HOW TO CHOOSE BEST ACCOUNTING SERVICES

PROVIDER IN DUBAI

When You Should Hire an Accountant Then Most Important

Tips to Select Best Accounting Services Provider in Dubai.

WHAT'S THE DEFINITION OF AN ACCOUNTANT?

A professional person who performs accounting functions

such as audits or financial statement analysis. Accountants

can either be employed with an accounting firm, a large

company with an internal accounting department, or can set

up an individual practice.

CHOOSING THE RIGHT ACCOUNTANT: HIRING A

FIRM VERSUS AN INSIDE ACCOUNTANT

Many entrepreneurs who launch their own businesses start

out by wearing the accountant's hat and doing your own

taxes, in addition to doing just about everything else in the

business, too. It's become easier for a layperson to keep

track of a business' finance with the advent of simple

bookkeeping software, such as QuickBooks, Quicken, and

Microsoft Office Small Business Accounting. But there

comes a time in a growing enterprise when it makes sense

to hand over responsibilities for taxes, accounting, and the

rest of the financial functions to specialists.

The right accountant can help a business with not only tax

returns, but with longer term tax planning, business

planning, networking, and even personal tax planning if your

still the major stakeholder in your business. "It is an

absolutely critical decision," Koziel says. "You are trusting

that CPA with your financial future as a small business.

You're hoping that it is someone well versed in what you

need, and someone who has had other life experience and

can help you from a financial perspective."

CHOOSING THE RIGHT ACCOUNTANT: WHEN IS IT

TIME?

Many small businesses don't have the volume of financial

transactions that necessitate hiring a full-time -- or even

part-time -- bookkeeper or accountant on staff. Then again,

the financial situation of their business is such that they

could benefit from more regular financial review and

planning and up-to-date accounting -- instead of leaving

every invoice, receipt, and ledger to hand off to the tax

preparer at the close of the fiscal year.

Hiring an outside accountant or accounting firm on a

consulting basis is a good first step for a growing business,

Koziel says. The outside firm can often cost less than the

salary and benefits of a full-time employee and, at the same

time, you may be getting a higher level of advice from a CPA

or a tax accountant, the latter of whom usually is a licensed

CPA and a lawyer specializing in tax law. Even with the

latest and greatest accounting and tax software, it still may

be easier to farm out your financials to a CPA firm that can

manage your books online through secure software-as-a-

service programs than to maintain those software programs

in-house.

OUTSIDE ACCOUNTANT

An accounting firm usually handles the following accounting

functions:

Tax return preparation

Preparing financial statements, including the balance sheet,

income statement, and statement of cash

Analysis or problem-solving advice

"Every company is different," says Jim Chamberlain, a

management counselor and financial expert with SCORE, a

nonprofit organization that serves small businesses. "A

business owner may expand the scope of work to include

recording of transactions, but usually this is the responsibility

of the "inside" accountant -- it isn't profitable for a firm to

perform this duty."

An Accounting Services In Dubai will offer an hourly rate

schedule, adds Chamberlain. There may be different rates

for different accounting functions depending on the level of

complexity and who in the accountant's firm is actually

performing the tasks. "Keep in mind that a good tax expert

should save the company money over and above his/her

fees," Chamberlain says. "The total annual invoice may

appear high, but you now are getting a professional look at

your statements and performance."

INSIDE ACCOUNTANT

When the business grows in revenue and the transactions become more

complicated, it is time to consider hiring a full- or part-time inside

accountant. Since the outside accountant's fee grows with the size of the

business, the owner may see some cost savings by bringing some of the

work in-house.

According to Chamberlain, duties and responsibilities of an in-house

accountant usually include:

General ledger/chart of account maintenance

Responsibility for daily transactions

Financial statement preparation and analysis

Cost accounting and variance analysis

Treasury and cash management including bank reconciliations

Payroll and fixed asset accounting

CHOOSING THE RIGHT ACCOUNTANT: THE KEY

QUALIFICATIONS

A qualification is not a necessity for someone to be a

dependable bookkeeper. However, a minimum 1 year

bookkeeping diploma or equivalent is a good starting point

when differentiating between candidates. Having some sort

of qualification (e.g. BComm.) is beneficial in that the

bookkeeper will more likely be able to handle non-routine

accounting issues.

