Hiring an accountant in the Philippines for outsourced accounting, reporting, and management is employed by many local and foreign companies operating in the country.
Our team of accountants in Philippine offer professional services that are adjusted to the type of company, its size, and its number of employees.
We work with certified professionals and offer services both for resident companies as well as foreign firms that have set up operations in the country.
Working with a CPA in the Philippines, a certified public accountant, has many advantages for companies, starting with the fact that business owners can rest assured that their company complies with the latest Philippine accounting standards.
Investors who require both services for company registration in the Philippines, and those offered by an accountant, can reach out to us for more information about our packages.
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Services offered by an accountant in Philippine
Our team offers a wide range of services, from simple bookkeeping to more complex forensic accounting.
When you work with our accountant in Philippine, you have access to the following:
- Bookkeeping: registering, updating, and maintaining all financial transactions in proper books of records;
- Reporting: preparing the annual financial statements and the notes to the accounts and making the needed submissions; our immigration lawyers in the Philippines can give you details about the requirements if you are a foreign national;
- Audit: offering internal audit services in accordance with the local audit standards and requirements according to the type of company; our accountants in the Philippines can give you more details about the current audit requirements for companies;
- Others: forensic accounting is useful in cases involving money laundering or other crimes, as well as financial planning services.
In addition, our accountants in the Philippines assist investors who wish to know more about the applicable taxation regime.
We can help those interested determine their tax liabilities and make sure that they comply with the ongoing tax obligations.
We also offer assistance with other issues apart from accounting services. Our team is able to answer questions about how to immigrate to the Philippines, about the immigration quota, as well as the special agreements that are signed between the Philippines and other countries, allowing only these foreign nationals to permanently reside in the Philippines.
The advantages of working with a CPA in the Philippines
Outsourcing the accounting of a company is beneficial, as it helps the legal entity save the costs needed to hire an internal specialist.
Working with an accountant in Philippine, such as the one in our team, allows business owners to save the time needed to manage the company’s finances and guarantees access to accounting expertise.
If you are interested in our services, you can reach out to our company formation agents in the Philippines, who will provide you with more information about the services offered by our accountants.
The Philippine accounting standards
These are the Philippine Financial Reporting Standards (PFRS)/Philippine Accounting Standards (PAS).
They have been issued by the Accounting Standards Council (ASC), in accordance with the Generally Accepted Accounting Principles (GAAP), and they also take into account the current International Accounting Standards (IAS) issued by the International Accounting Standards Board (IASB).
When working with our accountant in Philippine, your company will be in full compliance with these rules.
Companies must prepare their financial statements annually and have them audited by an independent CPA in the Philippines.
As far as the general tax and annual compliance requirements are concerned, the following apply:
- The tax year can be the same as the calendar year, or it can be the fiscal year;
- A company in the Philippines and its branches can submit consolidated returns for corporate income tax and VAT purposes;
- The annual income tax return is filed on or before the 15th day of the fourth month after the end of the fiscal year; our accountant in Philippine can give you more details about the deadlines and the penalties;
- The corporate income tax in the Philippines is 25% for most companies;
- Businesses with a net taxable income below PHP 5 million are subject to a lower corporate income tax rate of 20%;
- The VAT has a standard rate of 12% and a reduced rate of 0%.
Clients interested in details about taxes in other jurisdictions, for example, issues about taxation in Singapore, can receive assistance from our partners: Singapore-Accounting.com.
Frequently asked questions about accounting in the Philippines
The decision to open a company in the Philippines comes with multiple steps and choices that must be in line with the local regulatory requirements. One such choice concerns working with an accountant in the Philippines, which is mandatory for most businesses, and it is even more so important in the case of large companies.
Investors have a wide range of questions when it comes to doing business in the Philippines. Below, our team has answered some simpler ones that have to do with choosing and securing accounting services in the Philippines.
The Board of Accountancy, functioning under the Philippines Professional Regulation Commission. Its mission is to supervise, control, and regulate the profession. A CPA in the Philippines is licensed accordingly (meaning that they are duly registered as professionals before they can start offering services to clients). Moreover, the Institute of Certified Public Accountants (PICPA) has an important role in maintaining professional and ethical standards. If you are interested in services related to company formation in the Philippines and, later on, solutions offered by chartered accountants, our team will assist you.
Yes. Accounting services in the Philippines are outlined in and offered via a standard services agreement, or one that has been drafted to meet the specific needs of a certain client.
Most providers do offer packages that suit the needs of businesses of all sizes. With the help of our accountants in the Philippines, you can find a set of services (for example, bookkeeping and annual filing preparation and submission, usually as a minimum offer) that will help you be aware of your company’s financial status and meet the regulatory and reporting requirements. Once you open a company in the Philippines, you can already start looking for a suitable package according to business size and number of employees.
Yes, you can change your service provider, usually at any point during the financial year. For reasons that have to do with adequate and timely reporting, we do, however, encourage business owners to reach out to one of our specialists for information on how we can arrange a smooth takeover from your previous accounting services provider, all while observing the accounting filing periods and deadlines in the Philippines.
Contact us if you want to know more about the services offered by our accountants in the Philippines.