Toying with the idea of hiring an accounting service company in UAE? This guide is what you need to read!

Why should you hire an accounting service company in UAE?

What do you need an accounting company in UAE for, after all? Many start-up and small scale business owners end up wondering if it’s really worth hiring a third-party firm to manage a specific department for you.

• High-level professionals for overlooking

One of the major advantages that you get when you hire some of the top accounting service companies in Dubai or UAE is that you no longer have to worry about hiring a senior financial officer or an auditor to supervise and properly auditing and managing the accounting aspects of the firms. Otherwise, if you think, you can see that you are spending several hundred and thousands hiring CFOs or auditors or other senior-level accounting professionals. Not just costs, there is yet another implication here. You can stay worry-free about your accounting department. You can be just sure that all your accounts are in order, as they are all under the supervision of professionals.

• Legal compliance

While even your personal accountants are obligated to ensure compliance of all the legal formalities, these will be more smoothly taken care of by the top firms. Not only do they have the required means, but basically they have a group of people employed to meet all those requirements for all their clients. You can rest assured that none of the formalities is left unmet because an accountant retired or because your accountant turned out to be irresponsible.

• Professional guidance

It is understandable that top firms would have more professionals and finance experts than what you’d ever think of hiring. Accounting service companies in UAE operating at a good level offers to analyze your financial position, make relevant and related reports to help you with decision-making and help you plan for your business in the long term. Whenever you are at a tough spot relates to finance, you can probably talk to one of the consultants or experts they have at the firm to help you figure the situation out. Whether it is for investing or for making any decisions related to business growth, you can get a fact and report based guidance from a professional. While many business owners do not often realize it, this can be hugely helpful to budding businesses as well the established entities.

• More time and a lower burden

Given that you are outsourcing a department, you can save the time and energy spent on administering it. You can be certain that your accounts and related factors are being taken care of professionally and appropriately. You can have the reports and its implications delivered right to you without having to tax your brain.

• Competitive pricing and cost-cutting

Frankly, there are several accounting firms out there in UAE. If you want to hire one, you can simply search a few accounting service company names online itself. So, you can easily get some really competitive rates for the services they offer. Anyway, in long-term, you will find out that the cost incurred in hiring an accounting firm is much lower in comparison to what you spend otherwise on recruiting, training and managing accounting staff, auditors and CFOs. Ultimately, you get to save money while not having to worry about the whole department.

 

Some additional advantages of hiring accounting service company in UAE

Apart from the obvious benefits mentioned above, here are some more advantages that you get as you hire an accounting company.

• Integrity and reputation

Certainly not undermining the integrity of any beginner accountants, but you are obviously at a safer place with accounting firms. Not just would they have a reputation to care about, but their conduct, integrity and work track is going to decide their survival in the market. Basically, they will have employees trained to handle the tasks you have hired them for with utmost care and responsibility.

• Greater sophistication

The top accounting firms like Finacctech will be of course more sophisticated in work when compared to an individual working with you. This is owing to the fact that they will have access to better technology and talent.

• Potential of getting new clients

When you hire some of the top accounting service companies in Dubai, you are entering a potential of finding some long-term, high-end clients. This is true especially when you are having a start-up or small scale business.

How to hire an accounting service company in UAE

Here is a quick checklist for hiring an accounting service company.

·        Decide the services you are expecting:

Ideally, make a list of services which you are hoping to get. It could including keeping day to day transaction records, tallying and keeping documentation and transaction proofs, implementation of accounting system- if any, report making and statistical analysis, etc.

·        Budget:

It’s good for everything- have a rough idea of your budget. It goes unsaid that if you are expecting a greater range of services, you want to keep a higher budget.

·        Shortlisted accounting companies fitting your budget

Now you need to do a little research and shortlist the accounting service companies in Dubai of your choice. Talk to their representatives and get an idea of the charges and services.

·        Run background checks

Do it for the firms you have shortlisted. Ensure that they are licensed, qualifies and reliable.

·        Contract and legal formalities

Ensure that you enter into a written and legally backed contract so that there are no contentions in the future. You may even go for confidentiality agreements and such. Make sure you go through the terms and conditions of the contract. Term of service, pay-structure, service details, mode of termination, etc. will be some of the important contents.