Tax & Accounting Services

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Tax & Accounting Services

Frequently asked question

Q: How do we know if we have completed the registration of our business?

At a minimum, companies must have registered with the following government agencies:

  1. Bureau of Internal Reveue
  2. Municipal / City Hall (for Business permit)
  3. Securities and Exchange Commission (if registered as Partnership/Corporation/Cooperative)
  4. Department of Trade and Industry (If Sole Proprietor)
  5. Social Security System
  6. PHILHEALTH
  7. Home Development Mutual Fund

Q: What are the basis of Outsource Accounting firm of their service fees?

Accounting firms normally based their quotation on the following factors:

  1. Volume of transaction
  2. Scope of the engagement
  3. Involvement of the firm to its clients

Q: What are the taxes need to file of the companies?

In general, taxpayers are required to pay three main taxes, as follows:

  1. Withholding Taxes – filed monthly and annually
  2. Value Added Tax – filed monthly and quarterly
  3. Income Tax – filed quarterly and annually

Q: Why do companies today outsource their bookkeeping?

Starting a business is challenging and success may be easier achieved if the management focuses on the core business and outsource bookkeeping to a firm with Certified Public Accountants (CPA) who are knowledgeable of the latest accounting practices in the Philippines.

Entrepreneurs, specifically those that are Micro to Small to Medium sized-companies today find it more cost efficient to outsource their bookkeeping and BIR Tax compliance than to hire full time accounting staff.

Q: What are the difference books of accounts need to comply with the BIR?

  1. General Journal
  2. General Ledger
  3. Cash Receipts Books
  4. Cash Disbursement Books
  5. Sales Journal
  6. Purchases Journal

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Top Choice of Local and Multinational, Small and Medium Sized Business

sherwin@psoaccountants.com

+63 927 508 0210

+63 928 767 5210

+63 926 308 9482