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Account Reconciliation Services in Dubai, UAE
At TAXORYX, we provide expert account reconciliation services tailored for SMEs, corporate houses, and large enterprises across Dubai and the UAE. Our goal is to ensure that your financial records are accurate, your bank balances align with statements, and your business remains protected against fraud and compliance risks.
By outsourcing reconciliation to TAXORYX, you not only improve the accuracy of your company’s financial statements but also ensure full compliance with regulatory requirements—allowing you to focus on growing your business
Why Account Reconciliation Matters
Account reconciliation is the process of verifying and aligning an organization’s financial records to detect discrepancies and correct them. It ensures that:
- Two sets of records or balances match correctly.
- Money leaving an account is consistent with actual expenses.
- Fraudulent activities, errors, and legal complications are minimized.
Whether you are an SME or an MNC in the UAE, risks such as data breaches, fraud, or compliance issues are always present. TAXORYX helps mitigate these risks with precise reconciliation processes
Our Reconciliation Services
For businesses with high transaction volumes, reconciling bank statements can be time-consuming. TAXORYX compares your bank account balances with your company’s general ledger to identify discrepancies.
Steps we follow:
- Match deposits
- Adjust bank statements
- Adjust cash accounts
- Balance both records
Benefits:
- Smooth year-end closing
- Accurate receivables and payables
- Detection of errors (missed/double payments)
- Fraud prevention
- Improved cash flow management
Vendor reconciliation ensures alignment between supplier ledgers and company records, especially when multiple transactions, discounts, or returns are involved.
Benefits:
- Avoid duplicate or incorrect vendor payments
- Identify missed supplier payments
- Ensure rebates and discounts are correctly recorded
- Strengthen supplier relationships
- Improve cash flow
Documents Required: Supplier ledgers, debit/credit notes, invoices, bank statements, and contracts
We reconcile customer accounts to ensure invoices, returns, and discounts are recorded accurately.
Benefits:
- Accurate posting of customer invoices and returns
- Correct application of discounts and rebates
- Easier monthly closing
- Reduced disputes with customers
- Improved collections with updated SOAs
Documents Required: Customer ledgers, invoices, debit/credit notes, bank statements, and contracts.
Reconciliation of transactions between head offices, branches, or sister concerns. Discrepancies often arise due to delays, missing records, or exchange rate variations. TAXORYX identifies and resolves these issues.
Documents Required: Contracts, branch/sister concern accounts, invoices, debit/credit notes, and payment details.
Prepaid expenses (insurance, rent, utilities, etc.) are recorded as assets until consumed. We ensure they are correctly adjusted in line with GAAP and transferred to the income statement when due.
Why Proper Reconciliation is Important
- Ensures accuracy in financial statements
- Simplifies external audits
- Strengthens decision-making with reliable reports
- Provides authentic documents for legal use
- Improves cash flow planning and financial control
Why Choose TAXORYX?
With years of experience in reconciliation, TAXORYX has helped businesses across the UAE maintain financial accuracy and compliance. Our skilled accountants provide:
- Comprehensive reconciliation services
- Tailored solutions for SMEs and large enterprises
- Additional support in CFO services, outsourced accounting, VAT advisory, software implementation, and due diligence
We also offer one-hour free consultation for reconciliation services
FAQs?
What is account reconciliation?
It’s the process of comparing financial records (e.g., ledgers vs. bank statements) to ensure accuracy and prevent errors or fraud.
What services are included?
Bank statement reconciliation, vendor reconciliation, customer reconciliation, and inter-company reconciliation
Why do mismatches occur between invoices and bank statements?
Common reasons include partial payments, bank charges, timing differences, duplicate/missing invoices, or discounts applied
Why is bank reconciliation important in the UAE?
It’s mandatory for external audits and ensures accurate cash records, fraud detection, and regulatory compliance.
What are the benefits of outsourcing reconciliation?
- Stronger financial control
- Reduced accounting errors
- Enhanced confidentiality & data security
- Cost efficiency
Regulatory compliance
