As you run and grow your business, you will reach a point where you would need to hire an accounting consultant or accounting firm in UAE.

Well, you are here- you have most probably decided that it is time for you to see and seek the help of a financial advisor. In many cases, deciding on a financial advisor or accounting firm can be overwhelming. Especially in a state like Dubai, UAE, where there are just so many firms claiming and operating as ‘top accounting firms in UAE’

Now, while you are trying to hunt down the firm that is ideal for you, here are a few tips that might be helpful in getting you started and making the right decision.

Points to keep in mind while trying to find the best accounting firms in UAE

 

Roughly anyone with the basic financing degree and license can sit with a tag of a financial advisor or can open an accounting firm. Plus, there are active scams as well, despite all the legal actions and control measures. So, it becomes crucial for you to be careful when you are willing to let a third party into your business. Here are a few points, following which would help you play in a safe zone.

       I.          Decide on the type of financial accounting firm and the services you are looking for

Finance and accounting is a pretty vast scenario. If you are new to the world of financial accounting services and outsourcing firms, trust us when we say there are just so many types of financial management firms out there. There are numerous services involved in finance and accounting. And, not all firms provide all the services. It will be helpful for you to know and decide in advance the type of service that you are looking for so that you can choose the firm or person that has expertise in that particular area. Listed below are the main types of accounting services:

• Consultancy services

Financial consultancy can have a vast division of services in itself. But basically, it involves hiring a financial consultant or consultants to restructure or help with your financial department. This could be on an on-going basis as well as on a fixed tenure basis.

• Routine accounting outsourcing

Accounting outsourcing is the scenario where you outsource or hand-out your firm’s routine accounting tasks to an outside accounting firm. The firm you hire will be having teams of accountants as well as the required systems to smoothly maintain your firm’s accounts. This practice is quite helpful in numerous ways. It ultimately lowers the administrative costs and also the managerial headache.

• Investment advisors

This is an important category. If you need someone to advise and guide you right as to where you should invest your wealth and maximizing profits, you are looking for an investment/ financial advisor. Given that the advisor you choose will inevitably influence the wealth you invest and generate, choose wisely when you are hiring an investment advisor.

     II.          Decide on the type of pay-structure you would prefer

• Fixed fee Firms

Fixed fee structure involves paying a fixed amount every month or every quarter, as agreed. This kind of payment structure is generally preferable when you are outsourcing the routine accounting tasks to an external accounting firm.

• Commission based

Commission based fee structure involves paying a proportion of profits or investment to the consultant as agreed. This kind of payment terms is preferable while you are hiring an investment advisor.

• Mixed pay structure

This kind of pay-structure involves paying a fixed amount as well as a proportion of profit if the conditions are met.

• Hourly pays

As the name suggests, it involves paying the firm on an hourly basis. It is preferable when you are contracting with a financial consultant for your firm. You will be billed monthly or weekly or quarterly based on the number of hours you have used to consult the consultant or the member of the consultancy.

 

   III.          Other check-points while choosing a financial advisor

• License and Qualifications

Only go with the certified consultants, preferably the ones with a masters level qualification in financing. After all, you need to be able to trust them with sensitive information.

• Client base and profile

Especially when considering an investment advisor, it is recommended that you check the clients that the consultant or firm have and the profits they have brought in for them. If at all possible, find the contact of some of the current and past clients of the firm and find out how their experience with the firm was.

• Experience and operation

See how long a firm has been around. Clearly, those who have been around for a while would be more trustworthy and reliable as they have a reputation to keep. However, they would be billing you higher as well!

• Background

Spend a little time researching the background of the firm as well. Certainly, though they are not the only determinants, the ones that have got a well-maintained website and social media gets more points. Also, check a bit about the team behind the firm.

 

Conclusion

So, here, you read some of the most important factors to consider and keep noted while you are trying to find the ideal accounting consultants in UAE. Going by these points have, by and large, helped a lot of people in making the right decision while choosing from the top accounting firms in UAE. While ultimately the decision is yours to make, these points would help you get started and reach an informed, and even a quicker decision.