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-aservice 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.
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.

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
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://www.jitendragroup.ae/auditing-servicesuae

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-orbookkeeper
http://www.inc.com/guides/2010/04/choosin
g-an-accountant.html