Business Audit: Basic Fundamentals of Accounting

Business Audit
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There are many ways that you can begin an accounting firm & tax consulting business in Dubai. The primary and common way is to set up a subsidiary in the emirate. But the option that is gaining popularity today is to start your own company. Starting your own accounting company is not difficult and can bring in substantial revenues in a very short period of time. But there are some things that you need to consider before making a decision.

Most accounting firms and consultancies list Auditors in SAIF Zone Sharjah as one of their topmost best-performing clients. However, here are some questions to ask yourself before launching a company: Do you have enough experience in the field? How much time do you have to devote on your company’s day-to-day operations? What assurance services do you require from your clients?

How to Start Business in Dubai

If you want to start a business in Dubai, the biggest step you will need to take is to purchase a commercial fleet of vehicles. The vehicles include limousines, trucks, buses, and office vans. You can get such vehicles directly from a fleet management company. However, if you have an accounting firm with established clients in the city, you may prefer to rent the vehicles or use your company’s name for the leasing and maintenance.

Business Structure Plans

The next step in your business structure plans is to open an operating company. If you wish to operate as a separate entity, you may choose to form a partnership, limited liability company or a corporation. Each option has its own set of advantages and disadvantages. So you need to research extensively to understand what each option provides you with. When you form a partnership, you become the general partner of the business and share profits equally with the partners.

Limited liability companies are perfect for those who want their business to conduct several subsidiary activities. For instance, CPAs set up an accountants’ firm and act as sole proprietors of several accounts. In this case, they can handle all kinds of finance activities. However, they cannot act as a financial sponsor for their own firms.

Certified Public Accountants in Dubai

Many corporate companies and individuals opt for the service of CPAs or Certified Public Accountants in Dubai. Certified public accountants (CPAs) in Dubai specialize in a particular area of accounting. Usually, CPAs work with banks, insurance companies, mortgage companies, and finance-related firms. The service fee charged by CPAs in Dubai is different from that of certified public accountants (CPAs) in other countries.

Partnership Agreement

Once you have a list of potential clients, it is time to approach them. As the owner of an accounting firm, you should discuss all the requirements with your clients. The most important issue that must be resolved at this stage is the ownership issue. There are different types of ownership arrangements for new businesses in Dubai. A partnership agreement between the partners is the most common type of arrangement. Other arrangements include joint venture, rent-to-own contracts, and limited liability partnerships.

You will have to find out the nature of business from your clients. They will also want to know about the accounting fees and charges. It helps to explain the fixed fee structure offered by your firm to your clients. A good accountant can help you in all these aspects and ensure that all aspects are transparent to your clients.

What is CPAs

You can contact several CPAs before finalizing on a deal. The best option is to communicate with your accountant and find out the pricing structure of various firms. In case you have any queries regarding the accounting firms, you can always ask them about their experience and credentials. A good accountant can surely help you in every way.

If you think you have found a suitable CPA, you will have to make him commit on a time scale. The initial period can be free of charge while the remaining period can be charged depending on the number of accounts receivable accounts that he will handle. There can be a tie up between the firm and a big company. This means that the initial client will have to make some investment to get a contract with the firm. Accounting firms are usually specialized and they require expertise in certain areas.

Conclusion:

There are many ways to establish an accounting firm. Many accounting firms provide their clients with excellent training and free services. It is important to establish an excellent reputation in the market. You can find a lot of information about a specific company on the internet. There are many online forums that provide valuable information about the top accounting firms in the world. This information can help you in determining the price range for your contract.

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