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Accounting services
in the Philippines.

Avoid the hassle of maintaining your accounts with our reliable accounting services and enjoy running your business knowing that your books and records are kept up to date.

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Accounting services in Singapore

Smart accounting services
that scale with your needs.

Flexible options

We offer a variety of options that you can choose from whether you want monthly or quarterly services, or just a year-end report. Choose the service that applies to your business and pay based on the service.

Timely reminders

There is no need to worry about deadlines as our accountants will always keep you posted of any approaching deadlines.

Real-time access

We use Xero and QuickBooks that can be accessed by you and us at the same time. If you wish, you can enter the transactions by yourself to save some bookkeeping costs.

Essential accounting services

Bookkeeping & statutory compliance.

  • Bookkeeping & transaction processing

    • Bookkeeping either in our office or your place of business
    • First, we will set up your books and all of the ledgers required for your business in Xero, QuickBooks, or other cloud-based accounting systems, and help you transition from legacy systems
    • We will then assist in maintaining monthly bookkeeping of your company based on approved payment vouchers, approved claim forms, bank statements, bank-in slips, bank credit advice, bank debit advice and other accounting source information provided by your management
    • Establishing automatic bank account feeds
    • Setting up all payments in bank transactions for client approval online

    Monthly, quarterly or annually

    Financial reporting / Management accounts
    • Preparation and submission of the monthly accounts (Trial Balance, Income Statement, Balance Sheet and Bank Reconciliation) to your local office and the headquarters for approval
    • We can also provide bank signatories if required

    Monthly, quarterly or semi-annually

  • Compliance reporting

    Year-end financial statement*

    Philippines law requires all companies to prepare their year-end financial statements. We will help prepare the financial statements based on the monthly/quarterly accounts that we have prepared, or we can use your financial records to produce the annual accounts.

    Annually

    XBRL conversion

    Singapore companies with corporate shareholders and companies that are audited are required to file their financial statements in XBRL format. As part of our XBRL service, we will convert your financial statements into XBRL format for filing.

    Annually

    VAT registration & filing

    If the company is required to register for VAT a quarterly return needs to be prepared and lodged with the Bureau of Internal Revenue (BIR). We will compute all VAT related calculations and make the necessary quarterly filings with the BIR.

    Quarterly

    Audit assistance

    We will advise you on whether your company needs to be audited under Philippines law. Should your company’s accounts need to be audited, we have good working relationships with a range of local and international audit firms and will work to ensure that the audit is completed most efficiently. Acclime will work closely with the auditor to provide the required schedules, supporting documents and answers to their queries, with minimum disruption to your work.

    Annually

*Government requirement

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Additional accounting services.

Depending on your company size, you may also need some of our ad-hoc & ongoing services:

Vendor payment support

Acclime can act as your finance department to manage the client’s receipts and payments and other day-to-day tasks. This service includes:

  • On the payments side receiving and reviewing incoming invoices from vendors, obtaining approval from client’s personnel and payment processing based on agreed payment schedule
  • On the receipts side, drafting invoices for clients and following up on payment, if necessary
  • Establishing a purchase control framework
  • New vendor registration
  • Matching invoice to goods/service received
  • Maximising payment terms
  • Setting up payments in banking systems for management approval
  • Recording and reporting on supplier payments in accounting systems

Sales framework assistance

We can help you set up a comprehensive sales framework that range from refining sellers’ approach to drafting reports. Our assistance includes:

  • Assisting with new client Know Your Customer (KYC)
  • Understanding and advising on client contracts
  • Establishing an online/digital quote process
  • Ensure timely invoicing
  • Chasing for payment on overdue invoices
  • Reporting invoices due and overdue to management

Management reporting

We can prepare an entity’s management accounts and/or group consolidated accounts using a cloud accounting software, covering the following:

  • Design and implementation of an accounting system and reporting structure for newly incorporated companies
  • Preparation of periodic management reports, including group reporting packages
  • Preparation of consolidated financial statements for statutory or management reporting purposes

Review of accounting policies & procedures

  • Confirm the technical accuracy or the current accounting policies
  • Update accounting policies to reflect the current accounting developments
  • Benchmark the current accounting policies against industry norms

Financial planning and analysis

Going beyond reporting for statutory purposes, our team of professionals can assist with budgeting and forecasting, oversight of internal controls and more.

Accounting advisory

Leverage our team of professional’s expertise via insightful advice on new business incorporation, existing business process improvement, cross-border expansion and integration, and so much more.

