The finances of any business are very important, and if you are not willing to delegate the task, you might find it difficult to manage the business. You might have considered hiring an accounting company for the purpose of accounting and book keeping in your business. Before you set out to achieve the goal, here are three things to know before hiring an accounting company.

1. Industry: The first and foremost thing you need to know is whether they understand your industry. Finances are general in one sense, but it helps if the accounting company has knowledge of your industry. You need to hire someone who has worked with businesses that are very similar to yours and understand the latest trends of the industry. For example, an accounting company that has an expertise in the functioning of manufacturing companies will serve manufacturing organizations better as compared to any other. A real estate accountant will not be privy to the latest regulations introduced in the field of manufacture. To gain information about their industry expertise, you will have to quiz them and ask detailed questions. Since you are spending money for a particular service, you need to be sure that you are working with the right person who has the ability to deliver. If you find that the person does not have knowledge about the industry you operate in, you know that he is not a right fit for you.

2. Qualification: Not many are aware that there is a difference between the term accountant and a CPA. They are used interchangeably, but they are not the same. You need to understand the type of services they provide. CPAs represent the firms that are audited by the IRS, and an accountant can help you prepare as well as organize what you need to present to the IRS, but the accountant cannot represent you. When you hire an accounting company, you need to gain information about their qualification. Are they a team of accountants or are they CPAs? Depending on the service you are looking for, you can choose a company. When you gain an understanding of their service, you will be able to save money and make the right choice. You also need to consider the long-term business goals so that the same company can work for you in the years ahead. You need to choose a company that can grow with you across each and every phase of your business.

3. Cost: Choose accounting companies in Dubai which meets your budget. There are some accountants which charge by the hour or charge a flat rate. You will have to determine the method of billing that you prefer. You will have to decide whether you need an accountant throughout the year or only for specific periods. If you need their service throughout the year, it is best to choose a company that offers a flat rate, and if you need one only for specific periods, you can opt for someone who charges by the hour. Discuss this upfront with the company and ask for an estimate before you choose one.

If you keep these three things in mind, you will end up choosing the right accounting company for your business. You also need to confirm whether the accountant will be available throughout the year or not. Your needs might be different from the needs of other businesses. Hence, it helps to clarify the same and be very clear about your expectations. Never be intimidated by the steps you need to take in order to pick the right accountant for the business. You will be happier with an accountant that can come in and help you save money as well as grow your business. Never rush this decision, you need to take your time and make a wise choice that is ideal for the future growth prospects of the business. Read More...

“Accounting” is a deceptively simple word. It brings to mind the act of keeping accounts, recording numbers, keeping track of things. While these tasks are indeed at the heart of an accountant’s job, there is a great deal more to accountancy than simply writing down the numbers that reflect the ebb and flow of a business’s finances. Many types of people and many types of firms and businesses hire accountants for a wide variety of financial duties, and they do this because accounting is anything but simple. Just as a carpenter knows that making a cabinet takes more than just a few boards and some nails, an accountant knows how to take finances beyond simple mathematics. And just like an expert auto mechanic wouldn’t try to use his expertise to wire a house for electricity, the people and companies who hire accountants do so because they demand the best, safest and most efficient treatment of their finances.

The Language of Business

Accounting has been called “the language of business” by people who study and understand it. At first glance, numbers and language couldn’t appear more different. However, when a person or a company gets down to the specifics of their money, only numbers have the precision and accuracy to express the financial needs of that person or company. An accountant can tell you exactly what needs to happen with your taxes, with no room for vagueness. An accountant can let you know why a business plan will or will not work, without letting confusion enter into the picture. When you set out to find the top accounting firms to address the services you require, you are really looking for someone who speaks the right dialect of the language of business.

Different People, Different Needs

Just like no two people or businesses are identical, no two accounting firms or even individual accountants are exactly the same. A private individual who wants assistance in setting up a trust fund for his or her children would not have the same requirements as a CEO who wants a merger or an acquisition to run smoothly. Some accountants specialist in helping small businesses to remain profitable while others work as part of a team to manage the vast finances of multibillion dollar corporations. All accountants handle money in the form of numbers, but the outcome can be very different depending on whose money it is and what the end goals are. When looking to secure the services of an accounting firm, it’s important to make certain that their expertise (their business language) matches up with your vision for your finances.

Finding The Right Accountant

When you’re looking for an accountant who “speaks your language”, whether you need someone to help you decipher the mysteries of international business management takes or someone to clarify the finer points of a smoothly running payroll department, there are a few things to keep in mind. A firm’s reputation is one of the first things you want to look at. Fortunately, the Internet makes that relatively easy. Doing an exhaustive search can give you an overview of how an accountant or accounting firm is perceived in the business world. Once you have chosen a candidate, nothing can replace the frankness of a face-to-face interview. If you speak plainly and listen carefully, you should know if you’d make a good match.

Maintaining A Business Relationship

When you secure a top accounting firm to provide the financial services you require, you aren’t just calling in experts to fix a problem. You are forming what should be a lasting and productive relationship. As the accountant comes to understand your business language and to understand your unique requirements, they will be able to maximize your profitability while safeguarding you from errors and pitfalls. Just like with a friendship, open communication will get you everywhere in the relationship between an accounting (www.investopedia.com/terms/a/accounting.asp) expert and a business.

Passion For The Job

Just as you are passionate about your business endeavours, be they personal or professional, a truly great accountant has a passion for numbers that the less mathematically inclined can never understand. Let them work their magic as you work yours, and together you might write the decade’s next great business story! Read More...