If you are looking for someone to run your entire financial

department and take control of all financial issues, you

should be looking to hire someone with a CA (Chartered

Accountant) qualification.

EXPERIENCE

Any experience is a plus, but the bookkeeper you hire must

have experience of your type of business. Experience in only

one type of business (e.g. services) will cause difficulty when

adjusting to a different type of business (e.g. manufacturing).

Knowledge of your accounting-software system (e.g. Pastel

or Quickbooks) is beneficial, since business owners often do

not have the time or knowledge to train a bookkeeper about

accounting systems.

If hiring a Chartered Accountant (CA), they will have at least

3 years of experience through doing their articles at an

auditing firm and therefore should have gained some

valuable knowledge of different accounting systems.

REPUTATION AND REFERENCE

Their reputation can be a good gauge of whether they are

reliable. However, the difficulty is that many bookkeepers

operate solely, and can move from business to business

with no brand and ethical code of conduct to adhere to.

Don’t be afraid to ask for testimonials. Your bookkeeper

should be very open to you requesting a reference. This

way you are able to see what level of service you will be

receiving directly from their clients, instead of only having to

take their word.

RELIABILITY

Many bookkeepers may leave you in the lurch when they go

away on holiday or unexpectedly fall ill. For this reason, it is

advisable to investigate the reliability of the bookkeeper

from their previous clients or employers.

REGULATION

If your bookkeeper is regulated by a governing industry

body, it will go a long way to ensure that they adhere to a

code of ethics. For a bookkeeper, look out for membership

of a body such as the Institute of Certified Bookkeepers

(ICB).

For accountants - to legally sign-off financial statements for

Pty’s - they need to be a member of SAICA (South African

Institute of Chartered Accountants) and a member of the

PAAB (Public Accountants and Auditors Board). When hiring

a bookkeeper or accountant, ask them for their membership

numbers to these professional associations. You can then

do your own follow up to ensure that these memberships

are valid.

OTHER OPTIONS

Many business owners with small or medium-sized

businesses outsource their bookkeeping and accounting

requirements to expert bookkeepers and Chartered

Accountants. Such outsourced-accounting service providers

often charge an affordable rate, and take more care in

upholding their reputation for reliability.

This might be the best option for a business owner with an

early-stage business - your monthly accounts are up to date

and in order, and experts are on hand for financial accounting

guidance when you require it. What is for certain is that the

difficulty in selecting the right people to look after your

financials is taken care of.

Jitendra Consultancy collection was founded by Mr. Jitendra

Gianchandani approximately 10 years ago with a focused

vision of striving to deliver the greatest possible services in

accordance to the changing scenario of business, globally.

One Of the Best World Wide Accounting Services Provider

Company In Dubai, United Arab Emirates.

If you have any question Then Call Toll Free No: 971 4

3438022

Visit my Site : http://www.jitendragroup.ae/auditing-services-

uae

ADDRESS

Head Office Dubai:

Suite # 3006, 30th Floor, Al Attar Tower (Near DIFC)

Sheikh Zayed Road, P.O. Box 43630

Dubai, United Arab Emirates

Tel : +971 4 3438022

Fax : +971 4 3438033

Jebel Ali Office :

Office No. 27, Lob 2, P.O. Box 262053

Jebel Ali, Dubai, United Arab Emirates

Tel : +971 4 8810790

Fax : +971 4 8810791

Sharjah Office :

Office No. 1005, Omran Tower, Above Mashreq Bank,

Immigration Road, P.O. Box 61317 Sharjah, United Arab

Emirates

Tel : +971 6 5746324

Fax : +971 6 5746325

Hamriyah Free Zone :

E-LOB Office No. E2-115F-40, Hamriyah Free Zone,

P.O. Box 49124, Sharjah, United Arab Emirates

Tel : +971 6 5746324

Fax : +971 6 5746325

SOURCES

http://southafrica.smetoolkit.org/sa/en/conte

nt/en/8024/How-to-select-an-accountant-or-

bookkeeper

http://www.inc.com/guides/2010/04/choosin

g-an-accountant.html