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Major Determining Factors While Outsourcing Accounting Companies In Dubai
When planning to engage an outsourcing partner to take care of your accounting services right from bookkeeping to maintaining accounting registers, producing annual financial statements, preparation of tax returns, auditing as well as providing management information, it becomes vital for you to undergo due-diligence to ensure they are the right people you are looking for. Not all accounting companies in Dubai can provide you with all-inclusive services or satisfy with their package price offers or about the type of security systems they follow. Therefore, before choosing the company, do your needed research and decide based on the major 4 factors as explained below and then go ahead, if satisfied.
As you get through the corporate website of accounting companies in Dubai, spend time to research on the company’s background, its area of specialization, years of experience, the standard of clients they deal with, customer comments, etc. Getting information from the review sites is a great choice. And now it’s the time that you should visit the company personally to have a face to face discussion before choosing them as your trusted accounting partner.
Verify the range of accounting services you can expect from them. Not all accounting companies specialize in the areas like risk management or internal audit and thereby, it’s always a pragmatic choice to work with an accounting company that can serve all your financial needs from bookkeeping to maintenance of bills payable and receivable, reconciling bank statements to preparation of final account, tax assessment, submission of return and audit compliance. Ask if they’re specialized enough to offer you custom accounting services. This comes handy because depending on your growing need, you can continue adding on services that you need by choosing different packages.
People and Mechanism
You’ll find plenty of accounting companies in Dubai out there that merely work with some bookkeepers, graduated accountants, or newcomers with training in VAT preparation. You can even get minimum price offers from them since they are simply looking for a new job. Considering the gravity of your accounting systems, never make a mistake to work with a company that cannot provide you the class of specialized services that you’re in need of.
Make sure that other than well-trained bookers and accounting staff they are fitted with specialist accounting wing like CAs, CPAs, CIAs, or ACCAs, that helps you get tax management consultancy, audit services, investment decisions and so on. Remarkably, being high professionals they need to undergo professional continuing studies to keep them up to date with the latest changes in accounting codes, techniques, tax laws, and latest security systems. Check what kind of accounting software they use and if they’ve the expertise to provide you solutions based on latest cloud accounting base etc.
Specialist accounting companies in Dubai know the importance of having absolute security of their client accounting systems that contain highly confidential information and quite vulnerable to unauthorized accessing through hacking that leads to data replacement and theft. Check what kind of data protection measures do they follow? Do they have expertise in maintaining encrypted data security systems to ensure information security and integrity to their clients? Do they restore a backup of all accounting systems maintained by them considering the importance of disaster recovery plans? What kind of client privacy do they preserve as a professional accounting pool?
Check Cost Saving
One of the top reasons that enterprises look for outsourcing accounting companies in Dubai is to reap to best benefits of getting expert package services in cost-effective manner. Therefore, during the sitting session, get the details of package prices and compare it with the cost of hiring a full-time accountant or developing an in-house team. It’s no hyperbole that outsourcing accounting services from top class companies help you cut your overhead cost down by 35-40%.
Ethics Plus is one of the leading accounting companies in Dubai offering accounting, auditing, VAT advisory, CFO and other advisory services to multi-national companies, small and medium-sized enterprises and individuals. The firm has DMCC approved auditors and experienced CAs. To know more, visit https://ethicsplusuae.com/.
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