How to Manage and Track Business Expenses in Pakistan

Managing and tracking business expenses effectively is a crucial part of running a successful business in Pakistan. Whether you are a small startup or a larger enterprise, keeping track of your expenses can significantly impact your profitability, cash flow, and overall business growth. With fluctuating economic conditions, inflation, and frequent changes in government regulations, managing your business expenses efficiently is not just about about reducing costs, it’s also about ensuring your operations
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Essential Financial Tips for Pakistani Entrepreneurs: A Guide to Managing Cash Flow, Budgeting, and Bookkeeping

Starting and running a small business is a rewarding journey, but it comes with its own set of challenges, especially when it comes to financial management. For entrepreneurs in Pakistan, managing cash flow, budgeting, and bookkeeping is crucial to the success and sustainability of their business. Effective financial management ensures that small businesses can grow
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Understanding Depreciation: A Guide for Small Businesses in Pakistan

As a small business owner in Pakistan, managing your finances effectively is essential for long-term success. One of the critical concepts in accounting that significantly impacts your financial health is depreciation. Understanding depreciation, its various methods, and its importance can help you make informed decisions, optimize your tax liabilities, and maintain accurate financial records. This article
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Effective Payroll Management for Small Businesses in Pakistan

Payroll management is a crucial aspect of running a small business, especially in Pakistan, where regulatory requirements and tax regulations can be complex. For many small business owners, managing payroll can seem daunting, but with the right approach and tools, it can be streamlined and efficient. This article provides a comprehensive guide to payroll management for small businesses in Pakistan, covering everything from compliance and calculations
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Managing Accounts Receivable and Payable for SMEs in Pakistan

Effective management of accounts receivable (AR) and accounts payable (AP) is crucial for maintaining a healthy cash flow, which is the lifeblood of any business. For small and medium-sized enterprises (SMEs) in Pakistan, optimizing these processes can mean the difference between thriving and struggling. In this blog, we will delve into best practices for managing incoming and outgoing payments to ensure
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Understanding Digital Payments and E-commerce Accounting in Pakistan

In the ever-evolving world of commerce, digital payments and e-commerce have emerged as transformative forces, revolutionizing the way businesses operate and interact with customers. In Pakistan, where the adoption of digital technologies is rapidly gaining momentum, small businesses are increasingly turning to online platforms to reach a broader audience and streamline
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The Impact of GST on Small Businesses in Pakistan: What You Need to Know

In recent years, Pakistan has undergone significant economic reforms aimed at modernizing its tax system and improving revenue collection. One of the most notable changes introduced was the implementation of the Goods and Services Tax (GST). While GST is designed to streamline taxation and boost government revenue, its impact on small businesses in Pakistan has been a subject of considerable debate
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Inventory Forecasting Techniques for Small Businesses in Pakistan

In the dynamic landscape of Pakistani business, small enterprises often find themselves grappling with the challenge of managing inventory effectively. From fluctuating market demands to supply chain disruptions, there are numerous factors that can impact a small business's inventory management. However, with the right inventory forecasting techniques, businesses can navigate these
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Optimizing Inventory Costing Methods for SMEs in Pakistan: A Comparative Analysis of FIFO, LIFO, and Weighted Average

Inventory management is a critical aspect of small and medium-sized enterprises (SMEs) in Pakistan, impacting their financial performance and operational efficiency. Among the various inventory costing methods available, SMEs often face the challenge of selecting the most suitable approach to meet their unique needs and objectives.
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The Rise of E-commerce in Pakistan: A Transformative Shift in Consumer Behavior

In recent years, Pakistan has undergone a striking metamorphosis in its retail dynamics, owing to the meteoric rise of e-commerce. The landscape, once confined to niche segments, has blossomed into a thriving industry, fundamentally altering the business landscape and revolutionizing consumer shopping habits. Beyond mere convenience, this transformation embodies a profound shift in how consumers
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Building an Online Presence: A Guide for Pakistani Small Businesses

In an increasingly digital world, establishing a robust online presence has become a fundamental imperative for small businesses in Pakistan. The internet provides an expansive platform for reaching a wider audience, enhancing brand visibility, and increasing sales. This article serves as a comprehensive guide for Pakistani small businesses, offering step-by-step insights and strategies to build a strong online presence.
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Financing Options for Small Businesses in Pakistan: A Comprehensive Guide

