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.

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.

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.

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.

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.

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.

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.

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.

As a business owner, what do you believe is the best way to maintain your business financial records?

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.

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.

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.

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).

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.

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.

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.‍

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.

In recent years, technology has flooded the business environment globally with frequent trends that have taken enterprises to new heights of glory.

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.

What do you as a small business owner think of when a business year ends? Analysis, books closing, budgeting, and planning! What else?

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.

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.

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.

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.

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.

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?

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.

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.

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.

Business operations considerably count on the location of the business. Every country has different laws, protocols and approaches towards their local businesses.

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

While businesses across the world are closed to support the prevention of COVID-19 transmission, job losses and financial concerns are widely impacting everyone

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

A significant element to consider while managing your small business is the strength and competence to handle your inventory. Appropriate inventory management

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.

Small business owners are usually pretty much acquainted with cash based accounting. The cash based profit & loss is equivalent to the cash a business

As a small business owner, you must be aware that being up-to-date is the key to become successful in the business world.

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

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

Small business owners usually do not consider the possibilities of their business going down when they take the plunge. Though, according to reports

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

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

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

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.

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

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

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

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.

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.

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

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

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.

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,

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.

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:

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.

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

The LedgerMax Sales Reports offer detailed information on your daily sales and billing procedures. Along with viewing the invoices and payments due from

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

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

‍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.

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