Business retainership or outsourcing is a practice of hiring an organization outside the business entity to perform services that are traditionally performed in-house by the own employees and staff of business entity.
Our complete subcontracting retainership services to tax and accountancy practices include followings:
We provide complete solutions of income tax, sales tax, business advisory, accounting and bookkeeping, payroll, corporate compliances, monthly and annual tax and accounting compliances, and all other statutory and regulatory compliances. In this regard, we can undertake any size of operation in above areas and our clients enjoy the benefits of having best of resources being deployed to manage their backyard functions. Our team implements best practices in systems and processes to ensure we meet high expectations of our clients from retainership/outsourcing. We do partnership with clients’ management and maintain constant communication with them offering them opportunities to constantly evaluate the efficiency and effectiveness of their outsourcing decisions.
Accounting & Taxation Outsourcing:
With our expertise in the field of accounts, taxation and finance, we have excellent team of experts experienced in software like Quick Books, B-Tech, Tally etc., we offer following services to our clients:
- Accounting and book keeping services (Receivable, Payables, Cash and Bank Ledger, General Ledger, Tax Provisions, Tax Payments and Deductions, Bank Reconciliation etc.)
- Chart of accounts maintenance
- Pay Roll Processing including preparation of salary sheets, deductions of taxes, employment funds managements, loans, payments through cash or cheque etc.)
- Withholding Income Tax compliances under different provisions of Income Tax Ordinance, 2001 along with other regulatory compliances.
- Withholding Sales Tax compliances on invoices under different provisions of Sales Tax Act and Provincial sales tax laws.
- Legal Advisory on different types of agreements and on invoices to ensure legal and taxation compliances in accordance with the Pakistani Laws and Regulations.
- Preparation and filing of monthly Sales Tax Return (both of Federal Board of Revenue (FBR) and Provincial Revenue Authority (PRA).
- Preparation and filing of monthly Withholding Tax Statements.
- Maintenance of Accounting and Taxation Record in accordance with the provisions of Income Tax Ordinance 2001 and Sales Tax Act 1990.
- Handling of Income Tax and Sales Tax audits
- Providing services of all types of Labour Laws compliances
We provide separate full time or part time accountants as per requirement of client’s business and work, while client can contact our accountants provided by us for any clarification. Moreover, in case if client need any additional MIS, client can have it from our senior accountants and managers who are qualified Chartered Accountants.
Accounts Outsourcing to us - Benefits to Client
- Planning of work by experienced and highly qualified persons.
- Low cost of processing with highly experienced staff
- Highly competent staff on availability for services
- Quality in work and in time work
- One stop arrangement of accounts and taxation
- Updating accounting record in real-time, recording sales invoices, tracking of account receivables and payable, updating receiving and payments and generation of account receivables and payable reports/aging reports
- Processing of income and expenses vouchers of business transactions.
- All types of tax compliances.
- Recording of banking transactions and periodic reconciliations of bank ledgers with bank statements and tracking unclear cheques etc.
- Inventory and production management- updating inventory and production records, tracking inventory usage, inventory reports etc.
- Updating and maintaining general subsidiary ledgers. Preparation of periodical adjusting and closing journal entries, handling year-end adjustments to General Ledger, Trial Balance, Profit and loss Account and Statement of Financial Position.
- Preparation of MIS reports for internal use and management decision making purpose.
- Preparation of financial statements for management decision making purpose.