Philippines
Global
End-to-end accounting services for small businesses, startups
and SMEs in the Philippines
You run your business.
How Our Accounting Services Work
Assessment & Set-Up
- Business model assessment
- Review statutory compliance
- Advisory on tax treatment
- Define processes and controls
Managing Your Accounts
- All revenue and expense transactions
- Maintain integrity of accounting books
- Management of cloud accounting system
- Generation of accurate financial data
Closing Your Accounts
- Monthly closing of accounts
- Bank reconciliations monthly
- COGS, amortization, depreciation
- Monthly financial reports and KPIs
Accounting services trusted by 150+ startups, small businesses and SMEs
across the Philippines
150+
10,000+
300,000+
CloudCfo is a trusted accounting services provider based in Manila, Philippines. We leverage cloud accounting technology to help startups, small businesses, and SMEs to grow. We develop your financial processes, streamline your accounting function, and monitor your financial controls.
This is the future of accounting services in the Philippines.
6 reasons why your business needs accounting services in the Philippines
Complex Compliance Framework in the Philippines!
Whether you run a small business, SME, or larger corporate enterprise, your business can benefit significantly from accounting services in the Philippines. Doing so will help you and your organization navigate the complex finance and compliance framework of the Philippines.
For most businesses in the Philippines, tax and compliance obligations apply on a monthly, quarterly, and annual basis – also bi-annually in certain industries. By engaging an accounting services provider and accounting experts, your company gains access to an accounting team with a wide range of skills, knowledge, and expertise. This will help ensure 100% compliance with all relevant laws, updates in finance and taxation legislation, and all other accounting-related compliance activities that apply to your specific industry or business model.
When you engage an accounting services provider, your business can benefit from a team of remote accountants who have already worked in a similar industry or model as your business. Your accounting team is aware of all the various compliance obligations that specifically apply to your business in the Philippines.
In short, if your Philippine business engages a professional, competent, and experienced provider of accounting services, you will have access to an accounting team that understands exactly what is required to ensure that your business remains 100% compliant at all times.
Online Accounting, Cloud Technology and Systems
An expert provider of cloud accounting services can set up and establish an accounting system for your business to help run your accounting function with much greater levels of accuracy, efficiency, and automation.
Cloud accounting systems are incredibly effective and inexpensive solutions that enable business owners, managers, and founders to manage their finances anywhere and anytime. It also enables an online accounting services provider to manage the company’s finances with full transparency— meaning you will always know what your accountant is doing!
Xero and Quickbooks Online are two of the most widely used cloud accounting systems in the Philippines, especially by companies and organizations transitioning to an online accounting and finance function, and those opting to use digital and cloud technology.
By selecting an expert accounting services provider that leverages cloud accounting technology and other online solutions, your company can transition to a much more effective and streamlined online finance management solution.
Accounting for Business Growth
A trusted accounting services provider in the Philippines will add real value to a business and will help it grow and scale.
When considering growth, business managers must ensure that they are making strategic decisions based on accurate underlying commercial and financial data. They must also ensure that all business functions are ready for growth. This is particularly important in the case of the finance and accounting function.
A competent accounting provider for startups and SMEs should always ensure that their services are designed to enable their clients’ accounting functions to scale as the businesses grow! How? By employing the best practice accounting processes, controls, and systems in place. This will support significant increases in sales transactions, headcount, disbursements, supplier relationships, and any other form of commercial activity that might impact company finances. You will now have the confidence to scale your business without the worry of leaving your finance and accounting functions behind.
For businesses in the Philippines, remember that growth and scale can be challenging. But if you have an online accounting services provider to look after your accounting function, your management team can focus its efforts and attention on growing the business.
Independent Accounting Oversight
Business owners, founders, investors and shareholders will always have a greater level of comfort with the knowledge that a competent and independent accounting services provider is managing the books and finances of their business here in the Philippines.
Through an accounting services provider, you will have a team of independent accountants managing, monitoring and generating reports on a regular basis for your business. As such, management benefits from an integrated accounting service that offers unbiased financial and accounting oversight.
This enables business owners to concentrate on running other key parts of their business – including managing the sales pipeline, developing technology, improving service levels and executing strategic decisions – without having to constantly worry about whether or not their accounting books are in order!
For many companies in the Philippines, an annual audit of the company’s finances is a statutory requirement under law. This audit must be performed by a competent auditor who is entirely independent of the company and independent of the accounting provider. In circumstances where an independent auditor is auditing the work performed by an independent accounting service provider, business owners can have full confidence that their financial governance is in top shape!
Accounting Processes and Financial Controls
For businesses in the Philippines, it is critical that your online accounting team works within a well-managed framework of systems, processes, and controls. This is to ensure that your company can meet all of the many tax and compliance obligations it will face each month. Otherwise, it will be very challenging to maintain 100% compliance.
If, however, your business engages an accounting services provider that will support the implementation of financial processes and controls, your business can effectively outsource the setup and maintenance of your entire finance function.
Whether it is a process for revenue recording, expense processing, tax compliance, payroll, or financial reporting, a robust process for each workstream can ensure that every element of your accounting function is 100% efficient and streamlined.
If you are working with an accounting provider that relies heavily on process, this can also help your business ensure that documentation is generated and provided on a timely basis. Why is this important? It will help ensure that tax filings are always submitted before each BIR tax deadline. It also means that your monthly financial reports will actually make sense!
At CloudCfo, we focus on processes and controls across all of our online accounting services. We provide a framework to enable business growth under the sometimes complex compliance framework in the Philippines. Expert accounting services should always provide robust financial processes and controls.
Eliminate Recruitment Costs
It can take significant resources, time, and costs to build a capable accounting team in-house in the Philippines. The challenge increases as many businesses move towards a remote working set-up for their staff making it more difficult to monitor and manage staff performance levels.
By engaging an accounting services provider, a business can eliminate the cost, time, management, and uncertainty of recruitment. Costs related to employee benefits can also be avoided. Training, upskilling, and mentoring requirements are also removed as a business only needs to ensure that they have engaged the right accounting firm or accounting partner!
The business will not be required to consider statutory government contributions, 13th Month Pay requirements, or DOLE obligations for its accountants when engaging a provider of accounting services. These obligations will, instead, be managed internally by the accounting provider itself!
The challenges associated with employee churn are also significantly reduced. If a member of your own in-house accounting team leaves the company, it can be a struggle to replace them and train a new employee on existing processes. When engaging an accounting services provider in the Philippines, this issue does not arise! The accounting services provider can simply add their own staff member to your company’s accounting team. This staff member should already be experienced and knowledgeable on how the firm’s accounting services work.
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