How to choose the Best Accounting Service provider in UAE

Introduction

Accounting Service provider in UAE

Accounting service provider are basically accountants and accounting firms. So firstly we should understand what an accountant mean. An accountant is a certified   professional who carries accounting functions such as  book keeping, auditing and analysis of accounts. Accountants have the responsibility to prepare annual reports and financial statements for planning and decision making,and advise on tax laws and investment opportunities. Accountants can either be employed with an accounting firm, a large company with an internal accounting department, or can set up an individual practice. Accountants are given certifications by national professional associations, after meeting state-specific requirements.We will learn many other roles and responsibility of accounting service provider in UAE in this post.

Contents of the Post

• Accounting Service provider in UAE
• Importance of Accounting Service provider in UAE
• Benefits of hiring Accounting Service provider in UAE
• Responsibility of an Accounting Service provider in UAE
• How to choose best Accounting Service Provider in UAE
• Guide to choose best Accounting Service Provider in UAE
• Conclusion

Importance of Accounting Service provider in UAE

• Helps in Audit and legal matters.
• Saves time
• Projects cost cutting
• Manage expenses
• Delivering quality, real time financial reports
• Work for interest of company and public

 Benefits of hiring Accounting Service provider in UAE

Saving time to focus on Core Competencies

Accounting process is time-consuming and companies tend to shift their focus from core objectives in the process of managing accounts. Accounting Service provider can help business to focus on activities that produce revenue and growth by taking over accounting activities.  This can go a long way when it comes to helping a business grow and flourish.

Cost Effectiveness

One of the major advantages in hiring accounting service provider is the cost-effectiveness of the services .By hiring accounting service provider company will pay when the services are received. Business only pays for the actual accounting. Therefore saved money can be used to finance the core business activities.

Minimal Chances of Fraud

Outsourcing accounting services to a professional outsourcing company can, in fact, help control any possible fraud by staff within the organization. The outsourcing company is accountable for quality and accuracy control on all transaction processes.

• Outsourcing of non-core activities can improve efficiency, streamlining and productivity of the company because another independent accounting firm can perform those tasks efficiently with expertise better than the company itself.
• Companies can simultaneously have access to the latest technology without investing large amounts of money to own the technology/software.
• Confidentiality can also be maintained once the accounting service is outsourced.
• Service of more experienced professionals will be available at a lower cost.
• The difficulty of training the new accountants and the transition process from the existing accountant to a new accountant during replacement can be eliminated.

Responsibility of an Accounting Service provider in UAE

An accounting Service provider in any business assists with corporate strategy, providing advice and help businesses to reduce costs, improve their top line and eliminate or reduce the  risks. As board directors, professional accountants in business represent the interest of the owners of the company that is the shareholders. Their roles are

• Governing the organization (such as, approving annual budgets and accounting to the stakeholders for the company’s performance)
• Appointing the chief executive
• Determining management’s compensation.

Accounting Service provider has overview over all matters relating to the company’s financial health. This includes creating and driving the strategic direction of the business to analyzing, creating and communicating financial information. As internal auditors, professional accountants provide independent assurance to management that the organization’s risk management, governance and internal control processes are operating effectively. They also offer advice on areas for enhancements. In the public sector, professional accountants in government shape fiscal policies that had far-reaching impacts on the lives of many. Accountants can be liable for paying uninsured losses to creditors and investors in the case of a misstatement, negligence, or fraud. Accountants have two different types of liability: common law and statutory law. Common law liability includes negligence, fraud, and breach of contract, while statutory law includes any state or federal securities.

Accounting Service Provider should also include

• Regular Accounting Service
• Regular Account Supervision Service
• Updating of Backlog Accounts
• Accounts Reconciliation Service

 How to choose best  Accounting Service Provider in UAE

Accounting Service providers are operating all over UAE in large numbers and have a great workforce. They recruite expert chartered accountants, financial experts, and clerks to work on various accounts and bookkeeping related jobs. They are highly trained and vigilant enough in handling enormous tasks in the most lucrative way

There are several functions that an outsourcing company carries out for managing your accounting work including preparing and maintaining records of balance sheets, consistent drafting of financial profit & loss of the company, managing and updating ledger accounts, bank statements, and other investment and collection tracks.

You can get access to them online. Before you hand over your project to Accounting Service providers make sure that the firm has good credentials in the market as your accounting details would be in their hands.

Guide to choose best Accounting Service Provider in UAE

Reputation
The first thing you need to pay keen attention is the reputation of the VAT firm you are engaging. By reputation, you need to identify its performance among its peers. You need to ask around from some of the companies that the firm has ever worked with to know if it is actually up to the task or not.

Licensed
You also need to find out if the firm is licensed or not. This is critical since getting the services of unlicensed firm is illegal within UAE. Ask the head of the firm you are engaging to provide authorization to practice accounting firm in UAE.

Professionalism
A good firm that can handle all your accounting needs should be able to conduct its affairs with a lot of professionalism. Accounting is not a child’s play, and therefore anyone who purports to be able to do it needs to be a professional.
Ensure you check the academic qualifications of those assigned to your business. Remember that a simple mistake done by the employees of the accounting firm can cost your company a fortune. This is why you need to insist on getting experts to handle your work.

Experience
While it is true that everyone needs to start from somewhere, it is not advisable to allow a accounting firm to start your business. Insist on getting a firm that has been in the field for long enough as this will mean it has the required experience in handling accounting matters.

Customer support

It is safe that you need to check on the performance of the firm’s customer support. A company that has a good customer care desk will be able to come and help in the event you are facing issues with accounting matters.

Cost
Before contacting the services of any accounting firm in UAE, ensure that you first discuss the cost. Settle on the most appropriate cost that will motivate the workers to do their best while not taking all the resources necessary to develop your company.

Conclusion

Accounting service providers are employing professional expertise and knowledge required to handle all types of accounting tasks efficiently. This may effective when it comes to building a business to make sound financial decisions. Moreover, the accounting outsourcing companies in UAE use advanced technology and software to handle accounting activities.

Regardless of the size and nature of your business, you can easily outsource your accounting tasks to an outsourcing company in UAE. However, it is important to choose best accounting service in UAE.  Accounting firms with reliable names in the industry which are expert in the preparation of daily account payable/ receivable, expense processing, cash forecasting services, consolidation of accounts, inventory verification and valuation and e-accounting services.

Outsourcing your Bookkeeping needs will reduce cost and expedite free zone company registration and let you focus on the creative aspect of your business.

Reach Online VAT Accounting Software for ease of Accounting Service provider and Client Company in UAE.

With the introduction of VAT in UAE Registered businesses in UAE are required to generate the VAT return File from their accounting software. It is crucial for businesses to evaluate the right software certified by the FTA, so that they are allowed to generate the VAT return file easily. Thus, the businesses need to carefully evaluate the software which will help in hassle free transition of businesses to new VAT regime, ease of accounting VAT and filing returns.

Reach Accountant software is designed and developed  to match all the needs for successful running of the business. The software can be used in different industries, traders, manufacturers, retailers, workshop, business projects etc. It is an accounting software that can automatically manage your book of accounts, taxes, inventory, sales, purchases and more online quickly and securely.