Starting and running a small business in Pakistan can be a rewarding endeavor, but it often requires a significant infusion of capital to get off the ground and sustain operations. Fortunately, there is a diverse array of financing options available to entrepreneurs and small business owners in Pakistan. In this comprehensive guide, we will explore the various
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E-Commerce Trends in Pakistan: Opportunities for Small Businesses

In recent years, Pakistan has borne witness to a remarkable and striking surge in the adoption of e-commerce. This transformative phenomenon has been propelled by the rapid evolution of the digital landscape and the progressively widespread accessibility of cutting-edge technology. Within this dynamic context, a compelling and exhilarating
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Legal and Regulatory Considerations for Small Businesses in Pakistan

Starting a small business in Pakistan requires careful attention to legal and regulatory considerations. Understanding the legal framework, registration procedures, tax obligations, and compliance requirements is crucial for small business owners to operate within the boundaries of the law and avoid potential legal pitfalls.
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How to Build a Strong Online Presence for your Small Business in Pakistan?

In today's digital age, establishing a strong online presence is crucial for the success of your small business in Pakistan. With an increasing number of consumers turning to the internet for their purchasing decisions, it has become imperative for small businesses to effectively engage with their target audience online.
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How to Effectively Manage Accounts Receivable and Accounts Payable for your Small Business in Pakistan

As a small business owner in Pakistan, managing your accounts receivable and accounts payable is a crucial part of your financial management process. Accounts receivable refer to the money that your customers owe you for the products or services you've provided, while accounts payable are the expenses that you owe to your suppliers or vendors.
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Why do you need a Profit & Loss Statement for your Small Business?

Do you know if you’re making profits or losing them? As a small business owner, it might be a confusing question for you to answer. However, if you learn to review your profit and loss statement regularly, you can easily track the financial growth of your business. A profit and loss statement also known as P&L statement allows you to check if your business is generating profits or going into a loss.
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Six Ways to Boost Profits for your Small Business in Pakistan in 2023

Like every other country in the world, small business owners in Pakistan also aim to increase their profit every year as compared to the profits earned in the preceding year. Fortunately, this is doable if they know the correct tactics and policies. So whether your small business in Pakistan had a strong 2022 or experienced some fluxes; let’s focus on what should be your strategies to make 2023 a thriving year for your small business.
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Why should you choose digital marketing for promoting your small business in Pakistan?

Things are evolving and advancements in the field of business marketing are also replacing conventional methods rapidly. In Pakistan, small businesses are also remodeling their marketing strategies and opting for digital marketing to capture their target market in a more effective way. As a matter of fact, all small businesses in Pakistan aim to get their customers’ attention.
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How does Supply Chain Management help your business grow?

The significance of supply change management for a business is massive. It is a vastly comprehensive system that all organizations use in order to put up their products; starting from acquiring raw materials, processing them and finally delivering the end product to the consumer. Thus, an efficient supply chain is all about improving the functionality of operations and making them more well-organized and swift.
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Cash Flow Tips for your Small Business in Pakistan

There isn’t any business that doesn’t need cash. As a small business owner, you must be aware of the significance of having an adequate amount of rupees in hand. Irrespective of the profits your business is making, if the cash is occupied in any way, be it pending receivables or excessive inventory, the money is worthless. In contrast, when you maintain a strong cash flow for your business, it lets you fulfill your financial duties effortlessly and the resilience it needs to rise with more opportunities. In short, you won’t have to think before saying YES to any new venture that comes in your way.
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Significance of Goods Received Note (GRN) for your Business

Also known as a delivery note, a GRN (Goods Received Note) is a significant document which is used by the accounts division to authenticate invoices prior to settling the payments. The accounts department relies on the GRN made by the stores division to scrutinize if all the ordered products are delivered by the supplier and then settle the supplier’s payments for the said goods.
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Pakistan Accounting Glossary for Small Businesses

Like any other industry, business accounting too has an exclusive vocabulary and being a business person it is essential to get yourself familiar with the basic terminologies and abbreviations used in this field. So, here we have compiled an accounting glossary for you which will help you understand the most commonly used terms in the accounting world specifically pertaining to small businesses in Pakistan.
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What is a Purchase Order and how does it work?

