Bookkeeping Services in Lahore

Bookkeeping Services in Lahore

The “Professional Accounting Services” is a group of professional and experienced accountants to provide bookkeeping service in Lahore and other cities in Pakistan. We have more than 15 years’ experience for different companies according to their requirements.

Here is detail of bookkeeping services:

  • Implementing Accounting System
  • Maintaining Books of Accounts
  • Preparation of Customized Reports
  • Internal and External Audit
  • E-Filling of Income & Sales Tax

1- Implementing Accounting Software

 We have an experience of implementing accounting system for companies that want to change their current accounting system or want to upgrade from manual account to systemized accounting. We have facility to implement accounting system, design customized reports, staff training and help documentations.

2- Maintaining Books of Accounts:  

  We have the facility to maintain books of accounts for small and medium level companies. We have professional team of accountants to provide bookkeeping services. Bookkeeping is a double-entry system means you’ll be entering every transaction into your books twice. Double-entry bookkeeping tracks your assets and liabilities, in addition to revenue and expenses. It also has a checks and balances system to reduce errors. Double-entry accounting also gives you the information needed to create detailed financial statements, vendor ledgers , customer ledgers, employee records, general ledgers.

3-Preparation of Customized Reports:

Double entry system will help to prepare the following reports:

  • Income Statement
  • Balance Sheet
  • Cash Flow Statement
  • Accounts Receivable Aging
  • Accounts Payable Aging
  • Inventory Reports
  • Vendor Ledger
  • Customer Ledger
  • Sales Register
  • General Ledger

4- Internal/External Audit 

Bookkeeping also help in preparation of audit. Internal Audit:

  • To review an organization’s business processes
  • Protect against fraud and theft of the organization’s assets
  • To Ensure that the business enterprise is complying with applicable laws and requirements
  • Make recommendations on how to improve internal controls

External Audit:

External Audit is to provide an independent opinion to the shareholders on the truth and fairness of the financial statements, whether they have been properly prepared in accordance with the Companies Act and accounting standards. We have the facility of external audit by Chartered Accountants  and issue audited reports by exception to the shareholders according to requirements of SECP and other Laws.

5- E-Filling of Income Tax and Sales Tax

  • Registration (Income Tax, Sales Tax, PRA, PST)
  • E-Filling of Monthly Withholding Income Tax Return/Statement
  • E-Filling of monthly / Annually Sale Tax Return.
  • E-Filling of Annual Income Tax Returns
  • Handling with Legal Notices

DIY Bookkeeping Vs Outsourcing

There are different choices for actually getting your bookkeeping duties done and dusted.

Do-it-Yourself (DIY)

If your business is more of a side hustle, if your finances are extremely tight, or if your business finances are very simple, it’s worth considering the DIY approach.

That being said, even if you’re going to be doing your own books, we highly recommend consulting with a professional consultants and accountants like Professional Accounting Services Services before you get started. Even with simple bookkeeping, it’s possible to make errors that could cost you at tax time.

Outsourcing your bookkeeping

If your business is a little more complicated, or has moved out of the side hustle stage, it might be time to outsource your bookkeeping.

We recommend hiring someone else to do your bookkeeping if:

  • You just don’t have the time to keep on top of it
  • Your efforts would be better spent working on a different part of your business (like creating new products)
  • You’ve missed deductions at tax time, or have accidentally kept your books incorrectly in the past.

When you outsource your bookkeeping, you can hire a freelance bookkeeper, a bookkeeping firm like Professional Accounting Services

Hiring a local bookkeeper can be a great option if most of your records are paper, or if you feel most comfortable meeting with your bookkeeper face-to-face.

At Professional Accounting Services, our bookkeeper provide you bookkeeping services in Lahore or do your books for you, and create all of the necessary financial statements each month that you can access from software. We also provide you with all of the information that you’ll need to hand over for taxation or any other department.

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