How to Choose Best Accounting Services Provider in Dubai

1. 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.

2. 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.

3. 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.

4.  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."

5. 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.

6.  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.

7. 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."

8.  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."

9. 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

10. 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.

11. 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.

12. 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.

13. 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.

14. 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.

15. OTHER OPTIONS  Many businesses outsource their bookkeeping and accounting requirements to expert 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. business owners with small or medium-sized bookkeepers and Chartered

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17. 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 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

18.  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 Hamriyah Free Zone 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

19. 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