, there could be ‘over-availability’ of services. In plain words, it means, there are equally good chances that you will be either duped or left dissatisfied if you are not careful with the firm that you select to hand-over your crucial accounting tasks.
So here, we have compiled a checklist for you to refer and get an idea as to what should you be looking for when considering a financial accounting outsourcing and consultancy firms.

The checklist while consulting a firm for Financial Accounting in Dubai, UAE

• The Financial Regulator

One of the first things you can check about the firm is whether or not it is regulated by a recognized financial regulator like Dubai FSA, UK FCA, etc.

• Registration of the firm

Do a little research and see if the firm you are considering to hire for Financial consultancy is legally registered in the UAE. There are certain registration formalities that financial consultants undergo if they are to be certified and authorized. Needless to say, unqualified and uncertified ones are a big NO.

• Length of operation of the firm

It is needless to say that firms or consultancies that have been in operation for longer duration are ultimately more reliable- just by the fact that you know they won’t pack up and run one morning.

• Recognition of and reviews about the firm

Thanks to the Internet, everything is now just a few clicks away. All you got to do is a bit of Googling. If the firm has been around for a while now, there would surely be a few reviews of the firm. See what other clients have to say about the firm.

• The members of the firm and the authorities behind the entity

Run a rough check on the website of the financial accounting firm you are considering. Does it clearly mention all the authorities and management personnel? Are there complete details or bios of those behind the consultancy? Is there a way you can reach out to the management personnel in case of any urgency? Is there any full-time assistance cell? If the answer to these questions is yes, then you can possibly trust them.

• Qualification of those dealing with you

From the first few interactions, you would get a rough idea of the about the knowledge, experience, and qualification of the person representing the firm before you. He must be able to explain norms and licensing procedures and any other formalities easily to you. Have a few questions prepared in advance. In UAE, there are certain qualification levels that financial consultants are supposed to have. Make sure those dealing with you are qualified.

• Client profile of the firm

If not everything, if the firm has a good client profile, you already have something to trust the firm.

• Fees and Charges of the firm

Research and enquire enough about the average market fee charged by consultants for Financial accounting and consulting services in Dubai. Unless you are absolutely convinced that you are hiring a premium service provider, it is a good idea to double check the rates they quote. A reliable service provider like Finacctech would always be transparent about all kind of costs and fees involved during the agreed period of services.

A few checkboxes for when you enter into an agreement
Being careful about where you are signing and what you are agreeing to is good for any agreement you enter into. Below are some points to note when you have decided to enter into an agreement with a firm for financial accounting in Dubai or the entire UAE.

•  A good and reliable firm will, of course, encourage from their end to have the agreement in written and formal. If anyone is not willing have the agreement clear and in writing, for whatever the reason may be, consider it a red flag.
•  Go through the terms and conditions and the specifications of the agreement thoroughly. All the terms and conditions in relation to the financial accounting services that the firm will provide you will be clarified to you in advance. Avoid inclusion of any surprise or last moment terms and conditions in the agreement.
• The agreement is to be more in favor of the client than the firm itself. So check that the agreement isn’t imposing any legal restrictions on you from discontinuing the contract with this particular consultancy. Any kind of restrictions on you needs to be notified in advance.
• If you are absolutely new to the accounting and investment laws and contractual obligations in UAE, it will be a good idea for you to have your legal consultant or advisor to take care of the agreement for you. This will ensure there is no scope of any loopholes in the agreement.
• A good firm in financial accounting sector will proactively take care of the legal and other formalities to be met and will guide you easily through the process.