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BUSINESS SETUP
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TAX SERVICES
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PAYROLL SERVICES
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ADVISORY
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Accounting/Bookkeeping
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AUDIT
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Back Office Support Services
Claims processing, accounting/billing, payroll outsourcing, data capture, encoding, data entry and virtual staffing.
Identify your Outsourceable Tasks to us:
Accounting & Bookkeeping Tasks
Financial Planning Tasks
Mortgage Broking Tasks
Support and Administration Tasks
Accounting & Bookkeeping Tasks
- Reconciling bank transactions across multiple companies
- Managing general ledger balances
- Preparing and analysing the balance sheet
- Keeping track of all payments and expenditures, including payroll, purchase orders, invoices, statements, etc.
- Reconciling processed work by verifying entries and comparing system reports to balances
- Maintaining historical records
- Paying employees by verifying expense reports and preparing pay checks
- Paying vendors by scheduling pay checks and ensuring payment is received for outstanding credit
- Responding to vendor enquiries regarding invoices
- Preparing analyses of accounts and producing monthly reports
- Continuously improving the payment process
- Maintaining the billing system
- Generating invoices and account statements
- Performing account reconciliations
- Maintaining accounts receivable files and records
- Producing monthly financial and management reports
- Investigating and resolving any irregularities or enquiries
- Assisting in general financial management and analysis
- Monthly reconciliations for debtor/creditor accounts
- Processing up to Trial Balance stage and preparing financial statements for lodgement with the tax office
- Preparing monthly/quarterly management reports
- Preparing superannuation and income projections
- Completing and posting of daily timesheets
- Preparing asset, liability, revenue, and expenses entries by compiling and analysing account information
- Maintaining and balancing subsidiary accounts by verifying, allocating, posting, reconciling transactions and resolving discrepancies
- Maintaining general ledger by transferring subsidiary accounts, preparing trial balances and reconciling entries
- Producing payroll by initiating computer processing; printing checks, verifying finished product.
- Completing external audit by analysing and scheduling general ledger accounts; providing information for auditor
- Conducting research, analysis, development, and summation of financial information for audit purposes and financial reporting
- Performing the financial administration and reporting of
- Federal and State grants
- Preparing the statutory financial accounts and regulatory returns for self-managed superannuation funds
- Reconciling asset holdings and processing of corporate actions
- Preparing minimum and maximum pension calculations
- Manually matching any remaining transactions and creating rules for recurring transactions
- Reconciling GST that has gone through an SMSF with what’s been paid to the tax office
- Preparing private, trust, partnership and company tax returns
- Devising tax strategies to defer or mitigate tax payments
- Completing required tax reporting in a timely manner
- Preparing and updating tax provision schedules
- Detecting and correcting process errors that caused incorrect tax filings
- Negotiating with tax authorities over tax payment plans or payment issues
Financial Planning Tasks
- Preparing insurance and superannuation application forms
- Preparing client review documentation for adviser perusal
- Prepare superannuation fund comparison reports
- Conducting research for appropriate providers and investments
- Preparing investment reports for review meetings
- Preparing ROAs (Record of Advice) for advisers to review
- Preparing limited SOAs (Statements of Advice)
- Preparing complex SOA (Statements of Advice)
- Entering dicated file notes into CRM.
- Performing financial modelling
- Preparing advice maps and reports
- Reconstructing share cost base history
- Updating financial planning templates
- Entering fact find information into CRM system
Mortgage Broking Tasks
- Completing and filing compliance documentation for each loan application
- Preparing credit proposal disclosure documents
- Preparing first appointment pack for client interview including credit guide
- Populating online loan application forms
- Compiling and validating documentation to support online application lodgement
- Tracking all loan applications, valuations, issuing and return of loan
- Ordering valuations as required during the loan process
- Preparing loan comparison reports for client reviews
- Overseeing loan settlements with banks, clients and real estate Agents
- Maintaining notes within the CRM during the loan assessment process
- Preparing loan application documents for client signing
- Electronically filing all documentation associated with settled loan applications
- Matching settlements with commissions paid by the aggregator
Support and Administration Tasks
- Preparing minutes and resolutions
- Setting up new companies and trusts
- Applying for new entity ABNs
- Collecting missing information from clients
- Sorting incoming scanned mail and saving to correct client files
- Creating tax office correspondence cover letters
- Updating client database with new client information
- Completing and posting daily timesheets
- Optimising and updating workflows
- Managing and updating ASIC and other federal databases
- Updating the ATO portal
- Generating reports for managers and partners as required
- Managing contact lists and customer spreadsheets
- Manages partner, manager and director diaries as per their ideal weeks
- Organising travel arrangements
- Managing the email inboxes of partners and managers
- Preparing and sending email newsletters
- Preparing engagement letters
- Manages the client on boarding process
- Publishing social media updates
Recent News and Updates
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RR NO. 3-2015 - increased of exclusions from gross income of 13th month pay and other benefits received by employee from Php30,000.00 to Php82,000.00
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Deadline for submission of income tax for year 2015 is on April 15, 2016.
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Step 1. Pick a template Browse the Shopify Theme Store and choose a template that you like.
