Accounting  & Bookkeeping:

The essential needs for all most all types of organizations. The Accounting  system depends upon the size  and needs of the organization. For instance cashbook register is sufficient for a small business (i.e. a shop) however a larger business required a accounting system which is capable to provide complete and accurate financial information. 

Legal requirement:

Accounts keeping  is not only helpful for management decision making  but also required by law. In Pakistan it is mandatory to keep Books of Accounts and Financial Statements preparation according to  accounting standards  and guidelines issued by the ICAP. As per income tax laws every organization must maintained records of  all money received and paid, expenses details, sale and purchase of good and services, liabilities and assets for seven years.

Financial Performance:

To measure organization financial and operational analysis we need complete accounting information such as sales revenue, profit, receivables, payables etc. which in turn depends on accounting system used by  the organization. A good accounting system not only keep records for better decision making but also reflect organization’s financial and operational heath.  

Design and  Implementation  of Accounting System:

The initial phase of every accounting system is to define the policies and procedures and should contains the following.

  • General Policies e.g User management , authorization control etc
  • Accounting Policies
  • Accounting Treatment
  • Detailed Procedures
  • Procedures for specific class of transactions

 A good and efficient Accounting System  is not only fulfil the needs of the Organization but also avoid unnecessary procedures.

How can Al-Muhasib & Co.  help you ?

Al-Muhasib & Co.  has provided Accounting  & Bookkeeping since 2008. We have standardized Accounting  system which is customized according to business needs.  Accounting  software’s like QuickBooks, Peachtree and Excel are widely used in Account Department  because  these  applications are meet the requirements of Accounts functions. Enterprise Resources Management  based system are very expensive and not suitable for every company. We offer full-fledged computerized   system of accounts. Our team also provides complete training to staff for software uses and ensure continues support.          

Bookkeeping Services:

In many small and medium enterprises scope of work is very limited and don’t required to hire a full time accountant for this purpose. We offer Accounting  & Bookkeeping Services Our services include but not limited to the following:    

  • Preparation of financial statements
  • Balance sheet
  • Income statement
  • Statements of Cash flow
  • Voucher preparation from source documents
  • posting to General ledger
  • Fixed Assets register
  • Recording of :
  • Sales
  • Purchases
  • Expenses
  • Cash Book
  • Bank reconciliation on monthly basis
  • Accounts Payable
  • Accounts Receivables
  • Stock Management
  • Customized reports for management on demand