Online Bookkeeping Services For Small Businesses, Startups and SMEs In The Philippines
How Our Bookkeeping Services Work
Assessment & Set-Up
Managing Your Books
Closing Your Books
What Our Clients Say About Us
Based in Manila, Our Bookkeeping Services Are Trusted By 100+ Startups, Small Businesses and SMEs In The Philippines
With CloudCfo, Your Business Gains Access to a Team of Expert Bookkeepers and Finance Professionals. CloudCfo Offers Top Bookkeeping Services, Processes and Controls for PH Businesses Seeking to Scale!
Here’s Why You Need Bookkeeping Services
for your Business
in the Philippines
Setting Up Your Books of Accounts
If you run a business in the Philippines, you must ensure, from the outset, that you have a robust system in place for managing your bookkeeping and more specifically, your Books of Accounts. Whether you have a small company or a large corporation, it is crucial to understand that a properly managed bookkeeping function is a critical element of running a business in the Philippines.
There is much to understand when it comes to bookkeeping in the Philippines! For a start, there are three different types of Books of Accounts that a PH business can register for – Manual Books, Loose-Leaf Books and the Computerized Accounting System, or CAS. The type of Books of Accounts that you select for your PH business will have significant implications for your bookkeeping processes and your ability to ensure 100% BIR compliance!
A top provider of bookkeeping services in the Philippines will have expert knowledge of the various requirements and compliance obligations for each type of Books of Accounts. From experience, your bookkeeping services provider will be able to advise on which Books of Accounts are the right fit for your business model and/or industry and what is necessary to ensure the Books of Accounts are being completed in accordance with BIR requirements.
By engaging an expert provider of bookkeeping services, your business can ensure that a knowledgeable and experienced team of local Filipino bookkeeping professionals are keeping your Books of Accounts updated, accurate and compliant at all times!
The Chart of Accounts
Once your PH business has confirmed which type of Books of Accounts it will use, the next step, from a bookkeeping perspective, will be to set up the company’s Chart of Accounts!
All financial transactions of the company must be recorded in the Books of Accounts. However, there must be a bookkeeping structure in place that dictates how each transaction will be recorded! This is where the Chart of Accounts is important as it is effectively the blueprint or system which outlines how and where financial transactions should be recorded in the company’s books to ensure they are recorded accurately and in accordance with BIR compliance requirements.
An expert bookkeeping services provider can set up the Chart of Accounts for your business and ensure it aligns with both your business model and specific BIR requirements. The bookkeeping services firm will review your business model, understand your operations and identify the types of financial transactions that are most likely to arise on a day-to-day basis. The professional bookkeeping firm can then set up the Chart of Accounts and commence performing the bookkeeping services on behalf of your PH business!
Establishing the Chart of Accounts is a key activity when setting up the foundations of the finance function for your PH business. As such, it’s important to ensure that you have an expert bookkeeper or bookkeeping team to manage this set-up for you!
Bookkeeping Closed On Time Every Time!
Closing a company’s books each month is not as straightforward a bookkeeping task as it might seem! It can be particularly challenging for businesses operating in the Philippines. Why so?
First of all, various BIR tax filings fall each month for PH businesses and often at various times and on different dates throughout each month. Some tax filings also fall quarterly and it is important, from a bookkeeping perspective, that the monthly filings align with the quarterly filings!
Second of all, all financial transactions in the Philippines must be supported with the correct supporting documentation to ensure BIR compliance. Whether it is official receipts, sales invoices or customer contracts, all transactions entered by your bookkeeping services provider should be supported by the relevant transaction documentation. When this documentation is missing or unavailable, your bookkeeper will face challenges when seeking to close the accounting books at the end of each month!
However, by engaging a process-driven provider of bookkeeping services here in the Philippines, you can ensure that the correct systems, controls and processes are in place and that your books can be closed every month, taxes can be computed and filed on time and accurate financial reports can be generated and delivered to management on a timely basis!
Accurate Financial Intelligence
A well structured bookkeeping process is fundamental to ensuring a business is managing its finances accurately and in accordance with BIR compliance. Whether it’s a small business, SME or a larger corporate here in the Philippines, the company’s accounting books will be the basis on which key business and strategic decisions are made by management.
An expert provider of bookkeeping services will have the knowledge and expertise to establish bookkeeping processes for your company which align with your business model and ensure that quality output, in the form of accurate and value-added reports, is delivered to management on a consistent basis.
By engaging a top provider of bookkeeping services, business owners and managers in the Philippines can be confident that the commercial and financial decisions they are making about their business are based on accurate underlying financial data that reflects the true financial position and financial health of their business.
A competent bookkeeping services provider will ensure that every month, all financial transactions are recorded accurately in the books, the correct taxes have been computed and applied and that the financial reports received by management each month actually make sense! Business owners can then operate with confidence that they have a bookkeeping service that provides them with accurate financial information that they need to scale their business in the Philippines!
Online Bookkeeping Services
Select a provider of bookkeeping services that can help your business transition to a much more efficient bookkeeping solution – an online finance management system!
Cloud accounting and bookkeeping systems, such as Xero or Quickbooks Online, are very much the future of outsourced bookkeeping and finance services – both in the Philippines and across the globe!
If your PH bookkeeper provides an online bookkeeping service, your company will get access to a wide range of benefits. For example, if your bookkeeper is using a cloud accounting solution to manage your Books of Accounts, both you and your bookkeeper can review and monitor your accounting books from anywhere in the world – at any time! You don’t have to be in the Philippines to see your accounting books.
Also, by engaging an online bookkeeping service, your company will benefit greatly from increased optimization, automation, efficiency and transparency across your finance function – not just your bookkeeping! Invoicing, collections, AR, AP and much more! If your bookkeeper leverages cloud accounting technology, the benefits and value for your business are endless from the perspective of both bookkeeping and overall finance management.
Online bookkeeping is the future! With the availability of so many efficient, user-friendly and inexpensive online bookkeeping solutions, companies can move their bookkeeping to digital and have full visibility over their finances at all times!
Bookkeeping, Data and Security
When you engage a bookkeeping provider that uses online bookkeeping solutions to manage your company books, your business benefits from a secure online finance management system that can offer robust security for your company’s valuable financial data.
If your bookkeeping is maintained on a cloud accounting solution, your company’s financial information can be accessed any time and from any place that has an internet connection. This means that you do not have to worry about misplacing or losing your manual accounting books, losing your laptop, removal of access from excel sheets or theft from your physical offices. With online bookkeeping services, your company’s financial data can remain secure and accessible at all times. An efficient system for ensuring continuity of business!
Your financial data, when stored via an online bookkeeping solution, will usually have secure encryption codes and other heightened security protocols to ensure that only you and your own designated and approved users can access the financial information of your business! A truly robust system for keeping your bookkeeping function secure! You can also avoid the costs associated with the manual or physical storing of your accounting books and related bookkeeping documentation!
Find a bookkeeping provider that offers online bookkeeping services in the Philippines! They will have the technical expertise and commercial knowledge to help your business transition to a secure online system for managing your books and accounts.