How to Choose Best Accounting Services Provider in Dubai - PowerPoint PPT Presentation

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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. – PowerPoint PPT presentation

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Title: How to Choose Best Accounting Services Provider in Dubai

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
  • 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
  • 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
  • Payroll and fixed asset accounting

Choosing the Right Accountant The Key
  • 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)

  • 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.
  • 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
  • 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.
  • Dont 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.

  • 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.

  • 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
  • For accountants - to legally sign-off financial
    statements for Ptys - 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//

  • 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

  • http//
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