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how to find competent accountant for company in Karachi

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How to find competent Accountant for company Accounts in Karachi Dear All this task is not much difficult to find authentic and experienced account from the Markets it is open market you can post accountant vacancy in Daily News paper , OLX Karachi, Bolee , or can get data of Professional from freelance HR companies where they charge only one salary but here you will get Qualified Accountant with market price values.

dishonor cheques has been announced crime in Pakistan

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Dishonor of Cheque
most of people in Pakistan issue dishonored cheque to thier supplier or creditors or services providers or liability holder without knowing that now legally it has become crime if any issued cheques presented in clearing and become dishonor
Definition of “dishonored cheque”, which presented in the Bank same is refused of payment by the bank because of insufficient funds or it is not in order, it is called dishonestly issuing a cheque is a criminal offence in Pakistan. Dishonestly issuing a cheque is governed by section 489-F of the Pakistan Penal Code, 1860. The said section reads as follows:

489-F Dishonestly issuing a cheque: Whoever dishonestly issues a cheque towards re-payment of a loan or fulfillment of an obligation which is dishonoured on presentation shall be punishable with imprisonment which may extend to three years and with fine unless he can establish, for which the burden of proof shall rest on him, that he had made arrangements with his bank to ensure that the cheque would be honoured and that the bank was at fault in not honouring the cheque.

tax slabs salaries/ non salaries AOP s and other 2017-2018

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tax slab/ tax reduce rate published in business recorder by FBR and Tax Authorities
The Federal Board of Revenue (FBR) has reduced tax rates for non-salaried individuals and Association of Persons (AoPs) as well as salaried individuals earning (between Rs400,000 to Rs500,000) through Finance Act, 2015. According to income tax circular No 2 of 2015 issued here on Saturday, the FBR has explained the reduction in tax rates for salaried/non-salaried individuals and AoPs.

To provide relief to non-salaried individuals and AoPs, particularly those earning income, the tax rates have been reduced from 10 percent to 7 percent through Finance Act, 2015 and for salaried individual earning between 400,000 to 500,000 tax rates have been reduced 5 percent to 2 percent. This relief will be available to all salaried and non-salaried individuals and AoPs who are earning more than Rs500,000. The revised tax slabs for non salaried individuals and AoPs are as under:

Tax rates for non-salaried individuals and AoPs: Where the taxable income does not exceed Rs 400,000, rate of tax would be 0 percent; where the taxable income exceeds Rs 400,000 but does not exceed Rs 500,000, tax rate would be 7 percent of the amount exceeding Rs 400,000; Where the taxable income exceeds Rs500,000 but does not exceed Rs 750,000. tax rate would be Rs 7,000 + 10 percent of the amount exceeding Rs 500,000; Where the taxable income exceeds Rs 750,000 but does not exceed Rs 1,500,000, tax rate would be Rs 32,000 + 15 percent of the amount exceeding Rs750,000; where the taxable income exceeds Rs 1,500,000 but does not exceed Rs2,500,000, tax rate would be Rs 144,500 + 20 percent of the amount exceeding Rs1,500,000; where the taxable income exceeds Rs 2,500,000 but does not exceed Rs4,000,000, tax rate would be Rs 344,500 + 25 percent of the amount exceeding Rs2,500,000; where the taxable income exceeds Rs 4,000,000 but does not exceed Rs6,000,000, tax rate would be Rs 719,500 + 30 percent of the amount exceeding Rs 4,000,000 and where the taxable income exceeds Rs 6,000,000, tax rate would be Rs 1,319,500 + 35 percent of the amount exceeding Rs 6,000,000.

Tax rates for salaried individuals: Where the taxable income does not exceed Rs 400,000, tax rate would be 0 percent; where the taxable income exceeds Rs 400,000 but does not exceed Rs 500,000, tax rate would be 2 percent of the amount exceeding Rs 400,000; Where the taxable income exceeds Rs 500,000 but does not exceed Rs 750,000, tax rate would be Rs 2,000 + 5 percent of the amount exceeding Rs 500,000; where the taxable income exceeds Rs 750,000 but does not exceed Rs 1,400,000, tax rate would be Rs 14,500 + 10 percent of the amount exceeding Rs750,000; where the taxable income exceeds Rs 1,400,000 but does not exceed Rs1,500,000, tax rate would be Rs 79,500 + 12.5 percent of the amount exceeding Rs1,400,000; where the taxable income exceeds Rs 1,500,000 but does not exceed Rs1,800,000, tax rate would be Rs 92,000 + 15 percent of the amount exceeding Rs1,500,000; where the taxable income exceeds Rs 1,800,000 but does not exceed Rs 2,500,000, tax rate would be Rs 137,000 + 17.5 percent of the amount exceeding Rs 1,800,000; where the taxable income exceeds Rs 2,500,000 but does not exceed Rs 3,000,000, tax rate would be Rs 259,500 + 20 percent of the amount exceeding Rs 2,500,000; where the taxable income exceeds Rs 3,000,000 but does not exceed Rs 3,500,000, tax rate would be Rs 359,500 + 22.5 percent of the amount exceeding Rs 3,000,000; where the taxable income exceeds Rs3,500,000 but does not exceed Rs 4,000,000, tax rate would be Rs 472,000 + 25 percent of the amount exceeding Rs 3,500,000; where the taxable income exceeds Rs 4,000,000 but does not exceed Rs 7,000,000, tax rate would be Rs 597,000 + 27.5 percent of the amount exceeding Rs 4,000,000; where the taxable income exceeds Rs 7,000,000, tax rate would be Rs 1,422,000 + 30 percent of the amount exceeding Rs 7,000,000.

