A company may already have accounting records, accounting software, invoices, and entries, but this does not necessarily mean that the financial records are accurate, complete, or ready to be used for financial or tax reporting.
Financial records review becomes important when management is not sure about account balances, when bank differences exist, when expenses are not properly classified, when invoices are not linked to accounting entries, or when VAT records need to be reviewed before preparing reports.
At Al Basma Accounting & Bookkeeping, we help companies review existing financial records and accounts, identify errors, differences, and missing documents, and suggest the practical steps required to organize or correct the accounts.
This service is suitable before preparing financial statements, before submitting files to an auditor, before reviewing VAT data, before applying for financing, when a new partner joins, or when the company changes its accountant and needs to review previous work.
Reviewing how financial transactions are recorded, how revenues and expenses are classified, and whether entries are linked to supporting documents.
Reviewing sales invoices, purchase invoices, expense documents, and whether supporting documents are complete and linked to accounts.
Reviewing bank movements and linking them with collections, payments, and accounting records to identify differences or unclassified transactions.
Reviewing balances of customers, suppliers, expenses, assets, liabilities, and accounts that may need clarification or supporting details.
Reviewing sales, purchases, tax invoices, and accounting records related to VAT data and tax reporting support.
Identifying errors, missing items, differences, or accounts that need to be corrected before reports, financial statements, or audit files are prepared.
We start by understanding the nature of the business and how financial transactions are recorded inside the company. We then review the available data, invoices, bank accounts, balances, entries, and reports generated from the accounting software.
After that, we identify the points that need clarification, completion, or correction, such as unclassified accounts, invoices not linked to entries, bank differences, customer and supplier balances, or unclear VAT data.
The purpose of this service is to help the company reach more organized financial data. It is not an independent audit report. When an audit report or approved financial statements are required, the accounting file can be prepared to support the auditor or the relevant professional party.
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