Financial Accounts Bookkeeping
S Qamer & Co Offers Financial Accounts Bookkeeping.Virtual bookkeeping services are very beneficial especially for small and medium-size companies in the term of low cost and access all financial secure data anywhere on any devices. Virtual bookkeeper uses different online accounting software`s and record financial transactions, review and updates statements and reconciles accounts. Most common online accounting software`s are QuickBooks, Xero, and Wave accounting software.
:: Bookkeeping Services
:: Online Accounting Services
Bookkeeping and Accounting for Tax Purposes
Revenues authorities are considered major external user of financial statement and accounts of any organization, as tax is charged on the basis of income declared in the financial statements. Small organization which have low revenues do not prepare proper accounts but for tax purpose all business organization are liable to keep record of expenses , revenues/ sales, assets and liabilities. In Pakistan, being apex regulatory authority, Federal Board of Revenue (FBR) has defined minimum required record, books of accounts and documents for various categories of business. These categories are formed on basis of business categories, i.e. sole proprietors, partnership firms and companies, and annual turnover (sales). If any legal proceeding / tax case under tax law is pending before any authority or court the taxpayer shall maintain the record till final decision of the such proceedings or case
Method of Accounting
Business Individual and Partnership firms can either use cash or accrual basis of accounting. However, companies are liable to use accrual basis of accounting only. Required Record to be Maintained – General Every taxpayer who carry on or run an business Income shall maintain proper books of account, documents and records relating to
- All receipts and payment that are received and expended along with the description of such receipt and payment.
- All sales and purchases of goods and all services provided and obtained by the taxpayer;
- All assets of the taxpayer
- All liabilities of the taxpayer
Further you may contact us for right guidance.