Growth often means recruiting. When it comes to your business, who should you hire for accounting and bookkeeping?
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Most small businesses and startups think that hiring a freelancer or managing bookkeeping on their own is an economically intelligent thing to do. There are several advantages to it, but sometimes it can cost you a lot more. What parameters should you consider before deciding who to hire for bookkeeping? Should you hire in-house accountants, outsourced accounting services, or freelancers? Let's find out!
1. The FTA audit
In case of an audit, FTA will require some well-maintained business records from you. Check which option will provide you with a proper system that ensures transparency and give you reports in formats that follow all the protocols set by the concerned authorities.
2. Secured document storage
Any service provider will need your financial documents to prepare reports. In such a case, you will have to save copies of your documents if FTA asks for them. Check with your options if they provide a system to store your FinDocs safely or if they give you cloud storage.
3. Complete VAT services
Tax is quite a busy season. How do you look after your tax needs? You do that by keeping track of your VAT filing date, overseeing VAT reports, filing for the VAT returns on time, etc. Make sure you find out who can provide you with a VAT timeline and follow up for filing, making sure it is done on time, thereby saving you from penalties.
Proper qualifications and credibility form an integral part of the criteria that you employ while looking to hire someone for bookkeeping. Your confidentiality is maintained when you hire someone on a contract. They can be held accountable in case of any violation like misuse of your financial information.
5. Quality work
Try to find the best solution provider that presents your financial information in a way that you can understand, resulting in healthy decisions. Since they can be held accountable, they are liable to deliver quality reports. Not everyone can ensure the same, leading to compromised quality at times. Making the best decision for your business is never easy. But by being informed about your options, you can decide what is right in the long run. McLedger is UAE's #1 online accounting platform that ensures your business's financial needs come first. We have a system designed to help you with your business accounting and bookkeeping, along with providing you with complete VAT services. If you would like to explore our cloud accounting app and services, call us on +971 56 547 2460 or email us at firstname.lastname@example.org for a free demo!