Accounting & Financial Management
Accounting & Financial Management is the most crucial function for the success of a business organization. It controls the business by describing the state of the business in numbers. In addition, Accounting & Financial Management ensures the provision of vital information like money generation, profit utilization, and business cash flow for the understanding of business management.
Moreover, the proper running of the business is not possible without handling of the finance. Eventually, there will be no hope for business growth and profit generation. Hence, there is no doubt that finance is the blood of any organization and its management enables the businesses to run smoothly. Therefore, S&C provides automated accounting and financial management services as these are necessary for better financial management, properaccounting, and bookkeeping.
S&C possesses a unique name in the list of accounting firms in Pakistan. Therefore, business entities follow stringent tax policies through the help of S&C to work in a regulated environment. Also, they will be able to meet the extensive requirements of record keeping and management to streamline their accounting systems. Hence, in this era of technology, every business entity has to implement an automated accounting and financial management systems.
Accounting System Components
1 - Accounting Software
Accounting software ensures the following key points;
- Selection or implementation of accounting system/software is proper as per business needs
- Design of Accounting Software is according to the requirement of the business and management
- Structure of software is fulfilling the reporting requirements of the management
2 - Documentation Procedures
Documentation procedure upholds the following important facts;
- Proper documentation procedures are in place in the organization
- Procedures are being adopted with sound internal controls
- Documentation flow is proper under the consideration that financial information reaches to the
3 - Accounting personnel
Accounting personnel should possess the specified expertise;
- The accountant has proper accounting qualification
- Organizational procedures are known to the accountant
- Proper usage of the accounting software is provided to the accountant
4 - Control & Supervision
Following measures should be implemented in the organization;
- Internal checks and control mechanism exist in the organization
- Segregation of duties principle is followed in the organization
- Work of accountant is being checked and monitored regularly and properly
Internal Review of Accounting Records
Every organization wants to track the business growth but due to the huge turnout of accounting staff in the SME sector, it becomes a nightmare for the organizations. Undoubtedly, the Accounting & Financial Management service of S&C ensures the business growth of their clients by managing the accounting and reviewing the work done by their accountant regularly. Hence, we at S&C, develop a system that will meet the financial reporting requirements of the organizations.
Moreover, S&C’s accounts section achieves the client’s satisfaction by providing a complete financial statement with the provision of up-to-date and accurate financial data to companies. Therefore, companies’ financial statement depicts the true and fair picture of the organization’s financial health. Expert members of S&C also update the accurate management reporting system including the financial statements and management letters.
Other than the above, Accounting services by S&C also cover the following areas;
In the SME sector, most organizations lack the accounts department and accountant which directly affect the productivity of the business. Eventually, under the need of the organization for accounts management, we at S&C provide the bookkeeping services from the minimum records kept by the clients like;
Accounting System Implementation
In this growing and modern era of technology, every organization has to use robust software to compete in the business industry. But, most of the mid-size organizations have not enough resources to use the proper ERP System. Although, they possess comprehensive reporting requirements and have to handle the volume of transactions.
So, under such organizational need, S&C suggest and implement off the shelf accounting software to fulfill the needs. This accounting system implementation in SME & MSE sectors will include Sage 50 (formerly Peachtree) & Quick Books accounting software. Also, the key points of accounting system implementation process are stated below;
Accounting Function Outsourcing
Outsourcing of any non-core function by an entity helps to focus on core business functions with a cost-effective solution. So, in providing the outsourcing facility, S&C has a qualified team with diverse experience in accounting, finance, corporate and tax perform fully outsourced services with attaining the highest standards of quality.
S&C is providing Accounting & Financial Management service to various organizations for a long time. Additionally, in the provision of this service, they deploy a team of expert and qualified professionals at the client’s office to perform duties as an accounting department for their organization.
Financial Statements Preparation
S&C is providing financial statement preparation services to its clients. Indeed, Private Limited companies, Non-Profit Organizations, Trusts, Association of Persons (AOPs) and individuals are in the list of S&C’s valuable clients. Moreover, we at S&C serve our clients as per the statutory and regulatory requirements. Further, S&C helps its clients by preparing the following financial statement;
Financial Feasibility Study Preparation
S&C provides the financial feasibility service to new esteemed organizations with the provision of business concept models. Therefore, we at S&C adopts a methodology to achieve the milestone/deliverables in a timely manner.
In addition, the phases included in financial feasibility study preparation are as follows;