what are key reports in Business to see on daily basis

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following are the main important reports to arrange fund in company/ business
at the beginning of the day you should know as businessman that what are yours
Account receiveable
finish Goods stock
cash and Bank Positions
cheque deposit but in transit
Goods Purchased in cash but in transit
store and spare Positions

total Fund available

creditor OD balances if any and others payable
accrued expenses
cheques issued but in transit
sales in cash but goods are not issued
A financial statement is a formal record of the financial activities of a business. Financial statements are usually prepared at the end of a quarter (quarterly report) and also at the end of the year (annual report).
object of financial statement is to provide people with information about the business so that right decisions can be taken at the right time. These people include investors, creditors, debtors as well as the management. Unlike popular perception, it is not just the stakeholders who do a financial analysis using the statements; the management also indulges in such an exercise. This is done so that important business decisions can be taken for better growth and operations. Also, companies seeking to be listed on the stock exchange are required to share financial statements that are based on the accounting principles adopted by the country (for instance, NASDAQ requires financial statements that are compliant with US GAAP).

we have 5 important financial statements:
Income Statement

Basic Information from business
1 Balance Sheet
Statement of Stockholders’ Equity
Cash Flow Statement
Statement of Comprehensive Income
The value of these important financial statements and why a business of any size requires them is explained below:
1. Income Statement:
This is basic statement used to calculate the progress of any business. This statement shows both the growth in ‘top ’ as well as the ‘bottom ’: the former being the sales or revenue and the latter is the net income or net earnings of the firm. Net income is generally used as a calculation to see how successfully the company made money during the period for which the statement was prepared. Another important element that is part of the statement is the expenses made by the firm to generate the income.

On the income statement, the management should compare sales and expenses from one period to the previous period and should check if there are any big changes. For instance, if administrative costs have gone up significantly without any improvement in sales, the income statement will reveal the same and the management can look at ways to reduce expenses.

Other notable expenses that are part of the income statement are those of research and development and the interest paid on borrowed funds. If the latter is high, the company could look at other cheaper sources for funds. In this manner, the income statement can reveal trends in both sales and expenses so that the business can take decisions for better operation and growth.

2. Balance Sheet:
This statement is also known as the Statement of Financial Position as it supplies information about the assets, liabilities, and owners’ equity of the organization. While the income statement is generated for a particular period, the balance sheet is prepared as on a particular date (usually at the end of an accounting year). Hence, the balance sheet is like a financial snapshot of the firm at a particular point in time.

The elements in the statement – assets, liabilities and equities – reveal the resources the company owns and how those resources are financed. The management should compare the statement with the previous periods and check for major ups and downs in the elements. For instance, on the assets side, if inventories are growing faster than sales, the management could look for ways in which inventories can be converted into sales more quickly. In this way, the balance sheet can reveal aspects that can help better the financial position of the firm.

3. Cash Flow Statement:
This statement is also known as the Statement of Cash Flows. It provides information about the cash inflows and outflows of an organization during a period.

Cash flow could be of three different types:

Operating cash flows indicate the cash flows related to revenues and expenses of the firm.
Investing cash flows are the investments made in long-term assets
Financing cash flows are related to stockholders’ equity like payment of dividends.
Cash flows are helpful in determining money available to pay creditors. Usually an increasing cash flow from operating activities would indicate a healthy cash flow situation for the company.

4. Statement of Stockholders’ Equity:
This statement provides information about stockholders’ equity balances as listed on the balance sheet, with explanations on why these items changed. Changes in the statement usually happen due to distribution of dividends, new issuances of stock and repurchases of treasury stock. The management should keep reviewing dividend payments and retained earnings. If retained earnings are decreasing, the management should check whether it has sufficient funds for paying off its liabilities.

5. Statement of Comprehensive Income:
This statement provides information about comprehensive income which cannot be included in the income statement. Items such as unrealized gains/losses, pension, investments and foreign currency transactions are part of this statement. This statement would help the management determine possible sources of cash in future.

As is evident from the above article, accurate financial statements and financial reporting can give management a number of insights for improving operations, increasing income, reducing expenses, and ensuring compliance. Management should make an effort to note trends in sales, expenses and other important aspects in order to improve operations and set the business on the path to profitability.

what is the financial Management

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what is the Financial Management

Financial management related with the acquisition, financing , and management of assets with some overall goal in planing so that the decision step of financial management can be divided into three highlighted areas ,
investment financing and asset management decision.from the book ” Fundamental of Financial Management”