CDA 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 CDA not just ascertain the accuracy of your company's financial statements but also ensures compliance with regulatory/ statutory requirements.
Reconciliation is the procedure that ensures two sets of records or the balances of two accounts agree with each other. A company can ensure that the money leaving an account matches the actual money spent by following the reconciliation process.
Be it SMEs or MNCs in UAE, the possibility of legal issues, maintaining the confidentiality of the vital data and the chances of fraud and corruption are high. CDA experts in Dubai, UAE offer the best accounts reconciliation services in this regard to eliminate and eradicate these issues
Companies that are having huge number of transactions, either online or cash/cheque deposits and withdrawals, etc., it will be a time-consuming work for the accounts department within the companies. In such cases outsourcing the bank reconciliation process will be appropriate for them.
To proceed with reconciliation of a bank statement, CDA experts relates the given bank account balance with the general ledger of the business.
The Steps to Reconcile a Bank Statement
Once the balances are equal, CDA experts help companies to prepare journal entries for the adjustments to the balance per books. Timely reconciliation of bank accounts is very vital to ensure proper control and sufficient balance of funds in the company.
CDA offers Vendor Reconciliation Service to a company when the reconciliation between the supplier ledger and the accounts statements from the supplier becomes more difficult. It happens if the number of transactions is high and the records like discounts, rebate, returns, etc. are involved in the contract.
CDA offers Customer Reconciliation Service to a company when the number of transactions made by the company are more and additional considerations such as discounts, rebates, returns, etc. are involved in the contract.
The intercompany transactions are transactions between the Head Office and its branches or between the sister concerns. In some companies, the recording of transactions is not taking place in time for one or the other reason. The inconsistency between the accounts may be because of the non-availability accountants, inappropriate organization between related parties, exchange rate variation, postponement in transportation, etc. CDA experts analyses the causes and reconcile the process.
The prepaid expenses are expenses such as insurance, rent, interest and taxes, and utilities like electricity, gas, water, sewerage, etc.that are paid by a company in advance.
CDA experts will analyze the whole process and address the issue. The prepaid expense is carried on the balance sheet of a company as a current asset until it is consumed.
Prepaid expenses are initially recorded on the balance sheet, not on the income statement. Once the benefit of the prepaid expense is realized or incurred, it is documented on the income statement.
As per the Generally Accepted Accounting Principles (GAAP), accrual accounting requires that expenses should be recorded when incurred. So, prepaid expenses aren’t entered on the income statement when paid, because they are yet to be incurred.
CDA is a pack of excellent and skilled Accountants who offer Reconciliation services to the clients for the last so many years successfully. Our clients are well-satisfied and gain the momentum to gallop in their business.
CDA also offers various services to its clients, like CFO services, Outsourced Accounting Services, Organizational Restructure, TAX or VAT Consultant Services, Implementation of Accounting SoftWare Services, and Due Diligence Services to the business world.
If you have any queries or issues related to your business, feel good to contact us. Our experts are ready to assist you. We offer one hour free consultation.
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