Tracking inventories and procuring supplies may not be a small business owner’s favorite job; however, it’s undoubtedly vital for the success of a business. A purchase order, commonly known as a PO is essential to keep your business' operations smooth and systematized. They’re imperative for a well-coordinated purchasing procedure as they help a business take charge of its spending and update the procedure of purchasing products and services.
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Top 5 Marketing Strategies for Your Small Business

The major purpose of marketing is to increase brand awareness along with constructing a channel of leads that are ready to be converted into sales. Due to lack of time and budget plus less visibility, small business marketing often becomes a real challenge. However, appropriate marketing strategies can be helpful even if you as a small business owner are struggling with limitations like limited finances, have no certain direction and a small team etc.
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How to Register for Your NTN in Pakistan?

If you’re generating an income in Pakistan, you are bound to pay certain taxes to the government. New entrepreneurs, salaried persons and even stable business owners should have a good understanding of the local, state and federal taxes that they are obligated to file. These taxes include sales, income, excise, property and employment taxes etc.
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Why do you need a mobile app for your business in Pakistan?

Its 2021 and mobile apps have become an essentiality for Pakistani businesses to stay connected to their existing as well as potential customers. Not only big corporations but also small to medium-sized enterprises and even many home-based businesses are opting for mobile apps for their ventures.
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Top 5 Successful Home-Based Business Ideas

The Covid-19 pandemic has severely affected the livelihood of people living in all parts of the world including Pakistan. Under these circumstances, a lot of people in Pakistan have opted for home-based businesses.
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Top 5 Tips to Manage your Small Business Finances

Financial management is the procedure of keeping track of your business money by means of planning, setting targets, budgeting, tracking income and expenses, and making investments.
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Microsoft Excel vs. Accounting Software – What to Choose for Your Small Business?

As a business owner, what do you believe is the best way to maintain your business financial records?
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How to Register for Sales Tax in Pakistan?

A sales tax is defined as a tax paid to the government for the sales and supply of certain services and goods. The Federal Government of Pakistan levies sales tax under the 1990 Sales Tax Act on the services or goods being sold and supplied as well as on the goods imported into the country.
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How to create an Invoice?

An invoice is an official document sent by the seller of a service or product to the buyer. The purpose is to form a compulsion on the buyer to pay, making an account receivable.
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How to Create a Balance Sheet?

Is it the right time to expand my business? A balance sheet can answer this question most precisely as it lets you assess the equilibrium between the assets of your company against its debts to describe the financial worth and strength of your business.
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Difference between Sole Proprietorship and Private Limited Company in Pakistan

While you’re starting a new business in Pakistan, you primarily have to choose between the basic types of business entities like Sole Proprietorship or Private Limited Company or Partnership or Limited Liability Partnership (LLP).
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Accounting Software for SMEs – A Buyer’s Guide

Buying the right accounting software for a small business is a crucial decision. Lack of large-scale capital and time doesn’t allow you to take risks given that one wrong choice would lead to a loss of your productive time plus a considerable amount of money along with some other commercial opportunities owing to the time consumed in the training and implementation of the system.
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9 Ways Accounting Software are Helping Pakistani SMEs/Businesses

Small business owners in Pakistan wear several hats at a time. Their tasks range from hiring employees to promoting their brands to managing their financial records.
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5 Steps to Open a Business Bank Account in Pakistan

A well-organized and systemized business is a lucrative one; adding on having a proper company bank account makes it simpler to format your business activities proficiently and swiftly. It helps you easily track the money coming in and going out of the business, along with ensuring that the numbers in your ledgers match with those in your bank account. Though, this could be a lot trickier if you have just one account that serves both as a business and personal account.‍
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Top 5 Accounting Errors Small Businesses should Avoid

Being a small business owner, you might be aware that a single mistake in your financial statement can cost you to a great extent. This is not only time consuming, but these accounting errors can charge you loads at times.
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Top 5 Accounting Trends for the Year 2019-2020

In recent years, technology has flooded the business environment globally with frequent trends that have taken enterprises to new heights of glory.
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Taxation Issues Faced BY SMEs in Pakistan

A flourishing SME sector plays a substantial role in the affluent economic growth of a developing country. Thus, owing to its contribution towards GDP, export development and employment generation, SMEs are considered one of the main pillars of Pakistan's economy.
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An Year-End Checklist for Small Businesses in Pakistan