Step 2. CustomizeUse the Theme Settings page to change the logo, fonts, colors, and other settings.
Step 3. LaunchWhen your store looks exactly like you want it, launch it to the world!
Step 1. Pick a template Browse the Shopify Theme Store and choose a template that you like.
Step 2. CustomizeUse the Theme Settings page to change the logo, fonts, colors, and other settings.
Step 3. LaunchWhen your store looks exactly like you want it, launch it to the world!
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Taxes you need to know....
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Tax Reform for Acceleration and Inclusion (TRAIN) - Republic Act No. 10963
Rates of Tax on Taxable Income of Individuals - The tax shall be computed in accordance with and at the rates established in the following schedule:
Tax Schedule Effective January 1, 2018 until December 31, 2022
Not over 250,000.00 = 0%
Over 250,000.00 but not over 400,000.00 = 20% of the excess over 250,000.00
Over 400,000.00 but not over 800,000.00 = 30,000.00 + 30% of the excess over 400,000.00
Over 800,000.00 but not over 2,000,000.00 = 130,000.00 + 30% of the excess over 800,000.00
Over 2,000,000.00 but not over 8,000,000.00 = 490,000.00 + 32% of the excess over 2,000,000.00
Over 8,000,000.00 = 2,410,000.00 + 35% of the excess over 8,00,000.00
Tax Schedule Effective January 1, 2023 and onwards:
Not over 250,000.00 = 0%
Over 250,000.00 but not over 400,000.00 = 15% of the excess over 250,000.00
Over 400,000.00 but not over 800,000.00 = 22,500.00 + 20% of the excess over 400,000.00
Over 800,000.00 but not over 2,000,000.00 = 102,500.00 + 25% of the excess over 800,000.00
Over 2,000,000.00 but not over 8,000,000.00 = 402,500.00 + 30% of the excess over 2,000,000.00
Over 8,000,000.00 = 2,202,500.00 + 35% of the excess over 8,00,000.00
For married individuals, the husband and wife, subject to the provision of Section 51(D) hereof, shall compute separately their individual income tax based on their respective total taxable income: Provided, That if any income cannot be definitely attributed to or identified as income exclusively earned or realized by either of the spouses, the same shall be divided equally between the spouses for the purpose of determining their respective taxable income.
Provided, that minimum wage earners as defined in Section 22(HH) of this code shall be exempt from the payment of income tax on their taxable income: Provided, further, That the holiday pay, overtime pay, night shift differential pay and hazard pay received by such minimum wage earners shall likewise be exempt from income tax.
Source: Republic Act No. 10963 - Republic of the Philipppines, Congress of the Philipppines, Metro Manila, Seventeenth Congress, Second Regular Session.
Tax Schedule Effective January 1, 2018 until December 31, 2022
Not over 250,000.00 = 0%
Over 250,000.00 but not over 400,000.00 = 20% of the excess over 250,000.00
Over 400,000.00 but not over 800,000.00 = 30,000.00 + 30% of the excess over 400,000.00
Over 800,000.00 but not over 2,000,000.00 = 130,000.00 + 30% of the excess over 800,000.00
Over 2,000,000.00 but not over 8,000,000.00 = 490,000.00 + 32% of the excess over 2,000,000.00
Over 8,000,000.00 = 2,410,000.00 + 35% of the excess over 8,00,000.00
Tax Schedule Effective January 1, 2023 and onwards:
Not over 250,000.00 = 0%
Over 250,000.00 but not over 400,000.00 = 15% of the excess over 250,000.00
Over 400,000.00 but not over 800,000.00 = 22,500.00 + 20% of the excess over 400,000.00
Over 800,000.00 but not over 2,000,000.00 = 102,500.00 + 25% of the excess over 800,000.00
Over 2,000,000.00 but not over 8,000,000.00 = 402,500.00 + 30% of the excess over 2,000,000.00
Over 8,000,000.00 = 2,202,500.00 + 35% of the excess over 8,00,000.00
For married individuals, the husband and wife, subject to the provision of Section 51(D) hereof, shall compute separately their individual income tax based on their respective total taxable income: Provided, That if any income cannot be definitely attributed to or identified as income exclusively earned or realized by either of the spouses, the same shall be divided equally between the spouses for the purpose of determining their respective taxable income.
Provided, that minimum wage earners as defined in Section 22(HH) of this code shall be exempt from the payment of income tax on their taxable income: Provided, further, That the holiday pay, overtime pay, night shift differential pay and hazard pay received by such minimum wage earners shall likewise be exempt from income tax.
Source: Republic Act No. 10963 - Republic of the Philipppines, Congress of the Philipppines, Metro Manila, Seventeenth Congress, Second Regular Session.
Quick links
Doing Business in the Philippines
Retire in the Philippines?
Source: Philippine Retirement Agency (PRA)
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Source: www.pra.gov.ph
Accounting for Non-Accountants |
Business Taxation Made Easy |
Value Added Tax and Other Percentage Tax |
TRAIN LAW and other Tax Updates |
Internal Control and Auditing |
Income Tax and Income Tax Return Form Preparation |
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