Services

1. Secondment of experienced staff, both on physical and virtual basis:

We offer short-term and long-term secondments that will allow our team to work directly under your supervision. This offers a great cost saving for you and gives you the ability to have control and access to qualified resources. Through this arrangement, your on-ground resources can focus on managing clients and developing business relationships.

2. IAS 19 – Actuarial valuation of employees end of service benefits:

Entities need to value their employees’ end of service obligations in accordance with International Accounting Standards requiring use of actuarial techniques. We provide such valuation services and related financial statement disclosures for your clients, through our business partners. If you are relying on the clients’ actuarial valuation, we can perform reviews to ensure the methodology is in accordance with International Standards on Auditing.

3. Prepare technical accounting and auditing position papers:

All engagements pose challenges when it comes to the application or interpretation of a particular accounting standard. Having a full time dedicated resource to act as a technical resource can be challenging. With our vast experience in dealing with complex accounting issues, we can prepare technical accounting papers for you to document in your audit file or even support you in the preparation of accounting advice for your clients.

4. IFRS (Full or SME) financial statements preparation with completed disclosure checklists:

With our financial statement templates, you can be assured that your statements are free of error and are in compliance with the requirements of International Accounting Standards.

5. Develop complete end to end audit methodology in line with the international standards:

Having a uniform and consistent audit methodology is critical to ensure your teams have guidance they can refer to, and that your audit files follow consistent standards. Our experienced team can develop a comprehensive audit methodology for you and mitigate your audit risk. This will also help you with external quality reviews.

6. Provide training to staff, both physical and virtual:

Our experienced staff has the skills and expertise needed to develop and deliver tailored training depending on your needs.

7. Act as accounting and auditing technical support function on any key / significant matters:

Our team can act as a sounding panel to deal with day to day technical accounting and auditing issues that your teams encounter.

8. Provide assistance in preparation of proposals and presentations to the clients:

With us on your side, you can rely on us to add finesse to your business proposals, and convey key ideas in an effective and clear manner to maximize the probability of success.

9. Provide review of working papers in line with international standards:

A significant number of regulatory reviews highlight lack of appropriate review as a reason for quality failure. Our experienced team can provide a second eye for your reviewed working papers to ensure the requirements of the accounting and auditing standards are met.

10. Provide assistance in developing audit software and digital tools based on general and specific needs

11. Provide support in development of website portals

12. Review of internal controls, identification of effective controls, preparation of matrices, testing of those controls and reporting to senior management and those charged with governance

1. Audit and Assurance

● Special purpose audit, statutory audit and other compliance assignments:

Through our business partners in Saudi Arabia, we provide statutory audit and review services, special purpose engagements and a range of other services requiring locally registered practitioners. You will gain access to individuals having Big 4 experience at reasonable fee levels.

● Review of internal controls, internal audit services:

We have a wealth of experience in designing and implementing controls. We can review your existing controls and identify gaps or design internal controls from scratch. We can also support you with internal audit services.

2. Accounting and Business Advisory

Our experienced team can offer a wide range of services per your needs such as but not restricted to the following:

● Preparation of technical accounting position papers and clearance with auditors, if required
● Preparation of accounting models and templates (ECL, IFRS 16, Impairment, Going concern)
● IFRS (full or SME) financial statements preparation
● Preparation of monthly management accounts and reporting or consolidation packages
● Actuarial valuation of employees end of service benefits

3. People and Culture Management

● Secondment of experienced staff, both on physical and virtual basis:

Organizations often have to deal with human resource constraints to manage their operations. HarAik offers secondment services so you no longer have to worry in times when resources are tight. In fact, it has been proven that secondments for a desired period of time are more affordable and practical for the employers. Our team of professionals offers years of accumulated knowledge and expertise in accounting and related fields.

● Outsourcing of accounting processes (Payroll, Payables):

Outsourcing is gaining global popularity on account of its cost effectiveness. Our dedicated team can perform a suite of outsourced tasks such as payroll processing, P2P process, R2R process.

● Outsourcing of human resources function:

Get the HR support you need, regardless of the size of your organization. Whether you simply require compliance tools or need a full HR strategy and team, we’ll match you with a package of HR solutions that truly fit your needs. Our team of certified HR specialists will work with you closely to develop a strategy that yields results, helps the bottom line and creates a culture where people thrive.

1. Talent acquisition: We offer help through all stages of the employee lifecycle; recruitment to onboarding. We make the recruitment process simple by placing job advertisements, conducting pre-employment screening services, and initial interview processes. Onboarding an employee requires paperwork and welcome materials which involves creating a narrative for new incumbents to be well acquainted with your Company’s purpose and values. Let us take care of it all!
2. Payroll services: We offer easy, flexible and accurate payroll services to help you pay your employees accurately and on time. Our team provides efficient and flexible processing, with transparent withholding calculations and tax payments, where applicable, in a paperless environment providing detailed reporting.
3. Compensation and benefits: We help you develop a comprehensive compensation plan and strategy, guided by industry benchmarks and your financial goals. Our expert team can help you achieve stability and long-term growth. Our detailed plans encompass all aspects of compensation and help you attract and retain top talent.
4. Employee information: We can manage all your important employee information in one secure place. Your employee database will help provide important information to all important HR functions like payroll, payables, offboarding and management.
5. Developing and managing employee portals: When it comes to employee engagement, one size does not fit all. We offer customized and unique communication strategies to help your employees connect with each other. Give your people direct access to the HR support they need – whether it’s a question about company policies, employments laws, travels, leaves, company news, on-going projects, internal placements, employee engagement and much more. We help develop, maintain and uplift employee portals for you and your teams.
6. Employee handbook and policies review: Our team of HR experts have specific industry experience who can work with you to develop company policies, procedures and conduct. This official documentation will cover legislation, compliance and confidentiality to keep your company compliant and risk free. Employee handbooks can also help develop a culture of transparency in the organization, and reflect your company’s culture in creative and easy to understand ways.
7. Development of performance management systems: Performance management can be a sore point for companies. Our services provide customized, transparent, and easy to navigate performance management systems. This will give direct access to employees to track their progress, apply for training programs and help build a career path.
8. Organizational design and structure: We provide support in organizational design and structure – whether you’re a small sized business or a business with global operations, our services can help create organizational structures that best fit your needs.
9. Job analysis and job descriptions: Effective job descriptions help attract quality talent, provide clarity and guidance, and expectations. We analyse positions and create job descriptions that comply with best HR practices and standards.
10. Leadership and employee development programs: Navigate a range of employee development plans including leadership training, team building, communication, best practices for safety, conflict resolution and much more. Our plans can help you maximize your potential, boost productivity and help you achieve business objectives. Our courses are offered on-line and in-person with industry best practices to help enhance workplace performance and talent.

