Tax Advisory and Compliance

The Firm has a prominent taxation services practice and provides a complete and comprehensive range of services in taxation, both for direct as well as indirect taxation covering clients ranging from companies to high net worth individuals seeking personal tax advice.

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Direct Taxes

In direct taxation, the firm’s services cover all aspects of income tax and other direct taxes. The services include:

• tax registration;

• tax planning and strategy development;

• obtaining confirmations, clarifications and permissions from the tax authorities;

• preparation and filing of tax return;

• handling tax audits;

• finalization of tax assessments and undertaking representations, objections, and appeals;

• employees income tax including designing efficient compensation structure for employees; and monthly filing of withholding tax statements.

Indirect Taxes

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In indirect taxation the firm provides comprehensive advisory service in the field of sales tax which includes:

• tax registration;

• implementing the sales tax system (sales tax invoices, sales tax register and records etc.);

• filing of monthly sales tax returns;

• undertaking representations, objections and appeals; and

• obtaining exemptions and concessions wherever applicable.

We ensure that our clients get the most beneficial tax treatment whilst complying with complex requirement of the tax regulations.

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Business Assurance Services

Under  this division the firm is providing the following services:

STATUTORY AUDITS

The firm is conducting mandatory audit of Companies (both Public and Private) as required by the Companies Ordinance 1984. These audits are conducted in accordance with International Standards on auditing (ISAs).

The firm's audit philosophy is based on focusing to those areas that have the most potential for causing material misstatements i.e. Risk Based Audit Approach.  We make sure that our audit is effective and efficient with proper planning of nature, timing and extent of audit procedures. For this purpose we use modern audit techniques and adequate professional compliance with quality control standards to carry out our audit.

In addition to compliance with International Accounting Standards (ISAs) and Corporate Legislation, our audits are carried out by implementing the audit manual of the Institute of Chartered Accountants of Pakistan (ICAP). ICAP also conducts an ongoing review of all its member firms to ensure Quality Control and compliance with standards and procedures.

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Apart from audit report we also report to our clients accounting and internal control issues (in addition to issues effecting our audit opinion) identified during the course of our audit in the form of Letter to Board of Directors and Management Letter stating recommendation for dealing with key aspects of the issues. Such reports assist client management in establishing effective and proactive internal control environment.

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SPECIAL PURPOSE AUDITS

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In addition to statutory audit the firm is also conducting special purpose audits particularly for submission of financial statements to the authorities. We are well versed with Prudential Regulation requirements with regards to Audited Financial Statements of prospective borrower which needs to be submitted along with LAF (Loan Application Form) to bank/DFI.

Our staff includes professionals who are experienced in performing audits of Banks, DFIs and Leasing Companies engaged in providing loans and other credit facilities to their customers. This makes us well aware of credit risk associated with these facilities. Considering this we design our audit procedures to assess and evaluate borrower's ability to continue as going concern and honour its obligation in accordance with agreed terms towards bank. Apart from this we ensure specific disclosures are included in financial statements with regards to lien/mortgage/pledge etc. on borrower's assets and contingent liabilities which can assist Credit Division of bank to calculate exposure as per guidelines regarding limit on exposure to a single person under Regulation 1.

Our audit methodology targets our audit efforts on those areas of financial statements which represent the greatest risk. This risk based audit approach enables us to do effective audit and does not result in excessive audit work thus efficiency is also achieved. This effectiveness and efficiency allow us to provide this service at economic rates. Thus we are able to manage both lenders and borrowers to their entire satisfaction.

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INTERNAL AUDIT

We help organizations achieve their stated objectives by using a systematic methodology for analyzing business processes, procedures and activities with the goal of highlighting organizational problems and recommending solutions through our internal audit procedures and reports.

Our scope of internal auditing within an organization is broad and may involve efficacy of operations, the reliability of financial reporting, deterring and investigating fraud, safeguarding assets, and compliance with laws and regulations.

Our approach for conducting internal audit will be the most widely accepted Internal Control Integrated Framework referred to as COSO introduced by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission. COSO provides a sound basis for establishing internal control systems and determining their effectiveness.

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 Our methodology has following six steps:

1. Defining the engagement

2. Developing the risk model and universe

3. Developing the audit plan

4. Designing of audit project work plan

5. Execution of audit project work plan

6. Delivery of results and insights

This approach offers a cost-effective business solution that combines a proven methodology and technologies to improve the way you monitor risks, assess controls, and develop solutions to achieve your business objectives.

AGREED UPON PROCEDURES

We also perform agreed upon procedures. This is an engagement in which an auditor is engaged to carry out those procedures of an audit nature to which the auditor and the entity and any appropriate third parties have agreed and to report on factual findings. The recipients of the report form their own conclusions from the report by the auditor. 

The report is restricted to those parties that have agreed to the procedures to be performed since others, unaware of the reasons for the procedures may misinterpret the results. For example, an agreed-upon procedures engagement may be commissioned by an entity which is acquiring another business. The entity may engage an audit to report on specific aspects of the business that it is buying.

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Business Startup Consultancy

FinanTax Consulting provides a one stop service to get your business venture up and running rapidly. Our expertise will reduce the administrative burden and eliminate the learning curve leaving you free to concentrate on developing your business.

Business startup consultancy includes registrations of your newly started business under different laws;

Sole Proprietor 

Association of Persons (AOPs)

Registered Firms

Incorporation of companies under the Companies Act, 2017

Non Profit Organizations

Trusts

Joint Ventures

Cooperative Societies

Registering with Inland Revenue, Custom & Excise

Chamber of Commerce

Trade Marks

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Business Process Outsourcing (BPO) Services

In BPO services, the firm specialize in servicing small and medium sized businesses. We offer a diverse range of solutions and BPO Services to our clients.

