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How to Select an Accounting Firm in Belgrade – The Ultimate Guide

Sep 23, 2019

HBL > Accounting > How to Select an Accounting Firm in Belgrade – The Ultimate Guide

It is easy to find an accounting company in Serbia because many of them are on the market. However, finding a good accounting company that will fulfill all the demands is a much bigger issue. Unfortunately, the client can not test the services of certain accounting companies to determine whether they want to use them. In practice, this means that they must spend some time in the company, and only after several months can they conclude whether this company is good for them.

In continuance, we will explain how you can find a good bookkeeping firm in Serbia in three simple steps.


1. First Step – Evaluate the Accounting Services Prices


You probably did not expect the price to be the first parameter during the search for an accounting company. But let us be realistic, nobody wants to pay for service more than its average price on the market.

Of course, the most expensive option is not always the best one, but you should not choose the cheapest because, as a rule, you will pay a lot more in the end. After all, they did not account for the additional expenses.

We will advise you on how to evaluate the companies’ prices for accounting services in Serbia.


1.1 Avoid Paying per Hour


You should not by any means use an accountant who will be paid per hour; you can cross those offers from your list immediately. This option is unfavorable because you would not know how much you have to pay them at the end of the month, and you do not know how many hours they spent on your books. In the beginning, you may pay for three hours, after some time for four and then six, while the scope of work would not get any bigger. Their goal will be to work longer on your case and your books to charge more, and your goal is to have books finished as soon as possible. That is why it is always better to pay for the result and not the time.


1.2 Avoid the Accounting Services Package Arrangements


The first step after company formation is selecting an accounting partner to keep a record of all financial and tax documentation. Many accounting outsourcing firms from Belgrade offer package arrangements, or for a fixed sum of money, you can get a package of services on a monthly level. You can often see these companies’ golden, silver, or bronze packages. Yet, when you think more about that, one thing does not have to be the same for the other client, or every business has its specific needs and issues and can not be part of the same group or covered with the identical package of services. Then, there is a question if this package arrangement includes every service for your business. At the end of the month, you will have to pay additionally for all the services that are not included in that package.


1.3 The Right Choice – Price Adapted to Your Business


The accounting company should offer an individual price to every client. Simply put, it should be based on the type and number of services. The exact price should come after the detailed evaluation of the client’s business and the conversation with the client, where you precisely define the needs and services provided by the accounting company. That is the best and the easiest option for both sides, and all the clients should expect this level of service.


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2. Second step: Assess the Accounting Company


It is essential to evaluate whom you will do business with correctly because that bookkeeping firm will have access to all your business data. Therefore, you have to find a responsible associate whom you can rely on and who you can trust because you do not want to have some unfinished documentation or unpaid contributions in the middle of the month.

Bellow, we give you guidelines on what to avoid when choosing accounting outsourcing firms from Belgrade.


2.1 Avoid Solo Players


There is nothing wrong with solo players, but it is a very common case in practice that when one person represents the bookkeeping firm, he can not finish papers on time and prepare everything for his client. Honor to exceptions, but when there is one person in the company, that one works with too many clients. Those agencies do not have experience with complex accounting tasks from specific economy branches. If you want to save money on accounting services, it is advisable not to go for this option as it is not the cheapest in the long run.

2.2 Avoid CPA Companies


We have nothing against big CPA companies as they are number one in their business, but that business does not include keeping records. These firms have accountants who will help their clients with books that are not in good condition or clients who do not have their accountants, and they will do this in the best possible way.

The problem is that they charge enormously high hourly tariffs; the books will be fine, but you will pay a considerable price. In addition, these firms are too big and not very oriented toward the clients, so it can happen that you would not like their service.

You will wait too long for them to answer your calls and questions or solve your problem because they have one client too many.


2.3. Avoid Offshore Accounting Companies


If you think you will pay less for accounting services abroad, then you’re mistaken. First, you will lose time explaining to a foreigner what services you need. Secondly, you want to trust your business and books with somebody familiar with the accounting rules, laws, and regulations of the country where your business is placed. You will lose a lot of time on communication, and we are still not sure how you will follow all the business steps and trust the person you can only check through some Internet communication platform. Laws and regulations in Serbia are inclined to change, and you need somebody who is in that process and can follow everything. Before that, it is a waste of time for smaller businesses to hire accountants outside of Serbia, causing unnecessary stress and expense with minimal gain.


2.4 References and Recommendations


You should hire a responsible accounting company from Serbia with a team of reliable accountants with many years of experience. In that way, you will ensure that the job is going to be finished on time, without any delay, and in the best way possible.

