Account Reconciliation Services in Dubai, UAE
BOOKBLISS offers professional account reconciliation services in Dubai, UAE for small and medium enterprises, corporate houses, and large organizations. Through our expert account reconciliation services, we make sure that the actual account balance matches the corresponding bank statement, preventing fraudulence and legal issues to help our clients focus fully on their business goals. Outsourcing account reconciliation services to a financial expert like BOOKBLISS not just ascertain the accuracy of your company’s financial statements but also ensures compliance with regulatory/ statutory requirements.
Why Reconcile Accounts?
Account reconciliation verifies your financial records to identify and correct discrepancies.
It ensures that two records or account balances match, helping businesses track spending accurately
and make informed financial decisions.
In the modern business environment, legal risks, data security issues, and fraud are common challenges.
Bookbliss Finance Consultancy offers tailored reconciliation services to address these risks and strengthen
financial control.
Our Services
1. Bank Statement Reconciliation
Ideal for companies with frequent transactions, we match your bank statements with general ledger records.
Benefits:
- Supports year-end closing
- Updates SOAs promptly
- Improves receivables/payables accuracy
- Detects errors and fraud
- Enhances cash flow
2. Vendor Reconciliation
We resolve discrepancies between your supplier ledger and vendor statements, especially when contracts
include rebates, discounts, or returns.
Benefits:
- Avoids overpayments and missed payments
- Strengthens vendor relations
- Validates discounts and returns
- Ensures accurate supplier accounts
- Helps manage cash flow
Required Documents:
- Supplier ledgers
- Invoices
- Credit/Debit notes
- Contracts
- Bank statements
3. Customer Reconciliation
For businesses with high sales volume and complex customer terms, we reconcile invoices, returns, and payments.
Benefits:
- Ensures correct billing
- Validates returns and discounts
- Improves collection strategies
- Prevents disputes
- Simplifies account closing
Benefits of Proper Reconciliation and Closing of Accounts
- Helpful for External Auditing:
Account reconciliation ensures that accounts in the general ledger are constant, precise, and comprehensive.
This ensures the external auditing process is smooth and authentic. - Accuracy in Financial Statement:
Reconciliation ensures an error-free financial report as we prepare accurate income statements,
balance sheets, and the statements of cash flows. - Helpful for Decision Making:
Reconciliation helps a company to understand its running condition and helps the owner take strategic
decisions for its further growth. - Authenticity of Documents in Case of Legal Cases:
Since the experts prepare error-free documents, they can be submitted with authenticity in case of
any legal issue. - Reconciliation minimizes the risk of the in-house accounts team as documents are false-proof
and authentic, and it saves their time. - Reconciliation helps in preparation of effective cash flow because it helps the collection on time.
F A Q
Frequently Asked Questions on Account Reconciliation Services
What is account reconciliation?
Reconciliation is a comparison of two sets of records to make sure that the cash going out of the checking account matches invoices. In simple words, it is the investigation and reviewing of the financial statements and supporting documents. It helps to close the books of accounts and enhance the credibility of internal financial statements.
What are the services included in reconciliation?
Account reconciliation services include comparing transactions recorded internally against external activities such as Bank Statement Reconciliation, Suppliers Ledger Reconciliation/Vendor Payments Reconciliation, Customers Ledger Reconciliation, Intercompany Reconciliations
What are the steps included in supplier statement reconciliation?
Step 1: Review the Opening Balance -The start line for the supplier statement reconciliation is to agree the opening balance shown on the supplier statement with the opening balance on the account’s payable ledger account for the supplier. Step 2: Review the Period Entries – All the things which appear on both the supplier statement and on the supplier’s account within the accounts payable ledger should be marked with a tick mark. These things can now be eliminated from the reconciliation process. Step 3: Allocate Credit Notes and Payments – All credit notes and payments should be allocated against invoices in suppliers’ system. Step 4: Differences – All remaining items not eliminated in steps 1 to 3 above represent either item on the supplier statement or not within the account’s payables ledger.
What are the reasons for mismatch in the invoices and bank statements?
There are several reasons that invoices show amounts that don’t match bank statements or accounting records – (i) An invoice could also be partially paid, (ii) Discounts could also be given for early payment, (iii) Bank charges could also be deducted, for instance, if there’s a foreign currency transaction, (iv) Delivery of products could also be delayed, which delays payment, (v) Timing of payments and deposits may fall outside the scope of your reconciliation period, (vi) Missing or duplicate invoices
What is debtors reconciliation?
Debtor reconciliation is that the reconciliation of balances between debtors accounts and customers account. Accounts Receivables ageing reports are used for reconciliations, by matching client’s ledger in Company books of Accounts with Companies Ledger in Clients Books of Accounts. Its correctness is monitored and if there’s any difference it will be intimated to the management.
Why is bank reconciliation important in UAE?
In UAE Bank confirmation and bank reconciliation report is one of the mandatory requirements for External audit. Reconciling the accounts helps to determine if accounting changes are needed. It helps to ensure (i) the company’s cash records are accurate, (ii) The financial statements are free from errors and fraud, (iii) A well-organised documentation system to track the transactions, (iv) Better assistance to spot inefficiencies in your accounting system
What are the advantages of outsourcing bank reconciliation statement?
Bank reconciliation is the process of verifying an organization’s financial records and transactions so as to detect discrepancies. So outsourcing bank reconciliation with an expert team is important to spot timing differences and discrepancies between the financial records to reinforce income management. We provide expert services with professional advice and presentation of quality information – (i) A well-encrypted data security measures to ensure confidentiality, (ii) Improved financial control for due diligence of monetary statements, (iii) The installation and use of reconciliation software help to reduce errors, (iv) Reduction in administrative and accounting expenses, (v) Compliance with regulatory legislation
What are Bank Errors?
Bank errors are the incorrect transactions recorded by the bank. The common bank errors are:(i) Error in the reference number, (ii) Account number error, (iii) Invalid or missing bank codes, (iv) Duplicate entries, Transaction error, Deposit fail, (v) Badly-formatted data
What are the reasons for the difference between bank statement and bank ledger in companies books of accounts?
The common reasons for the differences are:(i) Non-recording of bank charges, (ii) The cheques issued but not cleared from the bank yet, (iii) The cheques received but not deposited in the bank for clearance