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Accounting & Book Keeping SERVICES

Home Accounting & Book Keeping SERVICES

We enable your business growth by managing the accounting and book keeping for you to enable you to concentrate on addressing the strategic and core business issues faced by your organization. Our goal is to develop a system that will meet the financial reporting requirements of your company. Whether your business requires assistance with periodic bookkeeping or implementation of a fully computerized accounting system, we maximize your existing resources to provide the best solutions

We offer a variety of accounting services from the supervision of accounts section to complete outsourcing of book keeping, accounts functions and payroll. Our objective is to provide your company up-to-date, accurate financial data ready to cater your need of financial reporting.
Details and description Accounting Outsourcing Services as follow:

  1. Accounting Outsourcing (Using Excel)

This solution is suitable for businesses which have small number of transactions. Data pertaining to assets, expenses, salaries, inflows and outflows of fund are collected on excel files which is compiled and used to make financials reports.

  1. Accounting Outsourcing (Using ERP / Accounting Software)

This outsourcing solution suits to those businesses which have large/moderate number of transactions and huge turnover. All business transactions are recorded in ERP or accounting software and later financial statement are made, either at year end or month end.

  1. Accounts Receivable &Accounts Payable

We offer services of Accounts Receivable and Payables management to enable the client to handle heavy workload, increase in workload, weather seasonal or due to extension plan.

We provide following services

  • Recording of invoices in ERP or any accounting software
  • Recording of vendors’ invoices and bills
  • Updating of receipts and payment record
  • Recording of accruals and prepayments
  • Aging receivable
  • Process of payments and preparation of cheques.
  1. Payroll Processing

We’re here because in today’s complex business environment, it is important to have a simple, accurate and affordable payroll service you can count on. You’ll find we’re extremely flexible, with a special commitment to courteous and personalized service. No wonder our clients rate us so highly in customer satisfaction. We can save between 15% and 50% of a client’s current payroll processing cost.

 

Timely payroll process enhances loyalty and productivity of employee and reputation of your business. Businesses that have huge work force face difficulty to process payroll in time. We provide payroll processing services that include salary calculations, preparation of salary transfer request, calculation of deductible taxes and other deductions.

 

  • First, collect your payroll hours and earnings each pay period and report them – along with any changes to the payroll such as deductions, pay increases or new hires – by calling, faxing or emailing to us. We will calculate your payroll amount including employer and employee taxes.

 

  • Once your payroll has been processed, your easy-to-read checks and reports will be available for your pick up or delivery by mail.

 

  • Finally, the highly qualified team of professionals will ensure that all your tax payments are made accurately and on time. We’ll file all your payroll returns and reports – leaving you with nothing to worry about or payroll and tax regulations to keep up with.

 

  1. Inventory Management

Inventory management is one of the key elements of overall working capital management. A sound inventory management system prevents pilferage, enables perfect costing and makes easy stock count & stock costing.

As inventory management requirements relate to the business nature. We provide diversified solutions to clients in accordance with the nature of business, e.g. manufacturing, departmental stores, food chains, trading, etc.

We provide wide range of inventory management solutions which include :

  • Simple Inventory Register
  • Documentation support: Purchase Order, Goods Receive Notes, Bin Cards, Stores Ledger Cards
  • Online Inventory Management System
  • Inventory Software
  • Support to employees of clients to ensure accurate determination of cost of sales and cost of inventories

 

 

  1. Accounts Reconciliation

Reconciliation of accounts is considered as too lengthy, brainstorming and hard tasks, usually accounts’ staff avoid this task which may result financial loss and also can affects quality of financial reports.

Account reconciliation, defined as the act of confirming whether the actual account balance matches the corresponding bank statement or ledger, it is crucial to the financial health of large corporations and organizations. By verifying the accuracy of each account, the account reconciliation team identifies errors and inconsistencies requiring correction, and reconciles the final balance accordingly.

  • Reconciliation with clients’ records
  • Reconciliation with vendor records
  • Bank Reconciliation
  • Reconciliation with accounts of subsidiaries, sister concerns and associates

 

  1. Preparation of Monthly Financial Statements

Financial reporting enables management to exert control over financials, operational and information recourses.  Further if your business transactions are numerous and year end closing is difficult then monthly account closing is highly recommended to ensure fairness and truthiness of the reports.

  1. Preparation of Annual Financial Reports

Financial reporting hare two fold purposes one for internal users and management and other for external users e.g. tax authorities, government, lenders, bankers etc.

We prepare of Annual Financial Reports in accordance with International Accounting Standards and local laws, both tax and corporate laws.

Financial statement  are required for filing tax returns, filing bids and tenders, filing application for loan advances and leasing facility.

A set of excellent financial statement for each financial year increase the ranking of your business in biding, tendering and to become eligible for a banking facility.

  1. Maintenance of Fixed Assets Register

Maintenance of fixed assets, along with Depreciation and Amortization Schedules, (Preparation of Separate Fixed Asset registers for accounting and tax purposes) is required for filing tax returns and filing of tax returns.

If a business holds numerous  asset, it require proper updating of fixed asset register  to keep better control over asset, avoidance of misuse, pilferage, damage and reporting of value of assets in financial statements  at accurate cost

 

If a business use different tax rate, other than the rates, provided in the Income Tax Ordinance, 2001 then it is necessary to use two register of fixed assets one for financial reporting and the other for calculation of deferred tax (tax purpose).

 

  1. Accounting System Implementation

Most experienced financial consultants and accountants believe that successful ERP (Enterprise Resource Planning) software implementations are created from equal parts art and science. With science, consistent input and measured efforts can predict and replicate the outcomes of pre-defined actions and processes. However, with art, we model our best representation or expression based on the diverse patterns, variables and conditions at a given time. The outcome is uncertain for we often make adjustments to accommodate new ideas, information or acquired knowledge as we make progress.

                    i.        Implementation Planning

A truly brainstorming implementation planning will be discussed to the client, making sure that every single step is highlighted, every quirk is discussed, and every person affected is prepared.

  • Business & System Analysis and Designing best suited system of recording business transaction
  • Discussion about business operations, systems, workflow mechanism and other aspects.
  • Designing of Charts of Accounts
  • Planning the integrations to be made
  • Choosing the employees to be trained

 

                         ii.          Software Installation

Software installation  is considered one of the most time consuming and  costly parts of is the software implementation, especially in case of customized software, however ready to use accounting software programs like peach tree and QuickBooks are low cost.

    • Establishing passwords (and two-step authentication) for each user
    • Defining user permissions and access to reports
    • Configuring reports based on your business

                       iii.          Accounting System Configuration

Accounting system configuration phase consist of the establishment of company divisions, departments, and cost centers, and of course, project costing modules, jobs.

Data saved in other ERP or excel files is also imported in new system.

    • All customer information is transferred  into Accounts Receivable Module
    •  Establishing new customer
    • Vendor information  is transferred into Accounts Payable
    • Establishing new vendors in Accounts Payable Module
    • Transfer of ledger accounts balancing in new system
  1. Training

Provision of training to staff to able to use the software as quickly as possible, understanding how to use the new software entirely. Common needs of training in implementation are as follows:

  1. Specific Training
    • Training to update information and records in the system
    • Proper Timing within Implementation Process
  • Designing of Voucher Producing System 

 

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