What do you as a small business owner think of when a business year ends? Analysis, books closing, budgeting, and planning! What else?
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Tips for Running a Small Business Successfully

A small business might be smaller in size but it takes tons of efforts to start and operate it successfully. However, when you have decided to dive in, quit your job, and become an entrepreneur; it is very important to learn the fundamentals of running a small business successfully.
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Challenges and Prospects for SMEs in Pakistan

According to the State Bank of Pakistan, small and medium sized enterprises comprise for more than 90% of the economic formations in Pakistan and also add a colossal 25% of the export incomes, 30% to the GDP and employ approximately 79% of the non-agricultural workforce.
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How to Register a Company in Pakistan?

Starting your new business and don’t know where to start from? Well, the first and foremost thing to do is get your company registered.
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Tax Reforms in Pakistan 2018-2019

The government of Pakistan came up with a new tax reforms package this year in order to strengthen the tax collection system in the country. Through this reform, the government wishes to offer relief to the taxpayers and provide them great value for their taxation amount.
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IFRS Compliance in Pakistan

The International Financial Reporting Standard commonly known as IFRS provides supportive standards for emerging countries to help them boost their financial revenues by displaying the fair and genuine standing of the economy.
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The Real Cost of NOT using an Accounting Software

The world is stressing upon keeping the books on computerized accounting software. But what if you are not concerned about keeping your financial records accurate? What if you are using the old school method of bookkeeping?
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The Real Cost of an Online Accounting Software

Over the years, online accounting software have become indispensable to small and medium sized enterprises. These software are hosted remotely on a server which might be placed distantly backing up your valuable financial information in the cloud with minimal chance of losing any data.
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5 Questions to ask when choosing an accounting software

When you’re starting a business, an accounting software is preferably the first program you should invest in. It will not only keep track of your expenses and profits but will also give you a clear picture of where your business is heading to.
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Why would you Choose an Accounting Software over an Accountant?

Majority of SME owners don’t wish to manage their financial affairs themselves. They believe they could use their valuable time developing the core of their businesses rather than getting into the hassle of bookkeeping.
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Why you need a localized accounting software in Pakistan?

Business operations considerably count on the location of the business. Every country has different laws, protocols and approaches towards their local businesses.
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Top Tips for Small Business Owners to Survive the COVID-19 Pandemic

Small businesses all over the world have undoubtedly been affected the most from the Covid-19 pandemic. The major reason is that unlike big businesses
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How to Run a Small Home-Based Business Successfully?

While businesses across the world are closed to support the prevention of COVID-19 transmission, job losses and financial concerns are widely impacting everyone
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Human Resource Challenges for Small Businesses in the Covid-19 Pandemic

While coronavirus is spreading through all aspects of human life at present, it has become imperative for businesses to support their workforce by all means
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Best Practices for the Success of Your Small Business

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The Impact of Coronavirus Epidemic on Pakistani Businesses

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Top 5 Inventory Methods for your Small Business

A significant element to consider while managing your small business is the strength and competence to handle your inventory. Appropriate inventory management
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How to File Sales Tax Returns in Pakistan?

If you are planning to start a business in Pakistan, you'll very soon learn about the sales tax return procedural. For an organized businessman, this procedure simply comprises of official forms, a proper records set, an operational calculator along with some of their time. In Pakistan, sales tax is imposed by the Federal Government on the imported goods as well as goods and services sold and supplied in the country.
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Cash based Profit and Loss for Small Businesses

Small business owners are usually pretty much acquainted with cash based accounting. The cash based profit & loss is equivalent to the cash a business
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Top 5 Small Business Trends for the Year 2020!

As a small business owner, you must be aware that being up-to-date is the key to become successful in the business world.
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5 Tips to Improve Customer Services for your Small Business

Small businesses work really hard to draw attention of new customers. As a matter of fact, a good customer service does not only imply being considerate towards your customers
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Top 4 Ways to Finance your Small Business in Pakistan

You have that perfect business idea that you believe can turn your dream of owning a business into reality BUT what you lack is the capital to support your idea
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Top 5 Reasons why some Small Businesses fail in Pakistan

Small business owners usually do not consider the possibilities of their business going down when they take the plunge. Though, according to reports
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How should small business owners deal with employees issues in the workplace?

