Hire an Accountant in the Philippines

Many local and foreign companies operating in the Philippines choose to outsource their accounting, reporting, and financial management to professional accountants. Our team of accountants in the Philippines offer professional services that are adjusted to the type of company, its size, and its number of employees.

What services does an accountant offer in the Philippines?

Our team offers a wide range of services, from simple bookkeeping to more complex forensic accounting.
When you work with our accountant in the Philippines, 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;
• 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.

How much do accounting services in the Philippines cost?

The cost depends on the amount of work involved and the type of support required by the company.

The final fee may vary according to factors such as:

• number of monthly transactions;
• size of the business;
• number of employees;
• applicable tax registrations;
• reporting obligations.

Basic bookkeeping services will cost less than a package that includes payroll, tax filings, financial statements or assistance with audits.

Our team of accountants from the Philippines can recommend an accounting package after reviewing the company’s activity.

What are 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 the Philippines, 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.

When does a company need an accountant in the Philippines?

As soon as the company begins its business activity. From this point, you need to keep proper accounting records and deal with the applicable tax and reporting obligations.

An accountant becomes useful when your company starts issuing invoices, receiving payments, hiring employees or preparing financial statements.

Our team of accountants in the Philippines handle these tasks from the beginning and continue with day-to-day bookkeeping, tax compliance and annual reporting as the company develops.

What are the Philippines 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 the Philippines, your company will be in full compliance with these rules.

What accounting records must a company keep in the Philippines?

Companies in the Philippines must keep book of account with the documents that support the transactions recorded in them. Depending on the business, these records may include:

• journals and ledgers;
• sales and purchase records;
• invoices;
• receipts;
• bank records;
• payroll documents etc.

Our accountants in the Philippines can organize and maintain these records on behalf of the company and make sure they are available when we have to prepare tax returns, financial statements or other reports.

Does an accountant in the Philippines have special accreditations?

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.

Do I have to sign a services agreement with an accounting firm?

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.

Can accounting services be provided remotely in the Philippines?

Yes. You can send us invoices, receipts, bank statements and other accounting documents electronically. We can also complete BIR filing and payments through online systems.

Our accountants can therefore assist foreign business owners without requiring regular in-person meetings. Still, you have to keep in mind that certain procedure may require additional documents, authorizations or interaction with the relevant authorities.

Can I choose the types of services I want?

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 opened a company in the Philippines, you can already start looking for a suitable package according to business size and number of employees.

Can I change my accountant in the Philippines?

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.

What should be checked before choosing an accounting firm in the Philippines?

Mostly, it’s important to check the experience, the range of services offered and whether the accounting firm can handle the specific needs of the business.

Companies should also look at the qualifications of the professionals involved and their knowledge of the Philippines tax and reporting requirements.

Our team provides accounting services tailored to the size, activity and reporting needs of each company.

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.

Contact us if you want to know more about the services offered by our accountants in the Philippines.