I have a big company currently audited by a big 4 firm. Can I still use Finhub for audit or other services?
Yes.
Within our pool of licensed, audit and assurance firms we also have Big 4 and Big 10 firms which will be in a position to send you their quotation once you send your enquiry.
If you only want to be served by a big 4 firm at the service providers characteristics, select >100 number of employees. Finhub will ensure that your services are received only by audit and assurance firms with more than 100 employees which are only the big 4 firms in Cyprus.
Can I use Finhub to compare pricing?
Not really, though we allow you to request for services few times.
Finhub was designed to allow businesses in need for audit, accounting, tax and advisory services to find the right service providers and not for businesses to check if their existing service providers charge then more than they should. This is because we do not want to waste the service providers time, which are Finhubs clients.
However, we do allow few unsuccessful attempts as this will promote our service providers and you never know you may be surprised and indeed switch your existing service providers.
Can I conduct the service providers outside the platform?
Offcourse once you receive their offer.
Finhub is designed in a manner that you ONLY receive relevant offers from the service providers. Therefore, once you validate that the offer is within your budget and the service provider within the desired size, expertise etc. you can take the conversation on the platform or off the platform until you sign the engagement letter with them.
What is the engagement letter?
The engagement letter or agreement for services is the agreement you will sign with the service provider for the services offered. It will explain the scope of work of the service provider and each other's responsibilities during the conduct of the services. It will also include the fees and must be signed by both the Business (director or self-employed person) and the service provider.
Can I trust the engagement letter send to us for signature?
The engagement letter send by our licensed service providers are reviewed by the local regulator ICPAC who conducts an onsite monitoring visit and examines the quality of services offer by its members, their procedures and compliance with local regulators. The regulator specifically requests and reviews all the engagement letters from its members to ensure compliance with its guidelines and to identify any clauses that need to be remove (could be unfair, wrong, unethical).
Who can request services via Finhub?
Only authorised persons who can represent their company can request services from Finhub. This is a strict requirement and must be signaled at the end of the application by ticking the relevant box.
These persons can be:
How you pick service providers
It is entirely up to you. Once you receive their offers you can decide with who you would like to co-operate with based on your needs. Feel free to visit their premises, call them or e-mail them as much as necessary to make a decision.
Why we need you to answer our questions?
To provide our service providers with as much information necessary so us to fully understand your business, the workload involved so as to provide you with an accurate quotation.
Finhub simply mirrors the traditional route where all those questions would have to be answered via email. In addition, all documentation requested via our platform would also be requested via email as it is necessary for all service providers.
WHAT HAPPENS WHEN THINGS GO WRONG?
There are three scenarios that can go wrong when selecting a professional audit and assurance firm or a tax consultant for services rendered:
A) Increased fees despite the proposal and initial engagement letter
In the unlikely event that one of our service providers change their fee offering we must be conducted straight away as we must investigate the reasoning.
It could be the case that the business has not disclosed sufficient information to the service providers or omitted deliberately to add comments so as to enable the service provider to fully understand the workload involved with the service.
On the other hand, it could be the case that the needs of the business have changed or increased, something natural but something outside the initial scope of the service offering. In this scenario, naturally the service providers will increase their fees or propose new ones for the new services.
B) Poor Services Offered
In the unlikely event that the service providers perform poor services we must immediately be informed as we will investigate and remove them from our platform accordingly.
If you feel that you have suffered damages as a result, please consult with a local lawyer.
Also ensure that you leave the appropriate comment on the platform and that you describe the exact facts.
C) Services not Performed in a Timely Manner
In the unlikely event that the service provider does not deliver the work on time or does not commence work we must be immediately be informed so as to investigate the matter further. Feel free to include your comments in our scoring system which will penalise the service provider.
I am lazy to provide so much information.
If you are lazy to answer only a handful of questions and to provide vital information for service providers to understand your business and the complexity of work involved, then maybe Finhub is not for you. This is because we only ask our service providers to send us quotations for enquiries that will materialise.
We remind the users of our platform that we use the absolutely minimum amount of information needed to enable a 3rd party who has never heard about your business provide you with a binding quotation for services.
Anything less than that would render the platform of no use to both you the business owner and the service provider as the fee offering would never be realistic or accepted by any party.