Regular Accounts Supervision Services

Our executive will visit your office on periodic basis, weekly or monthly depends upon the scope of the work and time required to complete the assignment. All the data entry work has to be done by the full time accountant of the company. Our accounting supervision service will cover the following:

Review of books of account with necessary supporting documents will be carried out. Major observations which require management attention and actions will be conveyed depending on its importance.
To ensure that recognition of revenue transactions were properly made as per prudent accounting principles and in conformity with the nature of business and as per contracts.
Analysis of sales will be made to see from the angle of contributions made by different category of products, sales men etc.

Check whether the payments are entered on CAZAdvisors recommended basis and roper cut off procedure is done at the end of every month.
To ensure that reconciliation of bank accounts, customers’ accounts, suppliers’ accounts and other major accounts were prepared correctly and in time.
To ensure proper recognition of advances, prepayments, unearned income etc. are done by verifying the accounting records and transactions.

Further monthly review reports will be prepared and issued to the management at the end of every month including the analysis of financial statements, financial ratio analysis, analysis on working capital, BEP, marginal safety etc. and our findings on the review of books of account.

Updating the Backlog Accounts

Sometimes the companies might not maintain proper Books of Account and reports in the same year the business transactions were happened. It happens mainly for start-ups in the SMEs (Smaller & Medium Enterprises). As per the regulations of the Commercial Company Law in the UAE, it is mandatory to maintain proper books of account. Hence, after one or two years such SMEs understand the necessity to maintain proper books of account and look for accounting firms to prepare books of accounts.

CAZAdvisors and its divisions will support the clients to prepare the books of account from the date of incorporation of the company till date. However, proper supporting documents are necessary for us to prepare the books of account. Hence it is important for us to get the original supporting documents of the transactions including sales invoices, purchase invoices, payment vouchers, receipt vouchers, petty cash expenses, bank statements, check counter foils, bank transfer copies, etc. Our representative will visit the company’s office location or bring the documents to our office and update transactions in a suitable accounting software. We finalize the books of account on periodic basis, normally on annual basis. The reports generated includes:

Balance sheet (statement of financial position),
Profit and loss account (statement of comprehensive income),
Cash flow statements,
Receivables ageing list,
Payables ageing list,
Comparative report on sales performance,
Comparative report on expenses,
Financial ratio analysis,
Working capital analysis,
Breakeven point analysis/margin of safety etc.

Accounts Reconciliation Services

Our accounting experts support the clients for reconciliation of their accounts whether it is bank reconciliation, customers’ ledger reconciliation, suppliers’ ledger reconciliation, inter-company reconciliation or any other statements/ledger. We provide the accounts reconciliation services to small and medium size companies, corporates, MNCs etc. This helps the organizations to eliminate legal issues, to maintain the confidentiality of the critical data and to reduce chances of fraud and corruptions. The accounts reconciliation services includes the following:

Bank Statement Reconciliation:

Timely reconciliation of bank accounts is very vital to ensure proper control and sufficient balance of funds in the company.
In some of the accounting softwares used by the companies there are options for bank reconciliation within the software.
Wherever the software doesn’t support to upload the bank statements it will not be possible to do the reconciliation automatically by the software.
In such instances reconciliation has to be done manually.
In the case of companies having huge number of transactions (online transactions, too many cash/check 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 assignment will be apt for them.

Suppliers Ledger Reconciliation/Vendor Payments Reconciliation:

Though proper data entry is made through accounting software sometimes reconciliation between the supplier ledger and the statement of accounts from the supplier is a nightmare for an accountant. When the number of transactions are huge and the considerations like discounts, rebate, returns etc. also requires, the reconciliation between the accounts becomes more difficult. Scope of reconciliation of supplies ledger/vendor payments involves the following:
1. To ensure invariably all the suppliers accounts are credited with the invoices received for the supplies they made for.
2. To see that purchase returns are properly debited in the suppliers account, for which either debit notes are raised against the suppliers or credit notes received from them.
3. Verify whether discounts/rebates etc. received from the suppliers or as per the agreed terms with them were correctly reflected as debits/ charge to their accounts.
4. Ensure that normally while making payment to suppliers the purchase returns and discounts availed/received were adjusted against amount due for supplies. And the payments made to suppliers are properly debited in the concerned suppliers accounts.
5. In case of advances made to suppliers, checking of accounting entries will be made to ensure that all the advance payment made to suppliers will be correctly accounted and before making final payment to suppliers the same have been adjusted against the bill/s due.
6. If there is any adjustment (debit/credit) for price variation agreed with the supplier it will be ensured that the same has been adjusted before making settlement with suppliers for bills.
7. Ensure whether foreign exchange differences were correctly ascertained and accounted.

Customers’ Ledger Reconciliation:

1. Similar to supplier’s ledger reconciliation, customer’s ledger reconciliation also become complicated if the number of transactions is more and additional considerations such as discounts, rebates, returns etc. are involved in the contract. The scope of the work involves the following:
2. To ensure invariably all the customers’ accounts are debited with the invoices issued for the supplies made to them.
3. To see the sales returns are properly credited in the customers’ account, for which either credit notes are raised against the customers’ or debit notes received from them.
4. Verify whether discounts/rebates etc. given to the customers or as per the agreed terms with them were correctly reflected as credits to their accounts.
5. Check whether while receiving the amount from the customers, the sales returns and discounts were properly deducted only to the extent eligible and make sure that no error on such reductions.
6. In case of advances received from customers, checking of accounting entries will be made to ensure that all advances are accounted correctly and while collecting the balance amount deductions are made by them only to the extent it is agreed/advance is collected.
7. If there is any adjustment (debit/credit) for price variation agreed with the customers it will be ensured that the same has been adjusted only to the extent customers are eligible, for making the settlement with the company.
8. Check whether there are any foreign exchange differences which were accounted properly as per the terms with the customers.
9. Wherever required, balance confirmation from the customers will be requested by our team and if necessary we will be collecting from the customer directly to get the balance confirmation from them to the extent possible.