Accounting & Financial Management - TMRAC | Cost & Management Accountants | Consultants, Legal Advisors (2024)

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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, TMRAC provides automated accounting and financial management services as these are necessary for better financial management, proper accounting, and bookkeeping.
TMRAC possesses a unique name in the list of accounting firms in Pakistan. Therefore, business entities follow stringent tax policies through the help of TMRAC 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.

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 the 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 accountant properly

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
• The segregation of duties principle is followed in the organization
• The work of the accountant is being checked and monitored regularly and properly

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 TMRAC ensures the business growth of their clients by managing the accounting and reviewing the work done by their accountant regularly. Hence, we at TMRAC, develop a system that will meet the financial reporting requirements of the organizations.

Moreover, TMRAC’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. Experts members of TMRAC also update the accurate management reporting system including the financial statements and management letters.

Other than the above, Accounting services by TMRAC also cover the following areas;

• Preparation and review of financial statements and suggest changes as per IFRS & IAS
• Review of every single accounting transaction w.r.t its supporting evidence
• Complete tax compliances review
• Accounts receivable management
• Accounts payable management
• Bank/Cash reconciliation
• Payroll calculation and tax reconciliation
• Stocktaking for proper inventory management
• Fixed assets registers up-gradation
• Accounting experts advise for legal cases

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 TMRAC provide the bookkeeping services from the minimum records kept by the clients like;

• Record of all expenses (Bills, Cash memos, checkbook counter folios, Payment voucher)
• Bank Statements
• Invoice made to clients
• GST returns and income tax statements
  TMRAC has a team of skilled accountants (ACCAs, MBAs, CMAs) possessing full capabilities to handle the accounting work. Therefore, our accountant professional gives their best in the following services:

• Set up of accounting systems
• Posting of accounting transactions through accounting module
• Preparation of bank reconciliations
• Voucher preparation and filing of records in the absence of the proper vouching system
• Post accruals and end of year processes
• Process payroll with all tax calculations
• Provision of the data for the filing of tax compliances
  Other than offering the above services, we also offer complete and up-to-date detailed accounting records including accounts receivable, accounts payable, and cash account ledgers. Hence, provide daily or weekly reports based on the available records.

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, TMRAC 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;

• Understanding and accessing the needs & reporting requirement of clients
• Accessing the number of user requirements of the client
• Suggestion and procurement of the software
• Designing the chart of account as per the client’s reporting requirement
• Modules customization including accounts receivable, accounts payable, inventory, sales, purchases, payroll and integration with general ledger
• User training
• Report customization as per management requirement
• Vouching system customization
• Back-end support
• Designing & customization of excel based reports duly integrated with the accounting system

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, TMRAC has a qualified team with diverse experience in accounting, finance, corporate and tax perform fully outsourced services with attaining the highest standards of quality.

TMRAC 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.

TMRAC 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 TMRAC’s valuable clients. Moreover, we at TMRAC serve our clients as per the statutory and regulatory requirements. Further, TMRAC helps its clients by preparing the following financial statement:

• Statement of Financial position
• Profit or loss statement
• Cash flow statement
• Changes in equity statement and fund statement
• Notes to the financial statements

Besides, the above stated financial statements are prepared, keeping in view the following;

• Local and international financial reporting standards are being followed, duly adopted by the Security & Exchange Commission of Pakistan (SECP)
• Depict true and fair picture of the organization’s financial health
• Acceptable by the regulator

TMRAC provides the financial feasibility service to new esteemed organizations with the provision of business concept models. Therefore, we at TMRAC 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;

• Meetings with client’s management to inquire about information and related data for feasibility preparation
• Confirmation of information from external sources as per the requirement
• Working and preparation of a business plan model
• Preparation of the first version of projected financial statements including projected income statements, balance sheets, and cash flow statements for the next five years
• Discussion with the management after the delivery of the first version and incorporation of
• Deliver the final version of the business plan or financial feasibility