Legacy Partners | Business & Legal Success UAE

Accounting & Financial Control

Accounting & Financial Control is a hands-on accounting service focused on restoring the accuracy and integrity of a business's books. It goes beyond reviewing numbers on a report it involves reconciling accounts, identifying and correcting errors or misstatements, cleaning up historical records, and then putting practical controls in place so the same issues don't quietly resurface month after month.

▌ KEY AREAS WE FOCUS ON

Full account reconciliation reconciling bank, cash, supplier, and customer accounts against underlying records
Error and discrepancy identification pinpointing duplicate entries, misclassified transactions, and unexplained variances
Correction of historical errors posting correcting entries across the general ledger with a clear audit trail
Chart of accounts clean-up restructuring accounts for clarity, consistency, and accurate reporting
Reconstruction of records rebuilding missing or incomplete accounting records from available source documents
Documented adjustments adjustment and correction journal entries supported by clear, traceable rationale

▌ COMMON ISSUES WE RESOLVE

Unreconciled bank accounts with long-standing, unexplained discrepancies
Duplicate, missing, or double-recorded transactions
Misclassified income and expenses distorting reports and tax filings
Incorrect opening balances carried forward from prior periods
Backlogs of unposted, unrecorded, or partially recorded transactions
Mismatches between the books and supporting invoices, receipts, or statements

▌ BUILDING CONTROLS TO PREVENT RECURRENCE

Correcting the books is only half the job the same errors will return without the right controls in place. This typically includes:

Segregation of duties ensuring no single person can initiate, approve, and record the same transaction
Approval matrices defined authorization limits for payments, journal entries, and adjustments
A reconciliation calendar a fixed schedule for reconciling every account, every period, without exception
Standardized coding policy clear rules for how transactions are classified, so misclassification is caught early
Month-end close checklist a structured checklist that closes every period cleanly and consistently
Periodic spot-checks independent reviews that catch small errors before they accumulate

▌ BENEFITS

Financial statements that management, lenders, and investors can trust
Confidence in the numbers used for tax filings, audits, and decisions
Significantly reduced risk of recurring errors and discrepancies
Books that are consistently audit-ready and FTA-ready
Peace of mind for owners no longer second-guessing their own numbers

▌ OUR PROCESS

1. Diagnostic Review. assessing the current state of the books to understand the scope and scale of the issues.

2. Reconciliation and Error Identification. reconciling every account and cataloguing all discrepancies found.

3. Correction and Clean-up. posting correcting entries and restating balances to reflect an accurate position.

4. Control Design. designing practical, business-specific controls to prevent the same errors recurring.

5. Implementation and Handover. embedding controls into daily processes and training the relevant staff to follow them.

6. Ongoing Monitoring. periodic reviews, on request, to confirm controls remain effective as the business evolves.

Why It Matters

Accurate books are not optional they are the foundation for tax compliance, audit readiness, and sound decision-making. This service doesn't just fix the numbers once; it puts the checks in place so errors don't quietly creep back in.