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How to select an accounting firm in Belgrade – ultimate guide

Sep 23, 2019

HBL > Uncategorized > How to select an accounting firm in Belgrade – ultimate guide

It is easy to find an accounting company in Serbia because there is a lot of them on the market. It is a much bigger issue to find a good accounting company that will fulfill all the demands. Unfortunately, the client can not test the services of certain accounting company to whether he wants to use their services or not. In practice, this means that he must spend some time in the company and only after several months he can conclude whether this company is good for him or not.

In continuance, we will try to explain in 3 simple steps how you can find a good bookkeeping firm in Serbia.


1. The first step – evaluate the prices of the accounting services


You probably did not expect that the first parameter during the search for an accounting company is the price. 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 one, because in most cases, in the end, you have to pay a lot more because they did not account for the additional expenses.

We will advise you on how to evaluate the prices of the companies 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 not favorable because you would not know how much you have to pay to him at the end of the month and you do not know how much hours he spent on your books. In the beginning, you may pay for 3, hours, after some time for 4 and then 6 and 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 is always a better option to pay for the result and not the time.


1.2 Avoid the package arrangements of the accounting services


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. Very often you can see golden, silver or bronze packages offered by these companies. 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 the 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 specific business. For all the services that are not included in that package, you will have to pay additionally at the end of the month.


1.3 The right choice – the price adjusted to your business


The accounting company should offer an individual price to every client, which means that the price should be based on the type and the 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.The second step: evaluate the accounting company


It is very important to make a correct evaluation with whom you are going to do business because that bookkeeping firm will have access to all your business data. You have to find a responsible associate on whom you can rely on, to whom you can trust because you do not want to have some unfinished papers or unpaid contributions in the middle of the month.

In continuance, we give you some guidelines on what you should avoid when choosing the 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 is one person who works with too many clients. Those agencies do not have the experience with complex accounting tasks from specific economy branches. This option is not the cheapest one if you want to save money on accounting services.


2.2 Avoid CPA companies


We do not have anything against big CPA companies because they are number one in their business, but that business does not include keeping records. These firms have the accountants who will help their clients with books which are not in good condition or to the clients who do not have their own accountant and they will do this in the best possible way.

The problem is that they charge enormously high tariff per hour; the books will be fine but you will pay an enormous price that you do not have to. These firms are too big and are not too much oriented toward the clients, so it can happen that you would not like their service.

You are going to wait to much time that they answer your calls, question or solve your problem because they have too many clients.


2.3. Avoid offshore accounting companies


If you think that you are going to pay less for the accounting services abroad than you are wrong. First, you will lose time on explaining to a foreigner what services you need and secondary you want to trust your business and books to 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 in what way you are going to follow all the business steps and trust the person you can only check through some Internet platform for communication. Laws and regulations in Serbia are inclined to changes and you need somebody who is in that process and who can follow everything. Before that, it is a waste of time for smaller businesses to hire accountant outside Serbia, unnecessary stress and the expense with a very small gain.


2.4 References and recommendations


You should hire a responsible accounting company from Serbia, which has a team of reliable accountants with long-year experience. In that way, you will be sure that the job is going to be done on time, without any delay and in the best possible way.

This type of company always has a good relationship with its clients and a high level of communication. You will on time get the answer on your question, they will always answer your calls, pay the contributions and taxes in the middle of the month and take of your business on a monthly level. These accounting companies have a lot of experience with small and medium enterprises and they are familiar with all the rules and law regulations the entrepreneur can meet on a monthly level. The accountants from these agencies are completely prepared for work with various clients and different businesses and very often in their offices have the newest tools and technology that follow the accounting trends and make their job easier.
Every company wants to have satisfied clients, so there are oral, written and online recensions which can help you in choosing the accounting company. Nobody wants to hire the company with bad recension, so you should be careful when you search, read and choose because you have to make the relation of confidence because you entrust them with the core of your business.

If you do not have to take care of your business record, you can point your energy into the development of your business, you would not lose time on peripheral things like bookkeeping, but you will be able to commit yourself to the thing you are best at. By giving a delegation to the accounting company you do not lose your resources, but you get them; you pay for bookkeeping but you get priceless time for taking care of your business.


3. The third step – evaluate the company and the way they work


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 the businesses.

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

In continuance read about several details you have to pay attention when choosing the accounting company


3.1 Avoid the accountants who come to your office to keep records


This how the job was done before, but this system is not efficient anymore because bookkeeping from the client’s office is a very slow process. The accountant must adjust to working conditions, computers, keyboard and business surroundings. This way of doing business is today unacceptable because you do not want to move your business meeting in your office because 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 the accountant who will do the additional jobs in the office, you have a secretary to do that. The best solution in these cases that your secretary is trained for simple accounting tasks or preparation of papers submitted to the accountant. In that way, you will have your office for yourself and your experienced accountant is going to keep your books in his company, on his computer.


3.2 The 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 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 e-mail. 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, then it is necessary to submit all the details to your accountant. In that way, you can save the time necessary for the development and functioning of your business and if your accountant does not understand that, you should simply find a new one.


3.3 Denying access to your papers and files


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


3.4 Advanced accounting programs


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

is not following the technological development. The use of certain programs speeds up the process of work and creates a certain standard that became 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 really 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 in which way they provide their services. That is the best way for you to decide whether or not this company is the best for you and your business.


3.5 Transparent accounting company from Belgrade


The first and basic task of every accounting company is to in due time provide its client with the information related to his business. The accountant should access his client individually, make a good evaluation of the business, point to potential risks and see the scope of work. Good communication between the client and the accountant is saving time which can make doing business more efficient and faster. Your accountant must be capable to explain everything related to your business in a simple manner so that you could understand it.


The conclusion: how to find an adequate accounting outsourcing firm in Belgrade?


If you conduct yourself with these enlisted steps and pay attention to them, it would be an easy task for you to find an adequate 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 adequate accounting company – you will know that you have found the adequate accounting company if at any moment you know all the answers on your questions regarding your business and make a transparent relationship with your accountant on a daily basis
  • The adequate way of work of the accounting company – if you on time get qualitative papers, 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.