The Income Tax Ordinance, the Sales Tax Act and the Companies Act 2017 each expect proper books and records. Good books also make the year-end audit and the tax return quicker. We keep your books each month, reconcile them to the bank, and give you accounts you can read.
The points where this service comes into play are numbered.
Numbered points are explained below.
At: Sales tax records
Sales tax returns are filed from figures that are not in the books.
Recording sales, purchases, expenses and payroll entries each month. Tracking tax deducted at source, both by you and from you.
At: Reconciliation
The bank balance and the books do not agree.
Bank and cash reconciliations.
At: Management accounts
You cannot see monthly profit until the year is over.
Monthly or quarterly management accounts.
At: Year-end
The auditor keeps asking for schedules you do not have.
Year-end schedules for the auditor.
Sales, purchases, expenses and payroll entries recorded each month.
Bank and cash reconciled to the books.
Tax deducted by you and from you, tracked.
Monthly or quarterly accounts you can use.
The schedules your auditor asks for, ready at year-end.
Ask us, and we will tell you plainly whether it is work we can take on.
We review your chart of accounts, software and current records, and agree a monthly timetable.
If the books are behind, we bring them up to date first.
You send bank statements and documents; we record, reconcile and query anything unclear.
We send management accounts and a short note on anything that needs your attention.
The Income Tax Ordinance sets a minimum period for keeping records, counted from the end of the tax year. The Companies Act 2017 and the Sales Tax Act have their own requirements. We tell you which apply to you.
No. An auditor must be independent of the accounts being audited, so we do not audit books we have kept.
We work in the software you already use where it keeps adequate records. If you do not have one, we discuss options with you.