Our firm offers a wide range of services to our individual
and corporate clients. our clients benefit by getting personalized, and quality
service that is beyond comparison. Below we have listed
the services that we offer to our clients along with a brief
As the list below is by no means all-inclusive, please feel
free to inquire about a service if you do not see it listed.
If it is not a service we provide, we would be more than
happy to refer you to a qualified professional.
We are actively involved in:
Tax compliance and planning
Corporate Advisory and Consulting
Audit of business firms including limited companies, trusts, educational institutes, societies andNGOs etc.
Internal audit co-sourcing / out-sourcing.
Special audits including cost audits.
Our outsourcing solutions are grouped into the
Bookkeeping and Accounting Services.
Bookkeeping and Accounting Services
Our bookkeeping and accounting services offers small
and medium enterprises (SME) owners an efficient and
cost effective way of keeping track of their business
activities. Our primary objective in providing this basic
service is to help those businesses who otherwise do
not have the internal resources or those who would like
to substantially reduce their overhead by outsourcing.
We utilize old world integrity with the latest computer
technology to bring most affordable, efficient and
trustworthy service. Our service will provide the
needed comfort to business owners who can rest assure
that their books are in good shape and in good hands.
Our firm provides a full range of cost effective accounting
services including the following:
Carrying out the basic bookkeeping function includingpreparation of the:
Cash and bank books
Accounting system setup for SMEs
We set up a complete "in house" accounting system
with full chart of accounts customized for your business
for your bookkeeping task. We use the most popular accounting programs such as Peachtree, QuickBooks or our own specialized accounting software to facilitate the
preparation of periodic financial statements for management control, at year end for tax return purposes or other needs will be substantially reduced.
Additionally we provide services as an outside controller. We are available on an ad hoc basis to oversee the work of your internal bookkeeper and accounting staff.
Payables management including recording your vendorinvoices and cheque writing.
Inventory accounting, management and reconciliation
Receivables management including preparation ofcustomer statements for collection, processinginvoices and recording of cash receipts and salesreturns.
Preparing periodic bank reconciliations
Computerized payroll services
Specialised accounting services including accountingfor gratuity, provident fund, pension fund and WPPFetc.
Our firm has collaboration with a dynamic team of IT experts by the name of "Active Business Solutions"
to offers a wide range of services across the entire IT spectrum to help clients achieve a competitive advantage.
When you choose Muhammad Farooq & Company's Solutions for your business, you will have one firm managing your technology needs, as well as your accounting and finance requirements.
You will no longer need to negotiate with a software vendor while simultaneously outlining your specific accounting and finance needs to a traditional accounting firm. At Muhammad Farooq & Company, our Software Solutions immediately supply the people, process, technology and information you need to manage and grow your business.
Key service offerings include the following:
Software and systems consulting
Customized business applications
Internet and Intranet Solutions
Web Design and Development
Consulting and Contract Services
Development of IT Strategy and Contingency Plans
Development of Standard Operating Procedures
Hardware/software evaluation, purchasing and installation
Upgrading operating system
Conversion from and interfacing with other
Tax Compliance and Planning
Registration with the tax authorities including obtaining of the National Tax Number (NTN), Non profitorganisation registrations etc.
Obtaining of the tax exemption certificates.
Establishment of the pension, provident and gratuityfunds and their recognition / registration with the tax authorities.
Compliance services including:
Advising for payment of advance tax.
Filing of periodical statements.
Preparation and filing of return of total income.
Review of assessment orders and advising on filing of appeals, if required.
Preparation and filing of appeals before the Commissioner of Income Tax (Appeals) and the Income Tax Appellate Tribunal.
Representations before field tax authorities, appellate authorities, Central Board of Revenue and the Tax Ombudsman.
Advisory services including minimising tax exposure or increasing tax saving.
Prompt and effective taxation planning can enable taxpayers to limit their tax liability. Our team experience enables us to apply complex tax rulings and legislation
to our clients and their business operations.
Sales Tax (Indirect taxation)
Over the past few years, the sales tax net has spread all over the economy which requires the provision of timely and effective business advice to help organisations plan and implement the required compliance measures. Keeping in view the above needs of our clients, the firm provides full range of indirect tax services which interalia includes:
Registration under the Sales Tax Act, 1990 and the Provincial Sales Tax Ordinance, 2000.
Filing of periodic statements.
Representations before the sales tax authorities.
Assistance in preparation and submission of replies in respect of notices.
Sales tax system evaluation and development.
Corporate Advisory and Consulting
We offer consulting services in the following areas:
Incorporation services including:
Single member companies.
Private and public limited companies.
Associations not for profit under the Companies Ordinance, 1984.
Societies under the Societies Registration Act, 1860.
Trusts under the Trust Act, 1882.
Partnership under the Partnership Act. 1932.
Specialised companies including Investment companies, asset management companies, modarabas, venture capital funds, insurance companies etc. under the respective laws governing their formation and operation.
Advisory services in relation to the issue and transfer of shares and other securities.
Advisory in respect of public and private placement of shares.
Advisory and consulting in respect of the listing and delisting of shares and other securities from the Stock Exchanges.
Advisory relating to investments by foreigners and non resident Pakistanis including registrations with the Board of Investment – Government of Pakistan.
Advisory relating to the foreign exchange control under the State Bank of Pakistan Act, 1948.
Advisory relating to Royalty, Franchise agreements formation and registration under the applicable laws.
Compliance with procedural requirements for formation of companies under the Companies Ordinance, 1984 and specialised companies under their respective legislations and on-going secretarial formalities.
Representations before Securities and Exchange Commission of Pakistan, Registrar of Joint Stock. Companies, Stock Exchanges, Registrar Modaraba Companies and Modarabas etc.
Remuneration packaging including retirement benefit plans.
Planning and budgeting.
Inventory control and management.
Documenting the policies, systems and procedures in the form of standard operating procedures manuals including personnel policies and procedures.
Streamlining work and document flows.
Financial Advisory Services
Project studies and feasibility reports.
Small business consulting.
Business and share valuations.