When you use our BPO services, you enjoy the following benefits:

• Professional and qualified accountants

• Guaranteed privacy and confidentiality

• Complete transparency of the process

• 100% Data Security Guaranteed

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The services include complete accounting bureau facility under which the recording and accounting in compliance with the local legal requirement is made from records provided by the client to produce a fully compliant set of financial books and records. The firm specialize in servicing small and medium sized businesses. We offer a diverse range of solutions and BPO Services to our clients.  Our BPO services includes;

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Accounting Services

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• Financial Statements preparation in accordance with IFRS, Companies Ordinance 1984, AFRS of ICAP etc.

• Bookkeeping (transaction processing, maintenance of general ledger, accounts receivable, accounts payable, fixed assets accounting, inventory management, invoicing, collection, reconciliation statements, payroll processing)

• MIS Reports - we create easy-to-understand, concise financial and analytical reports compiled by the most popular accounting software in the industry and tailor the created reports to your specific needs.

Payroll Processing

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Maintaining payroll happens to be one of the most time consuming and costly tasks of any business operation. Outsourcing payroll processing services to us will enable you to minimize your routine tasks at an affordable cost. Our payroll processing services are   cost-effective. If you wish to avail our cost effective and professional payroll processing services, simply contact us with your requirements and we will provide a solution that best meets your needs.

Under our professional payroll services you will receive following from us:

• Appropriate calculation and withholding of taxes;

• Calculation of payroll taxes to be paid by employer;

• Filing of payroll reports;

• Depositing of withheld amounts with tax authorities;

• Printing and filing of year-end employee tax documents with tax authorities such as Income Tax Return; and Maintenance of Individual employee’s control account (historical record of advances against payroll, deductions, liabilities, benefits, bonuses etc.)

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Software Solutions and Enhancements

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Under Accounting Software Consultancy we offer assistance in choosing or introducing a new computerized system which can manage your daily accounting transactions and help your accounting staff to create financial reports for you easily. With over 7 years of experience to draw upon you can be guaranteed that we have the skills and knowledge necessary to make sure that the investment you make in your system is not wasted. We can assure that your organization is using the most appropriate accounting software.

Currently we are providing professional consultancy in QuickBooks Accounting, QuickBooks Point of Sale, Crystal Reports, Peachtree, Tally and Sage.

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QuickBooks Accounting Software  is the most user friendly and economical accounting system in the market today. This software is useful for small and medium businesses.  FinanTax is the only authorized premier reseller for Intuit QuickBooks in Pakistan which is providing installation, customization and comprehensive training services in this regard.

(http://enterprisesuite.intuit.com/resources/experts/international.jsp)

We as a QuickBooks Professional Advisor meet with new and current users of QuickBooks and provide a free assessment of their accounting system needs and a demonstration of the QuickBooks Accounting Software.

We understand your internal and external reporting needs. Whether you’re seeking quarterly or annual tax reports, interim financial statements for the bank or a listing of bills to be paid, we can take your QuickBooks data and make any necessary adjustments to prepare the reports you need. If you prefer to produce your reports in-house, we can make sure QuickBooks is set up to produce the information you desire. We also use Crystal reports software to allow maximum customization in reporting to cater your needs.

Key features of QuickBooks include: Inventory tracking, track Inventory reorder point by vendor, tracks expenses by customer/job, track profitability by product, customizable forms, audit trail function, cash flow forecasting, budgeting, track your balance sheet by class, create job estimates and track change orders, bill clients progressively by job phase, payroll, Sales Tax, multi-currency support etc.

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Policies and Procedures Manuals

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We write manuals for all types of organizations. Through our years of experience we have developed expertise in development of system manuals that include accounting, operational, credit, human resource, internal audit and risk management manuals.

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Financial Modelling Services

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Financial modelling has a key role to play in making business decisions provided the models are based on valid assumptions and properly evaluated associated risks.  Businesses must ensure that their decisions are not distorted by errors arising during the model development process. 

Our spreadsheet modelling services team uses the most sophisticated spreadsheet model development standards, software and training that are available for Microsoft Excel®, providing our team with a unique ability to efficiently deliver best practice spreadsheet models at a low cost. Our team can develop best practice Excel® spreadsheet models for any purpose in any industry. Our financial modelling experience allows us to critically review and develop stronger financial models, including.

We have a well-established track record in providing financial modelling support to clients across a variety of industries.

Staff Training & Capacity Building

These days all bookkeeping personnel need to know how to use a computer, but those who have invested in a variety of training and certification programs will have the best job opportunities. Add an accounting software qualification to your C.V. and you will instantly become more employable. 

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What do we offer?

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At FinanTax Consulting, wide ranges of training programs are available, both for beginners and advanced users. Following are the leading training programs which can make you more employable anywhere in the world. 

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• QuickBooks Accounting (Pro, Premier, Enterprise & Online)

• QuickBooks Point of Sale 

• Sage 50 Accounting

• Microsoft Excel (Basic & Advance training)

• Financial Modelling with Microsoft Excel

• Training on Taxation Laws applicable in Pakistan

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GET TRAINED FROM CERTIFIED CONSULTANTS

To assure quality of training, we provide training on "one to one" basis which means each trainee gets training separately for each training course. Our "post training services" are most popular among trainees. After getting training from us trainees also get guidance / tips and answers of queries "free of charge" whenever they need during working on software anywhere in the world. For training trainees have three different options to get training at our office, at home (trainers will teach you at your door step)  or online training from anywhere in the world.

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Online Training

For online training you just need a computer connected with broadband internet. After paying training fees, we will give you access to our online training system. After successful connection you will be able to see our computer screen and trainer will teach you your desired software via desktop sharing, video call and voice call. For more details regarding online training please feel free to contact us.

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