Bookkeeping and Accounting Services in the Philippines

Bookkeeping, Accounting, and Tax Filing

Bookkeeping

Bookkeepers collate documents from the client, record and classify transactions, prepare and maintain books  of accounts and ledgers, conduct financial reconciliations, and generate financial statements. 

Accounting

Accountants adjust book and ledger entries, review and analyze financial statements and account balances, perform financial analysis, planning, and tax audits, and make financial forecasts.

Tax Filing

Tax filers prepare monthly, quarterly, and annual tax returns, forms, and other reports, file them with the Bureau of Internal Revenue (BIR), and pay for the tax dues. 

Our Bookkeeping and Accounting Services

At FilePino, we offer a complete package of bookkeeping and accounting services based on a typical accounting cycle, which describes a systematic process of recording, organizing, and reporting financial transactions. 

Collating Transaction Documents 

Source documents, such as receipts and invoices, for various financial transactions, e.g., sales, purchases, expenses, payments, etc., are collated and prepared for recording in the books of accounts and ledgers. 

Organizing and Recording Transactions

Financial transactions are carefully separated and classified based on their nature. They are then carefully and accurately recorded in the designated journals, e.g., cash receipt journal, cash disbursement journal, sales journal, purchases journal, etc.      

Posting to Ledger Accounts

Entries are then transferred to the respective ledger accounts. The comprehensive data, which include the transaction dates, descriptions, and monetary values, are used to analyze trends and areas of concern which are important decision making.  

Creating a Trial Balance

A trial balance allows accountants to visually analyze figures and identify whether the totals on both sides appear balanced or match. If the total debits equal the total credits, then the trial balance is balanced. Otherwise, there are errors that need to be identified and rectified. 

Adjusting Entries

Done after identifying errors during trial balance, it ensures that financial statements accurately reflect the company’s financial health. Errors can affect the overall picture presented in the income statement, balance sheet, and cash flow statement. 

Generating Financial Statements

Generating financial statements (i.e., Income Statement, Balance Sheet, and Cash Flow Statement), which provide a snapshot of the company’s financial health and performance, marks the culmination of the accounting cycle. 

Closing Entries

Closing entries or books is important as it resets the temporary accounts and prepares for the next accounting period. This involves transferring temporary account balances to permanent accounts and resetting temporary accounts to zero. 

Preparing a Post-Closing Balance

A post-closing balance, which is a listing of all permanent account balances after the closing process, provides a summary of the permanent accounts, and serves as a final check to ensure that all temporary accounts are closed correctly.  

Our BIR Tax Filing Services

Our tax filing services involve preparation of monthly, quarterly, and annual returns, filing them online or onsite, depending on the applicability, and payment of the tax dues. These tasks are summarized below: 

Preparation

We usually start with gathering documents and accounting records needed for drafting the BIR tax returns. These may include financial documents, such as receipts,  invoices, bank statements, and payroll records. 

Tax Computation

We then proceed to calculations of taxes due based on the documents gathered, prevailing tax rates, and latest tax laws and regulations. Calculations are streamlined using the digital tools but are manually scrutinized to ensure accuracy.

Tax Forms Completion

Our accountants determine the appropriate BIR tax forms or returns, e.g., Income Tax Return, VAT, Percentage Tax, etc., and accomplish them accurately and properly based on the information gathered from the client or their in-house accounts and results of calculations.

Tax Return Filing and Payment

For BIR’s Electronic Filing and Payment System (eFPS) filers, returns are usually filed online and payments are made via our clients’ linked online banking account. For non-eFPS filers, funds are directly requested from the clients. 

Record Keeping

Stamped and duly received BIR tax returns and payment receipts are secured after filing and turned over to the clients for their safekeeping. As per BIR regulations, these must be kept for a certain number of years and prepared in cases of audits.