Acclime benefits

Why outsource your accounting to Acclime.

We have a professional team who will set up and manage your accounting, and we assist businesses of all sizes.

On-time and error-free

Let our specialised team of certified accountants manage your accounts. We ensure that our work is delivered on time and without costly mistakes.

Experienced accountants

We have a clear understanding of the local laws and regulations and can confidently guide you through setting up the right accounting structure and maintenance for your business.

Regional specialists

Our presence in Asia can help your business expand beyond Singapore to other important markets in the region. View all our regional locations.

Not happy with your current provider?

Move your accounting to Acclime.

Switching from one accountancy firm to another doesn’t have to give you sleepless nights! We will take care of the entire process for you, from start to finish, starting with contacting your current accountant to request all the info we need to register with Bureau of Internal Revenue (BIR) to act on your behalf, so you can focus on running your business.

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FAQ

Common questions & answers.

Do I have to submit audited accounts?
The vast majority of companies in the Philippines are required to prepare the Annual Financial Statement that must then be audited by a qualified and idependent auditor. This audited Annual Financial Statement must be filed with both the BIR and the SEC every year.
Do I need to register for VAT?
It is compulsory for businesses to come forward to register for VAT when their taxable turnover exceeds PHP 3m per year. Businesses that do not exceed PHP 3m in taxable turnover may register for VAT voluntarily. There are some exemptions for e.g. exporting companies. Ask Acclime’s experts for advice.
Why do I need record keeping for my company?

In addition to being required by BIR and SEC to keep proper records and accounts of business transactions, record-keeping also lets you gain insights into how your business is performing. It allows you to see which products or services are profitable and what changes you can apply. Having good records also makes preparation of financial statements easy and accurate, resulting in efficient and on-time tax returns filing.

How do I change from Excel to Xero or Excel to QuickBooks?

Before you can convert from Excel to Xero, you need to set your Xero start date (also conversion date), which is recommended to be the start of the financial year or the start of the sales tax reporting period. To move your data from Excel to Zero, you need to download Xero’s CSV import template. Copy your data over to the template and save it as a CSV. Then import the file into Xero. A conversion date is important as matching all historical data from years ago will be time-consuming and costly. So, it is more practical to set a conversion date and simply entering bills and invoices during that time.

To move your data from Excel to QuickBooks, you need to install first the QuickBooks Import and CSV toolkit. From your Excel, you can import customer, vendor, items, and chart of accounts data. The toolkit wizard will instruct you on how to enter your data in the provided spreadsheet template and how to map your accounts.

What is cloud accounting? Can I use it?
Cloud accounting is a new method of accessing your accounting software from any web browser. It is different from a traditional accounting software where you need to install the application on your desktop hard drive. Cloud accounting lets you log in to your records anytime, anywhere. It can help improve your bookkeeping efficiency, streamline your financial processes, and provide real-time and secure access to your financial data.
How can I change accountants?

Changing accountant is a simple and straightforward process. First, you find and engage a new accountant through a formal latter that also states agreement for services. When all has been agreed upon, you need to inform your existing accountant about your intentions of changing to a new one. Your new accountant may also issue a notice of takeover. Both parties will proceed to courier of files and information from your existing accountant to a new one. You will be set up in your new accountant’s system, and the takeover is finalised and closed.

What is the difference between a bookkeeper and an accountant?

A bookkeeper is tasked with recording a company’s financial information, while an accountant is to analyse and develop insightful reports out of the data. A bookkeeper’s job is transactional and administrative where it involves handling of the daily tasks of recording purchases, receipts, sales, payments, and other financial transactions. On the other hand, an accountant’s job is subjective, where it involves providing financial insights that are based on the bookkeeper’s recorded data.

What is a financial statement?

A financial statement is a document that shows a company’s business activities and financial standing. It is audited by government agencies, accountants, and business partners for purposes of accuracy, tax, financing, and investment.

A financial statement is comprised of three main parts. An income statement or profit and loss statement that indicates how much profit or loss a company has incurred. A balance sheet or statement of financial position that shows a company’s assets, liabilities, and shareholder’s equity. And a cash flow statement that provides information as to how a company generates cash to fund activities, investments, and debt obligations

Ready to get started?

Make running your business in the Philippines easier with our flexible and reliable accounting services.

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Not sure where to begin?

Schedule a free 30-minute discovery call to discuss starting & operating your company in the Philippines.

Marla Aquino Batallones, Operations Director
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