Hiring an accountant in 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 who have set up operations in the country.
Working and a CPA in 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 formation in Philippines, and those offered by an accountant, can reach out to us for more information about our packages.
We also assist those interested in immigration to Philippines.
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 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 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 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.
The advantages of working with a CPA in Philippines
Outsourcing the accounting services for the company is beneficial for the company, 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 contact our company formation agents in Philippines who will provide you with more information about the services offered by our accountants.
Our immigration lawyers in Philippines also offer tailored services.
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 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%.