Balagot & Co.

Foreign companies trading in the Philippines make up a large share of the clients of Balagot & Co., a firm of certified public accountants in Manila. It provides accounting, tax and audit services, has been in practice for more than a decade, and says many of its foreign clients operate in Siargao, Metro Manila or Davao City.

Accredited to audit

Philippine businesses must file annual financial statements every year and have them audited by an external auditor accredited by government bodies. The firm says its CPAs are accredited by the Board of Accountancy, the Securities and Exchange Commission, the Bureau of Internal Revenue, the Cooperative Development Authority and the central bank, Banko Sentral ng Pilipinas. It is also a member of the European, Canadian and Australian-New Zealand chambers of commerce in the Philippines.

Books kept current

Bookkeeping is done in cloud accounting software, including Xero and QuickBooks, so that a client's books stay organized and up to date. The firm argues that data can then be collected and reports generated instantly, with fewer human errors and a smoother workflow, leaving owners free to concentrate on running the business.

Taxes and penalties

Tax planning aims to help a company limit its tax bill by paying the right amount, and the firm prepares and files monthly, quarterly and annual returns along with other requirements. It also publishes guidance on income tax return filing, common reasons for late filing and the main taxes a Manila business pays.

Setting up in the Philippines

For start-ups and foreign investors, the firm walks owners through registration with the SEC or the DTI, then with the local business bureau and the tax bureau.

How it describes its service

The firm states that it aims to give reasonable professional advice, unbiased and accurate reports and attentive client service, and to guide each step with an eye to the client's growth.