All you want to know about accounting services in Pakistan
Accounting has a huge impact on businesses. Accounting services are necessary for every small and big organization for smooth and efficient working. Accounting involved every time when you file a tax document a transaction or plan a cost. Even if you manage accounting smoothly and efficiently the issue is records are so mix up that you will lose everything if you don’t consider accounting and recordkeeping. Companies hire the services of accountant to perform accounting tasks other rely on digital accounting software’s. It is one of the most important parts for business operation. Accounting services include tracking of spending, earrings, counseling and preparation of taxes. Accounting deals with correct financial records and effective record keeping system. The record keeping system includes bank reconciliation, pay roll records, taxes billing records and general ledger while bookkeeper also makes financial statement for examination. Accountant in companies assist by spotting problems that restrict growth profitability.
What is accounting
It is practice through which companies’ track the record of their financial transactions. This involves the analysis and assessment of transaction made rather than recording them. The accounting process involves assessment, summarizing and reporting the transaction of high authorities regulators and tax agencies. Accounting data is used to take concrete decision and advice. Some of the common types of accounting are described below
Types of accounting
Government accounting-as companies work on different level from federal level to local level government so the magnitude of activities and finances need different accounting rules any public institution meet these criteria need to prepare regular and annual financial statement
Public accounting- the public accountant that provides accounting services directly to the companies or to people to handle their financial report and assist them in filing personal and commercial tax.
Internal Auditing-it access the company internal control, accounting system, effectiveness and corporate governance. if there is no one in the organization that perform these task the serious blunders ad issues may occur in organization for long time period there are certain software like deskera that can provide your assistance.
Management Accounting- this is the most dominant style of accounting that is employed by small businesses. They identify, evaluate, measure, interpret and convey the financial statement to manger to achieve the company objectives. The managerial accountant will help you to analyze market conditions, make long term plans and access your finances to manage the business decision.
Tax Accounting- it is most popular accounting service that is offered by private individuals. Tax accountant specialized inn preparing tax return. They assist organization and people with filing of form and paying of taxes. They keep themselves up to date with latest law and regulation related to tax. They help you to save your funds.
Job duties of accountant
They are responsible for financial matter in your organization. Too keep their organization financial stable they also handle task like pay roll and reconciling bank records. They handle variety of responsibility they manage task from managing financial paper to handle financial inspection of records and compute taxes of annual results. Below we describe some major job responsibility of accountant are
- They reconcile account receivable and payable.
- They make the financial estimates.
- They prepare report on company liquidity and finances.
- They prepare the financial records and transactions.
- They ensure that financial statements are published on time.
- They do annual, monthly and quarterly closing of financial records.
- They maintain exact record of all accounting records.
- They follow all regulations and policies related to finances.
- They make sure the all bank payment is done on time.
- They calculate and formulate the tax returns.
- They manage the profit loss statement.
- They maintain the secrecy of your data and maintain backup data bases.
Why there is need of accounting in your organization
Accounting is necessary for small and big organization. It help entrepreneur to manage their decision in efficient and better way they help small business to maintain their financial record provide tax advice to managers and work in compliance with federal state and other business laws.
Bookkeeping and Accounting- they both are two facet of one coin both are necessary for maintaining your financial record in an organized manner. As book keeping primarily focuses on daily transaction and operation of finance. While accounting deals with analysis of strategies and planning of taxes by using financial records.
Accounting services software- as many small entrepreneur uses digital accounting software. These software are good as self-service best software for accounting software is deskera that assist you in all accounting tasks that includes taxes, billing expenses, invoicing approval flows and many more.
The importance of accounting services are highlighted below
Accounting Aids in Expansion Planning- when you are planning to expand your businesses you need to set your goal and you can maintain that track record of your company money through accounting. This data decides about your company future decision and growth.
Accounting is required to obtain a Loan- if you want to get a loan you need to show your financial statement whether you are small or large business.
Attract investors or sell your business- if you want to find an investor or want to sell your firm you need to keep your accounting records clear to attract potential investors and Stakeholders.
Accounting Assists in Receiving Payment- it tell you about the account receivable amount as it is displayed on Balance sheet when you collect the funds
It helps you to keep the track of your Loans and also help in reducing the breaking the law. It is also helpful in paying the right amount of taxes
Conclusion
It is practice through which companies’ track the record of their financial transactions. This involves the analysis and assessment of transaction made rather than recording them. Accounting has a huge impact on businesses. Accounting services are necessary for every small and big organization for smooth and efficient working. In this article we have discussed about types of accounting, job responsibility as accountant and why there is need of accounting services. If you are planning to hire services of accounting company in Pakistan then you have come to right place. We have updated the best accounting company for you. Just send message to multiple accounting companies and get different quotes.