4. Tax Services (currently being offered in Pakistan only)

We have an experienced team of advocates, tax consultants and accountants, having excellent professional relationships with the relevant regulatory authorities. This coupled with our in-depth knowledge of the regulations help us deliver results to meet your needs. A brief description of the nationwide service offerings are as follows:

1. Tax planning: Advising you with respect to tax planning to ensure that you reap benefits within the legal boundaries.
2. Tax advice: Tax advice and updates.
3. Tax audit: Facilitate and pursue tax audit proceedings. All the relevant appellate forums are dealt with including commissioner appeals, income tax appellate tribunal and high court.
4. Sales tax: Registration/Deregistration of sole proprietorship, AOP/ Partnership and limited companies for sales tax. Preparation of monthly sales tax return followed by creation of E-challan finishing with the submission of return etc.
5. Income tax: Registration/Deregistration of sole proprietorship, AOP/partnership, Single Person Company, Limited Company. Preparation and submission of annual income tax return, statement of accounts (trading accounts for business individuals), wealth statement etc.
6. Withholding tax: Preparation and submission of Bi-annual withholding tax return including preparation of E-challan Provide periodic updates and advice on withholding taxes.
7. Provincial sales tax on services: Registration/ Deregistration of sole proprietorship, AOP/partnership, limited companies. Preparation and submission of monthly provincial sales tax return, preparation of E-Challan.
8. Federal Excise Duty: Preparation and submission of monthly return of federal excise duty.
9. Correspondence with FBR and provincial Sales tax Revenue Boards: Provide support in replying to tax notices. Resolving tax matters including but not limited to assessments, re-assessments, appeals, refund applications etc.
10. Legal documentation: Preparation of all kinds of legal documents such as registering of firms with SECP, property matters, promissory note, settlements documents, contracts etc.

Memberships: Income Tax Bar Association, Karachi Bar Association and Sindh Bar Association.

5. Business Intelligence

As businesses continue to digitize, organizations have access to increasingly complex and sophisticated data collection and storage methods. However, collecting data is not useful in and of itself. It is the insight that is mined from this data that has the potential to drive your Company forward. At HarAik, our goal is to help our clients leverage their data resources to draw meaningful and actionable conclusions in a way that gives them a competitive edge. Our services include, but are not limited to:

1. Data analytics: Explore underlying trends in your data to identify intervention areas to drive growth and sustainability.
2. User funnel analysis: Understand your users’ journey in their interaction with your product, identify key drop off stages, and develop mitigation strategies.
3. Customer segmentation: Identify the characteristics that separate your high value customers from your low value customers, to understand what kind of users should be targeted, and how low values customers can be converted to high value customers.
4. User research: Compliment data with qualitative findings to develop complete profiles for your users and serve their needs.
5. Data science: Use machine learning powered solutions to predict key customer metrics such as churn, conversion, and next purchase date.
6. Data visualization: Track key metrics on a daily basis, to problem solve and course correct when it matters most.

6. Digital Transformation

● Information systems review
● Development and onboarding for specific digital tools

Globalization has created a new world order for doing business. New information and communication technologies (ICTs) have dramatically changed the way we live, learn and work, and even the way we think about work. At HarAik, we help you in your digital journey and deliver technology enabled solutions to address your issues of today and tomorrow, including assistance:

1. Developing business strategies and ensuring adequate IT controls
2. Upskilling of teams
3. Identifying digital solutions suited for your business needs and onboarding your team to those platforms

7. Wealth Management Services

Organizations these days suffer from having lack of or being over insured. Organizations require business insurance to protect against the everyday risks that come with their normal business activities. Insurance can cover you against mistakes, accidents, theft, damage and legal fees, but the exact cover you need depends on the business you run and how you run it. Insurance is a means of protection from financial loss and is a form of risk management, primarily used by organizations to hedge against the risk of a contingent or uncertain loss. We offer an end to end assessment on all your business insurance and wealth management needs including:

● Wealth management
● Personal investment management
● Tax planning
● Retirement planning
● Estate and succession planning
● Portfolio management
● Corporate and personal insurance
● Complex tax structures
● Offshore company formation
● Offshore real estate
● Residence by investment (second passport)

8. Legal Services

Through our business partners in Pakistan, we offer a diverse range of legal services, across a variety of sectors, including, but not limited to, contractual drafting and negotiations, due diligence, legal advice, litigation, mediation and arbitration.

Our internally accredited legal team have led a series of successful litigations upto the Supreme Court of Pakistan. We can act as a one stop shop for all your worldwide legal needs.

Affiliation: Khan & Muezzin