As a small business owner, you must be aware that it is common to have issues popping up in the workplace. Thus, at times, overall stress, crucial deadlines
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How to Keep Track of your Accounts Payable Balance?

As a small business owner, you must be aware that accounts payable is actually the overall amount you are obligated to pay to your suppliers/dealers
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Things You Need to Know before Starting a Small Business in Pakistan

If you۪'re planning to start your own small business in Pakistan, there are certain things you must be acquainted with in order to validate your stay on the most appropriate side of regulation
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Top 5 Tips for Managing Your Small Business Inventory

Are you managing your small business inventory well? Do you have your desired products available in stock at the right time or do you miss sales opportunities due to lack of stock? Or on the contrary are you losing money owing to excessive inventory? If your answer to any of these questions is YES, then sadly, you’re not managing your small business inventory accordingly. But don’t worry! Here in this article we will discuss some amazing tips to up your small business inventory game. Let’s start with discussing what is meant by inventory management.
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The Significance of Sales Analysis Report for your Business

The trends occurring in the sales volume of a company over time is presented in a sales analysis report. To be concise, the basic purpose of this report is to
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Difference between a Purchase Order and a Sales Order

People often get confuse between the terms purchase and sales order though they are significantly different. If you're a business owner, a mix-up of these financial terms
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Top 5 Reasons why you should choose LedgerMax for your Business

Accounting is imperative if you are willing to flourish your business through a system that can be calculated and projected. Thus, owning a system that can
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4 Steps to a Perfect Customer Invoicing Process

In order to request payment for your products or services, you send an invoice which is usually sent after the required product is delivered or the service is provided.
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Top 3 Reasons for creating Chart of Accounts for your Business

Commonly known as COA, the chart of accounts is a tool that lists each and every account used in the general ledger of a business.
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How to Maintain Cash Flow Statement for your Small Business?

Besides discipline, determination, right people and passion, cash is one of the major ingredients to initiate and run a small business successfully. The way a small business owner manages
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Top 3 reasons why you should ask for a LedgerMax Demo

Life would have been so easy if we could actually watch the trailer of the outcomes of every decision we take. While this seems impossible; LedgerMax makes sure
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The New Income Tax Slabs for Financial Year 2019-20 in Pakistan

The budget 2019-2020 has lately been announced by the federal government in Pakistan with numerous tax adjustments. The tax rates for both salaried and nonsalaried individuals have also been increased.
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How to Maintain a Fixed Asset Register?

A fixed asset register is an important means for any business to keep track of the accurate worth of their assets. A fixed asset can be anything from machineries,
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How to Record your Expenses in LedgerMax?

As a small business owner, it is very important that you record your business expenses diligently and make sure that your business financial records are accurately maintained.
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Top 10 Accounting Terms You Should Know

Whether you have hired a professional to look after your bookkeeping chores or you're doing it yourself; there are some basic accounting terminologies you need to be familiar with. Let's have a look at them:
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How to get Loan for your Small Business in Pakistan?

Pakistan is currently witnessing a great momentum in entrepreneurship. The recent boost in the startups and their blooming journeys are evident that small businesses are progressing well in the country. Considering the fact that small businesses are the backbone of any economy; several microfinance banks are offering loans to small businesses in Pakistan. Small business owners can apply for loans from a variety of sources including banks and microfinance institutions.
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Which Inventory Costing Method is Suitable for your Business?

Inventory is considered as one of most valuable assets of a business whether it is comprised of raw materials, products in process or final products. Business Managers
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How to View your Daily Sales Report in LedgerMax?

The LedgerMax Sales Reports offer detailed information on your daily sales and billing procedures. Along with viewing the invoices and payments due from
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Top 5 Accounting Hacks for Small Business Owners

The entire business operation is typically a one-man show for majority of small business owners around the world and particularly in Pakistan given the fact that they start off their operations marginally
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How to Make Tax Payments with LedgerMax?

Every business is required to meet its local, state, and federal local tax compulsions to persevere their decent legal position. The location and structure of your business
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How to Reconcile Bank Accounts?

‍Bank reconciliation is a process in which the financial records of your company are compared with your bank statement in order to reconcile the balances of the two accounts.
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How to Avoid Three Most Common Financial Statement Mistakes?

As a business owner, you must be well-informed about the significance of a financial statement for your business. The analysis of your financial statement gives
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