Tax rules relaxed, penalties reduced in the UAE The cabinet also approved the issuance of a decision regarding the requirements of the Natural Person Insolvency
How to Choose an Accountant in the UAE ?
Once your company starts growing, it’s best not to try and manage the accounts yourself as you will be spending your time doing something you’re not trained to do and isn’t revenue-generating.
A professional accountant can save you a lot of time and money by looking after all the finances while you focus on what’s more important. And you’ll have access to advice and guidance.
Once you are ready to engage an accountant, you may not know what exactly to look for. Choosing one that is right for your specific business needs is important and there are certain things to keep in mind. So, let’s take a look at what to consider when looking for an accountant.
What can an accountant do for my business?
The first question to ask yourself is what exactly do you want from your accountant. There is a variety of accountancy services, covering different needs and wants. You need to outline the specific tasks you think an accountant can help you with.
Do you just need them to take care of your basic finances, such as tax, payroll, expenses, utility payments and so on? Or, do you want a hands-on accountant who will give you regular financial advice, provide regular reports and help you understand your business finances. Will you value help with growth transitions such as hiring new employees and taking on new office spaces?
You may not even have a business yet, but you might benefit from an accountant regarding important decisions before buying or creating a new business. Perhaps you need their advice on the best financial support options for you, such as applying for a loan or an overdraft.
An accountant can help you with a number of things, which is why it’s important that you know specifically what you need from them.
What skills and qualifications should my accountant have?
This might not be important if you simply need your accountant to handle the basic finances. However, there are some business sectors that may require someone that has relevant experience and skills.
The business model and the way in which finances are dealt with can differ according to the business sector. Here are a couple of examples on specific accounting needs:
- Manufacturing – Manufacturing requires an accountant to specialise in dealing with inventory, accounts payable, liabilities and so on.
- Services – The greatest emphasis in the service industry is usually sales and expenses. The accountant may need to analyse different types of sales and related expenses.
- Non-profit organisations – These operate on charitable donations and giving, but they are still required to record the contributions as sales receipts. There are specific governmental requirements for charitable organisations which an accountant needs to be aware of.
- Hospitality – Hospitality is one of the most complex industries when it comes to finances, so it’s important to choose an accountant with relevant experience.
These are only a few examples on how different industries may require specialised accountants. If you are one of those businesses, you ought to look for accountancy services that are right for your company’s specific needs.
Do I need a local accountant?
This is completely up to you and your preferences. If you will be working closely with your accountant and want the option of seeing them easily, a local one may be best. Some people like the convenience of popping in to their accountant’s office for a meeting, or having them come to theirs. You also get to meet the whole team.
It’s not always the case, though, and some businesses are happy to have an accountant that is located in a different area or even country. You may find Zoom meetings more productive and you may not need to communicate with them quite as often. The good news is that it will give you lots more accounting firms to choose from.
Get in touch...
If you have decided to engage an accountant and would like to discuss your requirements with us, get in touch!
Here at Alya Auditors we cover a variety of different business needs, from basic accountancy and payroll to business advisory and development. We are primarily focused on business growth and so we tailor our solutions based on your individual business needs.
Our Chartered Accountants are all either FCA,ACCA or ICWA members and our accounting team of well qualified and experienced hands.
We provide accounting services in Dubai, Sharjah, Ajman, Fujairah, Abu Dhabi, and Ras Al Kahaimah for ambitious local businesses as well as for businesses throughout the UAE.
Our clients also include international businesses, so we have a breadth of experience to help your business thrive.
Call our friendly team on 04876 9377 or drop an email to firstname.lastname@example.org for a further discussion.
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