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Account Reconciliation Services

Expert Tax Consultant In Dubai Helping Your Business Thrive

AL MERAK provides expert account reconciliation services in Dubai, UAE for small and medium-sized businesses, corporate houses, and big organizations. Our experienced account reconciliation services ensure that the real account balance matches the relevant bank statement, eliminating fraud and legal difficulties and allowing our clients to focus entirely on their business objectives. Outsourcing account reconciliation services to a financial specialist like AL MERAK not only ascertains the correctness of your company’s financial statements, but also assures compliance with regulatory/statutory requirements.

Bank Statement Reconciliation Service

Once the balances are equal, AL MERAK specialists assist businesses in preparing journal entries for changes to the balance per books. Timely reconciliation of bank accounts is critical for maintaining effective management and an adequate balance of money in the organization.

Advantages of Bank Reconciliation Process:

• Assists with year-end account closures.

• Assists Receivable departments in sending timely SOA updates.

• Ensures correct and up-to-date balance of payables and receivables for the firm.

• Identifies issues such as multiple payments, missing payments, and calculation errors.

• Detects fraudulent activities and theft.

• Improves financial flow.

Companies with a large number of transactions, whether online or cash/cheque deposits and withdrawals, will find it time-consuming to engage with their accounts departments. In certain circumstances, outsourcing the bank reconciliation procedure is suitable.
To reconcile a bank statement, AL MERAK specialists compare the provided bank account balance to the general ledger of the firm.

Vendor Reconciliation Service.

AL MERAK provides Vendor Reconciliation Service to a firm when reconciling the supplier ledger with the supplier's account statements becomes increasingly challenging. It occurs when there are a large number of transactions and the contract contains data such as discounts, rebates, returns, and so on.

Prevents issues with future shipments
Avoid reimbursing the wrong vendor.
Recognize missing vendor payments.
Helps prevent overpayments.

Establish a link between ethical business practices and honesty.
Ensures regular crediting of supplier accounts based on invoices for supplies received.
Ensures purchase returns are appropriately deducted in the supplier's account
Ensures supplier discounts and agreed-upon terms are accurately represented as debits/charges to accounts.
Manages credit policies for optimum cash flow management.

Materials Required:

Debit notes sent to suppliers.
Acknowledgement of credit notes from suppliers.
Acknowledged invoices from vendors.
Replica bank statements for payment verification.
Replica of supplier ledger account.
Replica of company-filed contracts and agreements with suppliers.

Prepaid expenses are advance payments created by a business for items like insurance, rent, interest, taxes, and utilities. They are recorded as current assets on the balance sheet until utilized. Initially, prepaid expenses appear on the balance sheet, not the income statement. Once the benefit is realized, the expense is recorded on the income statement. Under GAAP, accrual accounting records expenses when incurred, not when paid, and prepaid costs are only recognized on the income statement once incurred. AL MERAK experts will review and resolve any issues related to prepaid expenses.

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Customer Reconciliation Service.

AL MERAK provides Customer Reconciliation Service to a company when the firm has a large number of transactions and the contract includes additional considerations such as discounts, rebates, returns, and so on.

Advantages of customer reconciliation services:

• Ensures client accounts are credited with invoices for supply.

• Ensures any sales returns are correctly reimbursed to consumers’ accounts.

• Ensures that client discounts, rebates, and other agreed-upon conditions are properly credited to their accounts.

• Improved collecting strategy by transmitting updated SOA.

• Prevents disagreements between the firm and customers.

• Ease of ending monthly accounts.
Materials Required:

• Issued invoices to customers.

• Customer ledger statement.

• Received Debit Notes from them.

• Credit notes were provided to them.

• Replica of corporate management’s contracts and agreements with consumers.

• Verify consumer payments using replica bank statements.

• Obtain a statement of accounts or a replica of the customer’s ledger account.

Expert Tax Consultant in Dubai Helping Your Business Thrive

Inter-Company Reconciliation Service

Inter-company transactions are those between the Head Office and its branches, or between sibling companies. Some firms do not register transactions on time for various reasons. The mismatch between the accounts might be due to a lack of accountants, inefficient organization among linked parties, currency rate fluctuations, transit delays, etc. AL MERAK professionals investigate the reasons and resolve the situation.

Documents Required:

Replica of the company's contracts and agreements with sibling companies.
Report on accounts from connected parties, sister concerns, Head Office, or branch.
Report based on corporate books of account.
Information includes invoices, debit and credit notes, payment data, and more.

