Payroll Outsourcing in UAE
In every business organisation rather than employing an internal finance team, hire payroll experts who can manage your payroll documentation, expense claim disbursement, and processing of payslips at easy steps. On payroll outsourcing services, one could reduce the errors and responsibilities on bookkeeping of financial transactions. Preparation of payroll is not an easy task; it is bounded with the horizon of rules and regulation within the federal authority. BOOKBLISS provides hand in hand to your needs with flexible solutions and advanced technology. Our supervision level and diligence in the procedures enable a collective experience for the payroll team with a resurgence in their thoughts and work patterns. Entrust us your BOOKBLISS, being one of the reputed payroll outsourcing companies in UAE offers incredible payroll outsourcing services in UAE. We will show how cost-effective and efficient our services are.
Key Features of Payroll Outsourcing Services
- Accurate Salary Processing: Timely and precise calculation of employee salaries, including overtime, bonuses, and commissions.
- WPS-Compliant Transfers: Ensuring salary disbursements align with the UAE’s Wage Protection System regulations.
- Customized Payslip Generation: Electronic issuance of payslips tailored to your company’s requirements.
- Leave & Gratuity Management: Calculation and management of accrued leaves and end-of-service benefits.
- Bank Reconciliation: Regular reconciliation of payroll-related bank transactions to maintain financial accuracy.
- Data Security: Implementation of encryption and control procedures to safeguard sensitive payroll information.
- Expert Support: Access to payroll professionals for on-call assistance and guidance.
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