As your bookkeeper, we do complete record keeping of your day to day business transactions. We have over half a decade of experience in providing outsourced accounting and bookkeeping services for different industries in the Philippines and other countries.
Our outsourced accounting services aim to provide complete and timely financial reports to busy business owners and stakeholders without having to spend a lot of resources in building their own accounting division.
Why you should outsource your Accounting to MPM?
- Your accounting books and records will be handled by full-time MPM employees whom are working within MPM office premises, and are following strict quality control and standards.
- Our accountants are graduates of Accountancy Degree and are Certified Public Accountants (CPA).
- We are knowledgeable and adaptable with the fast changing accounting and tax regulations.
- We use our own developed accounting software with quality control and data privacy. Our accounting software is continuously updated to cope with the changes in accounting and tax regulations.
- Our outsourced accounting service is packaged with an online reporting software which allows business owners to view their financial reports and analytics, online and real-time. Our client online portal can be viewed anytime and anywhere needed, in any internet-enabled devices such as computers, laptops and mobile phones.
- We use our own developed project management software for internal and external communications, documentations, and status updates. Our MPM Project Management Software helps our accountant to monitor compliances and deadlines.
MPM’s Outsourced Accounting Services vs In-house Accounting
Having a reliable accounting system is crucial both for businesses and its owners. When you have a reliable accounting system, you are able to see the complete financial picture and performance of the business. Knowing the true and complete financial status helps you make important decisions with regards to the past, present and future of your company.
However, setting up your own accounting system can easily consume significant amount of resources in terms of money, time and energy. This is why in our modern times, most companies are now choosing to outsource instead of maintaining their own in-house accounting department.
Outsourcing your accounting to MPM means lesser or no resources spent on:
- Salaries including SSS, PHIC and HDMF
- Employee Trainings for Accounting and Tax Updates
- Accounting Software and Maintenance
- Office Space
- Computers and Equipments
- Building employee-employer relationship
- Monitoring and reminding employees
- Waiting for employees to prepare financial reports
- Worrying about continuity, employee retention, employer obligations and more.
Accounting and Bookkeeping Service Overview
1. Gather Documents
We will gather your business documents to be recorded. These business documents include, but not limited, to the following:
- Bank statements
- Payroll Registers
- Billing statements
- Purchase orders
We can gather your business documents by picking it up from your office physically or can be sent electronically via email.
2. Record Documents
After gathering your documents, sorting, filing, recording and reconciliations will be done.
We record all your submitted business documents up to the last centavos. We ensure that all important details are accounted for such as the name, date, amount, description and reference number.
We are using our own developed accounting software in our recording process to ensure quality and control.
3. Financial Reporting
Most business owners are too busy or are not familiar with the usual financial reports. With this in mind, aside from the usual financial reports, we designed other reports that are presented in graphs, charts and other symbols in a way that are easy to customize and easy to understand.
Another important feature of our service is that while we are performing our recording process, you can view your financial reports online anytime. You will have an access to our secure online application where you can view your financial reports and analytics using your computer, mobile or any device that has web browser and internet connection.
These financial reports are, but not limited to the following:
- Trial Balance
- Comparative Balance Sheets (Yearly)
- Comparative Income Statements (Monthly and Yearly)
- Monthly Sales and Expense Trends
- Comparative Financial Ratios (Cash Ratio, Profitability Ratio, Leverage Ratio etc.)
- Trend and movement of each individual expenses
- Trend and movement of each individual type of assets, liabilities and equity
- Trend and movement of each type of revenues
- Budgets vs expense analysis
- Copy of filed government reports
- and more..
Preparation and submission of BIR and Other Reports
Other than the bookkeeping of the day to day business transactions and reporting, we also help business owners in the preparation of the required BIR and other reportorial requirements based on the gathered source documents. These BIR and other government reports are prepared and sent to client five (5) days before the government deadline, for client’s review, filing and payment.
These BIR and other government reports are, but not limited to the following:
- Monthly Withholding Tax Returns (BIR Form 1601C and 1601E)
- Monthly Alphalist of Payees (MAP) as attachment to BIR Form 1601E
- Monthly Sales Tax Returns (BIR Form 2551M or BIR Form 2550M)
- Quarterly VAT Return with Schedule of Sales and Purchases (BIR Form 2550Q and VAT RELIEF)
- Quarterly Income Tax Returns (BIR Form 1701Q or 1702Q)
- Quarterly Summary Alphalist of Withholding Agent of Income Payments Subjected to Tax Withheld at Source (SAWT) as attachment to BIR Form 1701Q or 1702Q
- Annual Summary Alphalist of Withholding Agent of Income Payments Subjected to Tax Withheld at Source (SAWT) as attachment to BIR Form 1701 or 1702
- Annual Alphalist of Payees Subject to Expanded Withholding Tax (BIR Form 1604E)
- Annual Submission of Inventory List
- Annual submission of General Information Sheet (GIS) for SEC
- Annual submission of General Form of Financial Statements (GFFS) for SEC
- and many more..
4. Delivery of Organized and Filed Documents
Accounting source documents must be kept for a period of three (3) to ten (10) years for possible future reference in case of audit. As such, we file the gathered documents in an organise manner before we return it back to you for safekeeping. We deliver gathered and filed documents every end of the month.
Testimonials from Clients
Below are some of the testimonials from our clients.
- Karikatyur Portraits
- The Grub People, Inc.
- Modelling & Detailing Services - Manila Inc.