The Philippine Bureau of Internal Revenue (BIR) is the government agency responsible for collecting the government’s revenues in the Philippines. As such, it imposes specific rules and regulations required to maintain Books of Accounts (BOA) for all businesses registered in the Philippines. Accurate bookkeeping is essential to tax authorities for easy assessment of your financial situation and to determine whether you paid the right amount of taxes to the BIR, and to avoid unnecessary penalties.
Bookkeeping helps a company track its total revenue and operating costs. It is a crucial step to learn about the business’s financial status through an assessment of earnings and expenses. The right person will offer sound advice and guidance depending on your company’s updated financial report.