There are 7 Companies in Pakistan
that provide Financial Accounting Services!

Pakistan’s Information Technology (IT) sector has a promising future with its talented youth and is poised to become the largest export industry of the country, according to the Pakistani High Commissioner to the UK. 

Based on this information, it is also important to mention that the average salary in the IT industry in Pakistan is estimated at around 378 USD/mo, making the country one of the most accessible and competitive in the region in terms of prices. 

Based on a report of the State Bank of Pakistan, the IT industry value is set to grow double in 2020, making a progress from $3,5 bn in 2019 to $7 bn. USD. 

Why working with Pakistan-based IT companies

Pakistan-based IT companies and web agencies are in the full development process and promoting their services mainly to foreign clients using the latest technologies. Even though Pakistan is probably the newest player in the IT sector in the region, it revealed it has huge capacities with a number of tech startups and new web agencies that continue to grow. In this way, there are more than 1500 IT companies in Pakistan with 10,000 professionals enrolling in the sector each year. 

What to be aware of when working with Pakistan-based IT companies

The relatively low number of IT companies in Pakistan is motivated by two factors: First, as mentioned previously is that the web agencies based in Pakistan are new in the region and are in full development and promotion process. The second reason is that professionals in the country are focused more on freelancing than entering a corporate environment and developing a digital business system - based on a report from the NY Times. 

Considering both indicators, it should be noted that the Pakistan-based companies don’t have rich experience on the market and thus, a developed-business culture which may be a challenge for potential foreign clients. 

How reliable are IT companies from Pakistan

The young and inexperienced behavior of Pakistan-based IT companies and web agencies is compensated by the high capacity and low prices on the market that they can provide. This makes Pakistan-based companies and web agencies, but as well as freelancers to have a balanced reputation on the global market, making the selection process easier for potential clients. 

How Pakistani IT Industry relates to the neighboring countries

Pakistan is trying to make its place in the global setup. Perhaps, this is the reason why the country’s freelancers offer rates 30% to 50% less than the ones offered in India. According to NASSCOM, India’s IT market size is $150 billion while Pakistan’s is just $3.5 billion. While India’s population is seven times higher, their investment in the startup's ratio is also 30 times greater. The ratio of the size of the economy is 1:10 while the market size of startups is 1:100.  This can be improved as Pakistan’s startups market can grow up to 5 times

The Global Competitiveness Index and Ease of Doing Business Index of Pakistan show that the country has some giant strides to make. India has 6 big IT companies and every company has at least a $10-billion revenue a year. Google, IBM, and Microsoft have their local office in India, promoting the country’s industry through research and development. On the other hand, Pakistan has not seen business tycoons venture into the IT industry. Pakistani businessmen love to invest in real estate and gold.

Financial accounting services are the backbone of sound financial management for businesses. These services encompass the recording, reporting, and analysis of financial transactions, ensuring accuracy and compliance with regulations.

IT companies have expanded their services to include financial accounting through specialized software solutions. Some well-known IT companies offering financial accounting services include Intuit (QuickBooks), Sage, and Xero. These companies provide accounting software and cloud-based platforms designed to streamline financial processes, but other smaller service providers are also a good option to take into consideration, as their price range may be lower and the quality of their services could be the same or even better.

IT companies offering financial accounting services are generally reliable. They provide robust software solutions that simplify financial record-keeping and reporting. However, the effectiveness of these services depends on the specific needs and complexities of the business. For more intricate accounting requirements, many businesses still seek the expertise of traditional accounting firms or certified public accountants (CPAs).

Financial accounting service providers utilize a range of tools and technologies, including accounting software such as QuickBooks, Sage 50, and Xero. They also rely on financial modeling and forecasting software, data analytics tools, and financial reporting platforms. Cloud-based accounting solutions have become increasingly popular for remote access and real-time financial insights.

Financial accounting is closely related to various financial and advisory services, including:

• Auditing

• Taxation Services

• Financial Consulting

• Bookkeeping

• Financial Reporting

Financial accounting focuses on routine financial record-keeping, reporting, and compliance with accounting standards. On the other hand,  audit services involve independent reviews of financial records to verify their accuracy and completeness. At the same time, due diligence services are comprehensive assessments conducted before business transactions to assess risks and opportunities. That's why you should always make a difference between these services and choose the right one for your business. 

While on this pages you can find financial accounting service providers, we strongly recommend visiting the Audit and Due Diligence dedicated pages where you can explore relevant vendors in case you need their services in addition or combined with the Financial accounting services. 

Selecting the best IT company for financial accounting services involves evaluating the software's features, ease of use, scalability, and integration capabilities with existing systems. Additionally, consider the provider's reputation, customer support, and the availability of industry-specific solutions.

Financial accounting providers are essential for various projects and business needs, including:

• Small Business Accounting: Managing financial records and payroll.

• Financial Reporting: Preparing financial statements for shareholders and regulators.

• Budgeting and Forecasting: Creating financial plans and projections.

• Tax Compliance: Ensuring accurate tax reporting and payments.

• Investor Relations: Providing transparent financial information to investors.

• Mergers and Acquisitions: Consolidating financial data during business transactions.

Of course, besides these projects and business needs, financial accounting can be used for other purposes as well. It depends on the particular business needs in general. 

Also, financial accounting services are critical for companies of all sizes and industries, including the one from the list below, but, of course not limited to them:

• Small and Medium-sized Enterprises (SMEs): Managing day-to-day finances efficiently.

• Corporations: Ensuring accurate financial reporting and compliance.

• Startups: Establishing sound financial practices from the outset.

• Nonprofit Organizations: Managing donations and grants transparently.

• Government Agencies: Maintaining accurate financial records and reporting.

As for the cost of financial accounting services, they can vary widely depending on the complexity of financial processes, the volume of transactions, and the chosen software or service provider. In the US for example, small business accounting software subscriptions can start at around $20 per month, while customized accounting solutions for larger businesses can range from several hundred to thousands of dollars per month. Costs in the UK and Australia follow a similar range, with variations based on specific business needs and software features. It's advisable to obtain quotes and assess the suitability of the chosen solution or service provider for your business's financial requirements.