This type of company always has a good relationship with its clients and a high level of communication. You will get a timely answer to your quest; they will always reply to your calls, pay the contributions and taxes in the middle of the month and take of your business monthly. These accounting companies have a lot of experience with small and medium enterprises and are familiar with all the rules and law regulations the entrepreneur can meet monthly. The accountants from these agencies are completely prepared to work with various clients and businesses. Their offices often have the newest tools and technology that follow the accounting trends and make their job easier.

Every company wants satisfied clients, so there are oral, written, and online recensions that can help you choose the accounting company. On the other hand, nobody wants to hire a company with a bad recension. Therefore, you should be careful when you search, read and choose because you have to build confidence since you will entrust them with the core of your business.

Suppose you do not have to take care of your business record. In that case, you can focus your energy on the development of your business, you will not lose time on peripheral things like bookkeeping, but you will be able to commit yourself to the thing you are best at. By delegating to the accounting company, you do not lose your resources – you gain them; you pay for bookkeeping, but you get priceless time for taking care of your business.


3. Third Step – Evaluate the Company and the Way They Operate


The last but not the least important piece of the puzzle is that you make a good evaluation of the accounting company and their method of work because it is familiar that everything does not go well for all businesses.

Many of them demand flexibility that some accounting companies are not ready to offer, so you should check that segment carefully before starting the adventure of bookkeeping with some of them.

In continuance, read about several details you must pay attention to when choosing an accounting company.


3.1 Avoid the Accountants Who Come to Your Office to Keep Records


This is how the job was done before, but this system is no longer efficient because bookkeeping from the client’s office is a prolonged low process. In addition, the accountant must adjust to working conditions, computers, keyboards, and business surroundings. This way of doing business is unacceptable today because you do not want to move your business meeting to your office. After all, the accountant has not finished with all the papers or do not want to beg your accountant to go outside and quits his job for half an hour while you are making a confidential conversation related with your business.

Leastways, you do not want the accountant to use your computer because you would lose privacy and informality in your office.

You do not need an accountant who will do the additional jobs in the off; you have a secretary to do that. The best solution in these cases is that your secretary is trained for simple accounting tasks or preparing papers submitted to the accountant. In that way, you will have your office for yourself, and your experienced accountant will keep your books in his company, on his computer.


3.2 Requests for Scanning and Sending News Emails


Do not waste your time on this. This is an old-fashioned way of work, making double or unnecessary work for everybody. Every individual transaction will be recorded in the books, and the accountant will get the statement of account from the bank; there is no need for you to scan or print the message from the bank from your email. Of course, you can save those files and emails, but your accountant does not need them for himself or the job he is doing for you.


If you spend some money from your business account, you must submit all the details to your accountant. In that way, you can save the necessary time for the development and functioning of your business; if your accountant does not understand that, you should find a new one.


3.3 Denying Access to Your Papers and Files


Remember this: you do not want to work with an accounting company that denies you access to your business files and online account because that is your company, and at all times, you must know what is going on and be up to date with monthly papers. Nobody wants an accountant who keeps all the information to himself and does not want to share it with you. Transparency is the key to good business, and you must have all the information at your disposal for the service you pay.


3.4 Advanced Accounting Programs


There are certain standards for software and programs used in modern accounting, and you should not accept anything less than that. We live in the most technologically advanced century, and you do not want an accountant who

is not following technological development. Using certain programs speeds up the work process and creates a standard thbecomesame recognizable when it comes to bookkeeping.

If the accounting company or your accountant does not know these standards and how to use new software programs, do you want him to keep your records and take care of your business? Of course, you do not want to. It is best to make esquires in the company about the software they use and how they provide their services. That is the best way to decide whether this company is the best for you and your business.


3.5 Transparent Accounting Company from Belgrade


Every accounting company’s first and basic task is to provide its client with the information related to his business in due time. The accountant should assess his client individually, evaluate the business, point to potential risks, and see the scope of work. Good communication between the client and the accountant saves time, making doing business more efficient and faster. Your accountant must be capable of explaining everything related to your business simply so that you can understand it.


The Conclusion: How to Find an Adequate Accounting Outsourcing Firm in Belgrade?


If you conduct yourself with these steps and pay attention to them, it will be easy for you to fia goodate accounting company for your business.

  • The adequate price – the price adjusted to your business, determined after the evaluation; you pay only for the services the accountant provide
  • The excellent accounting company – you will know that you have found an adequate accounting company if, at any moment, you know all the answers to your questions regarding your business and make a transparent relationship with your accountant daily.
  • The adequate way of accounting company’s working  – if you get the needed papers on time, you will know that you have made the right choice and that a good accounting company runs your business.

For all the questions related to the beginning of cooperation with our company or general questions regarding the choice of the accounting company, HLB T&M Consulting company stands at your disposal.