Accounting and finance is at the core of running any business. While most companies have internal finance teams, often operating an accounting department in a new market is challenging. Businesses have to deal with all the issues, such as taxation, bookkeeping, accounting, and compliance. Rather than focusing on companies core objectives, often administrative overhead can eat time and budget. Outsourcing accounting services is a way to stay compliant and efficient in the Philippines market.
Whether a small local business or a large multinational firm, your company can benefit from Triple i Consulting’s outsourced accounting services. Our accounting team understands the laws and regulations needed to assist any company in bookkeeping, tax, payroll, and auditing requirements. Triple i has worked with hundreds of foreign and local companies and know how to bridge gaps between finance teams.
Triple i Consulting offers services from basic accounting to advanced tax planning. Our experienced staff, CPAs, and attorneys work under the ISO 9001:2008 Quality Management System. During incorporation and in the course of operating a business in the Philippines, Triple i’s tax consultants can assist any organization in streamlining its accounting processes or outsourcing key accounting and payroll functions.
Payroll is an essential process in a business, regardless of size or scope. Outsourcing payroll services can save time, money, and energy each month. Triple. i’s team works together with companies HR departments to understand their time, payroll and hr needs. Strict compliance policies will ensure that clients never overpay or underpay their employees and all remittances are done on time and accurately. Triple i utilizes a cutting edge, cloud-based payroll software, which agents can access anytime. Combining award winning-technology with ISO-9001:2015 quality service.
Accounting and bookkeeping activities are a regular occurrence for every business. In the Philippines, there are requirements to report monthly, quarterly, and annually to the Bureau of Internal Revenue (BIR). Immediately upon incorporation these activities must begin. Proper bookkeeping and monitoring of company purchases and expenses will allow the management to focus on other important aspects of growing a business. Triple i Consulting can has assisted 1,000s of clients by handling accounting and bookkeeping with our outsourced finance and accounting services.
All legal business entities in the Philippines are required to conduct an annual financial audit. Whether a branch or representative office or a domestic corporation, it is mandatory to submit an audited financial statement (AFS) to both the BIR and the Securities and Exchange Commission (SEC) each year. Auditing is also an excellent way to determine the value of a business and check if there are any irregularities in the current accounting systems.
As a company is considering to enter the Philippines market, one of the early steps in planning is to understand the tax implications for the business. Firms with ongoing operations require tax consulting to understand a particular transaction or make a change in the current practices. One on one tax consulting is the best way to analyze a company’s current accounting practices and prescribe necessary changes. Triple i’s tax consultants can review applicable tax implications on a business, as well as provide updates on the most recent BIR rulings. If liaison services are required, our tax consultants may also act as your company’s representatives and aid in resolving existing taxation issues.
Many companies require financial reporting for purposes other than reporting to government agencies for compliance. Businesses often require regular financial reporting for management or stakeholders. Triple i’s team of accountants can bridge the gap between local accounting teams and management. Preparing financial reports based on global accounting practices and principles.