Benefits of Proper Reconciliation and Account Closing

• Account reconciliation is beneficial for external auditing as it assures consistent, exact, and complete general ledger accounts. This guarantees that the external auditing process runs smoothly and authentically.
• Reconciliation guarantees accurate financial reports, including income statements, balance sheets, and cash flows.
• Reconciliation aids decision-making by providing insight into a company's operations and guiding strategic decisions for future growth.
• Experts produce error-free papers for legal submissions, ensuring legitimacy.

Reconciliation reduces the risk of fraud and saves time for the in-house accounting team.
Reconciliation improves cash flow by ensuring timely collections.

Al Merak Services

AL MERAK Accounts Reconciliation Services in Dubai

AL MERAK offers expert accounts reconciliation services, with a team that thoroughly reviews financial transactions and records to identify discrepancies, improving your company’s financial outlook. For years, they have provided reliable reconciliation services to clients across the UAE, helping businesses grow. In addition, AL MERAK offers CFO services, outsourced accounting, organizational restructuring, tax/VAT consulting, accounting software implementation, and due diligence services.
For inquiries about account reconciliation in Dubai or the UAE, contact their team of experts for assistance.

From you and your customers

Reviews from verified customers

4.9

Based on 200+ reviews

Accuracy of Tax Filing

4.7/5.0

Professional Expertise

4.6/5.0

IT Support Quality

4.9/5.0

Al Merak's exceptional IT solutions revolutionized our operations. Their skilled professionals effortlessly transitioned us to the cloud, maintaining uninterrupted service and boosting productivity. We've achieved substantial cost savings and efficiency gains. I wholeheartedly endorse Merak for all IT requirements."

Andrew

I gained confidence in my business's financial standing with Al Merak Tax Consultant's audit services. Their experts broke down complex tax laws into understandable terms, and their rates were competitive.

John Doe

We have benefited greatly from the VAT knowledge of Al Merak Tax Consultant as it has helped us save an amount of time and money.Their proactive strategy allows them to detect concerns, on preventing them from escalating into major issues.We hold their services and guidance in regard.

Khalil Ahmad

Mo. Shaheed

Doe John

Nabeel Raja

Frequently Asked Questions on Account Reconciliation Servicesucturing Services

What is account reconciliation ?

Reconciliation is the comparing of two sets of information to ensure that cash leaving the checking account meets bills. Simply said, it is the study and analysis of financial accounts and accompanying paperwork. It aids in the closure of accounts and strengthens the reliability of internal financial statements.

What services are covered in reconciliation?

Account reconciliation services include comparing internal transactions with external records, such as bank statements, supplier payments, customer ledgers, and intercompany transactions.

What are the reasons for invoice and bank statement discrepancies?

There are various reasons why invoices reflect amounts that may not match bank accounts or accounting records: (i) An invoice may be partially paid; (ii) Discounts could be granted for early payment; (iii) Bank costs could be subtracted, for example, if there is a foreign currency transaction; (iv) Product delivery may also be delayed, delaying payment; (v) Payment and deposit timing may fall beyond the boundaries of your reconciliation period. (vi) Missing or duplicate invoices.

What are the advantages of outsourcing a bank reconciliation statement?

Bank reconciliation is the procedure of identify an organization’s financial records and transactions in order to identify inconsistencies. So outsourcing bank reconciliation to a professional team is critical for detecting timing variations and anomalies between financial records and strengthening income management. We offer expert services, professional guidance, and the presentation of quality information. (i) Encrypted data security procedures to maintain secrecy. (ii) Improved financial control for due diligence of monetary statements, (iii) The installation and usage of reconciliation software aid to eliminate mistakes, (iv) Reduction in administrative and accounting expenditures, (v) Compliance with regulatory laws

What are Bank Errors?

Bank mistakes are improper transactions recorded by a bank. Common bank problems include: (i) incorrect reference number, (ii) incorrect account number, (iii) invalid or missing bank codes, (iv) duplicate entries, transaction error, deposit failure, and (v) incorrectly structured data.

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Al Merak Services — expert UAE tax consultants offering advisory, compliance, and planning solutions to ensure accurate filings, reduced liabilities, and full compliance with corporate tax and VAT laws.

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Account Reconciliation Services

Expert Tax Consultant In Dubai Helping Your Business Thrive