Accounting firms are always on the top of the business vitality and a corner stone element in the success equation. They are at the top of the latest regulations and tax laws as they offer consultancy and assistance to individuals and businesses to achieve their financial goals. Experts and specialists with skills that cover all edges of financing from daily tasks and activities to end of the year finalization of budgeting and bookkeeping reporting. The best choice always equips its team with vast knowledge and makes sure they are always updated with the most recent laws and office guidance. Whether the choice is for an individual advice or for business, there are number of tips to consider so the choice meets and fulfills the business needs:
Merits of specialization:
It majorly relies on the purpose. It is no secret that there are numerous fields and specialties that accountants deal in. In each financing team, a number of specialists are availed to meet all the needs. An accounting firm that offers a range of services – such as financial management, auditing/reporting, cash flow analysis, and succession planning delivered by different specialized experts keen on fulfilling all your needs and answering all your queries. It is as well, far more efficient to deal with one place for all your financial needs.
An inevitable distinction is whether the practitioner can prepare and present income tax returns or not. He must be a professionally registered Tax Agent and belong to a professional association such as CPA – Certified Public Accountant (there are three different levels – AIPA, MIPA and FIPA), ECPA – Emirates Certified Public Accountant, IACPA – International Arab Certified Public Accountant, or CPAA – Certified Public Accountant & Auditor. Credentials increases the value of work delivered by the professional as it asserts that not only he has the experience, but he also has the academia and following the Generally Accepted Accounting Principles (GAAP).
When in the market for a prospective accounting firm, check their current clients and their portfolio. It is a plus point if they have they dealt with businesses (or individuals) that are similar to your industry or financial background. Ideally, you want to find one that is familiar with your industry or individual situation, because this means they have the necessary experience to provide the right advice. Therefore, if it has a strong understanding of the industry, they are perfectly fit to maximize your return.
The expenses of pursuing such service must be cost-efficient, as it has to be suitable for both your business needs and financial abilities. Most service providers calculate their fees in one of two ways – either per hour or at a fixed rate. The way in which fees are calculated and the overall amount charged depends on the place, so make sure you get clear idea on how much everything is going to cost before agreeing to move forward. Having a clear idea about the expenses of the services is one of the pillars to make your final decision. Keeping in mind that choosing multi-experienced company will spare you contracting accountancy expert and auditing expert since all the services would be availed by one place.
When hiring an accounting firm, remember that they will have access to sensitive information regarding your finances. Therefore, it is important that you collaborate with one of the most trustworthy service providers. IBG has the leading most experienced accountants with various specialties on hand; we have on our teams financing, taxation and auditing vast network of specialists and consultants.