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Accounting and Bookkeeping Process in the Philippines

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Do you want to open a Company which offered Accounting and Bookkeeping Services?

Accounting and Bookkeeping is one of the in-demand and profitable business in the Philippines. And it is the number one Freelancer job offered by an individual in the country.

Here are the duties and responsibilities of Accounting and Bookkeeping Services.

  1. For a new business, you need to register the company first in SEC (for Partnership and Corporation), DTI for (Single proprietorship).
  • How to register the business to DTI?

Click the link – https://www.dti.gov.ph/archives/27-main-content/emb-news/9948-how-to-register-your-start-up-business-name

  • How to register the business to the SEC?

Click the link - http://www.sec.gov.ph/services-2/company-2/registration/

  1. You must secure a Mayor’s Permit, Bureau of Internal Revenue (BIR) registration, Social Security System (SSS) registration, PHILHEALTH registration, and PAG-IBIG Fund registration.

What are the requirements and process to secure the mayor’s permit?                            https://www.full-suite.com/blog/7-steps-getting-mayors-permit/

How to register the business in BIR?

https://www.full-suite.com/blog/10-easy-steps-to-registering-your-business-with-the-bir/

How to register the business in SSS, PHILHEALTH and PAG-IBIG Fund?

https://philippinesbusinessregistration.com/company-registration/requirements/employee-registration/

  1. After all the registration process, you must check 2303 or BIR certificate of registration to have the knowledge to what you will need to be a file in BIR every month.
  2.  Once it’s all done, you must file and pay the company’s obligation in BIR, SSS, PHILHEALTH, and PAG-IBIG Fund on its due date.

How to pay BIR, SSS, PHILHEALTH, and PAG-IBIG Fund?

In SSS, PHILHEALTH, and PAG-IBIG Fund, you must do first the list of employees online with their respective contribution, print out the payment form and pay in the nearest SSS, PHILHEALTH, and PAG-IBIG while in BIR, you can pay it in a bank for manual and for electronic filing, you can pay it online using your bank account that applied online. SSS, PHILHEALTH, and PAG-IBIG Fund payment can be done also online, just visit your bank and ask the requirements and process on how to pay online your SSS, PHILHEALTH, and PAG-IBIG obligations.

  1. After payment, online reporting is a must.

SSS – no need to report employees, it’s automatically reported once you paid.

PHILHEALTH – log in to your Electronic Premium Remittance System (EPRS) and input the date and place of payment and the OR number.

PAG-IBIG Fund – same as SSS, once paid, all employees included in the listing will already be posted.

  1. You need to track the company’s transactions, you need to keep accounting records and keep it updated. You need also to secure books of accounts such as Cash, Sales, Purchases, Disbursement, and ledger and make sure to keep it up to date, this is for manual, you can also apply for electronic filing of books wherein you will provide and submit a soft copy of all your Sales, Purchases, Disbursement and ledger in BIR file format.

 

I hope it will help you.

Thanks.

https://joylacambra.com/contact/

 

Life is filled with treasures if you're a lucky one.
Be grateful and be humble, and share them with someone.
Julie Hebert, Thankful For Many Things

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