The taxman, Kenya Revenue Authority, in recent times has made changes to existing compliance and tax laws that have left most organizations with a myriad of financial decisions mostly around cash flow management and minimizing tax liability. Choosing the best accounting firms in Kenya to manage and ensure you stay in line with the set regulations to avoid penalties or paying higher taxes is crucial for companies and organizations operating in the region.
The fall of well-renowned chain stores has made more companies within the region change tact on how they deal with matters of financial management. Some of the best accounting firms in Kenya have kept themselves at par with the emerging trends in financial laws and practices to enable them to offer sound financial advice and also help micro and macro businesses develop sustainable budgets and setting of financial goals.
Things To Consider When Choosing The Best Accounting Firms In Kenya
As you already know, making the best decision as to which accounting firm to contract in Kenya requires one to understand what to look out for in every firm. This helps you avoid being taken in rounds and ultimately losing money and precious time.
Below are our top eight (8) factors to guide you in making this crucial step.
Qualification and Certification
It’s imperative to consider the academic qualifications and certifications as well all other professional affiliations the all the firms you are considering possess. Most firms may claim to have adequate experience but are unable to handle fundamental accounting challenges large corporations are struggling with.
The best accounting firms in Kenya are registered with ICPAK (Institute of Certified Public Accountants of Kenya) or ACCA (Association of Chartered Certified Accountants). Selecting firms registered under such bodies guarantees you not only quality of service but also experience for the practitioners.
For instance, Taxmart Kenya is certified by ICPAK and has been in practice for more than twenty (20) years guaranteeing the provision of experienced services that include audit, bookkeeping, tax preparation, and general financial management.
Read also:
- 10 Fun Facts about Accounting Most Kenyans Don’t Know
- Explaining The Digital Service Tax (DST)- A Guide For Compliance
Fees
Accounting fees differ from one firm to the other as some accountants charge a fixed rate for each service they offer. Some firms might offer bespoke deals depending on the duration of the contract.
Taxmart Kenya knows that every business has unique needs and is financially positioned differently. Our approach is to first study and get to understand how your day-to-day business activities go about and how our services will impact your business operations and efficiency after which we shall tailor a custom-made rate structure that works and offers value to your organization.
Mentorship and business advice
Mentorship and giving business advice are part of the crucial things that help stir the business focus on the right direction as well as on best bookkeeping and tax compliance. Most of the best accounting firms in Kenya, Taxmart Kenya being one of such, offer this as an additional service. We normally engage in mentorship after the contracted firm has thoroughly examined the financial reports and perhaps noticed practices that might have been the cause of the lag in achieving the set business goals.
Reputation
It is very important to find out how other companies view the accounting firm you have chosen to maintain your business for you. The best accounting firms in Kenya would most probably provide recommendations from companies they have worked for in the recent past.
Taxmart Kenya clientele is spread across a variety of industries including retail and chain stores, legal and advocacy, education and manufacturing and all have had exciting experience with Taxmart.
Personal connection
The most preferred quality by consumers in the region for organization(s) considered as the best accounting firm in Kenya is confidence. The surety that whatever information about the company given to the accounting firm won’t be leaked is priceless. If an accounting firm sounds intimidating or doesn’t make you feel at ease sharing information with them, then you would rather consider finding a place you are comfortable with. At Taxmart Kenya, we guarantee utmost integrity in all our dealings with our clients.
Audit Support
Facing an audit can be one of the most challenging moments in any organization. Assurance from your audit or accounting company that they will be present when the taxman, Kenya Revenue Authority, comes knocking at the door comes in really handy.
With over 20years of practice, we’ve attained a high level of expertise in diverse fields including audit, assurance and advisory. We’ll be with you every step of the way and provide adequate support when it’s time audit reporting and more.
Goal Setting
Accounting firms are expected to offer support and advice their clients to monitor financial progress and set goals that later prove to be very impactful to the growth of the business. Take time to find out the accounting firms’ policy on goal setting and whether there will be additional charges for that particular service.
Taxmart Kenya offers advisory services that include goal setting.
Level of Service
Tasks such as bookkeeping, tax preparation, and general financial management will require you to look for the best full-service accounting firms in Kenya that employ qualified professionals who handle the client’s daily transactions.
Taxmart Kenya has professionals that will not only guide you in tasks such as bookkeeping or tax preparation but also complex work like raising capital and cash flow management.
Final Thoughts
The best accounting firms in Kenya are not necessarily the big and established firms. Sometimes, you find the best services with start-ups with admirable business culture, a seriously competitive in-house expertise and integrity that grows confidence. Choosing the best accounting firm in Kenya requires that you do your due diligence and consider all factors at your disposal. Taxmart Kenya offers competitive services that touch on a wide array of business needs from tax, accounting, advisory and consultancy. Talk to us today via +254 727 434 740.