Audit And Assurance
Audits are an essential activity in any company in order to assure the management, the Board, and the regulators that financials statements. are accurate and the day to day operations of a company are done with accordance to laws and regulations.
Accounting and bookkeeping
Mc spencer provides outsourced services and in house services, covering the full scope of the financial reporting and accounting process – from recording transactions and maintaining books of accounts to preparing statutory reports, financial statements, and other management reports, so our Clients can focus on the operations of their business. We also help our Clients comply with their corporate and individual tax obligations with the Bureau of Internal Revenue (BIR) by determining their tax liabilities (e.g., withholding taxes, value-added tax, and income tax), preparing related tax returns, and remitting these taxes to the BIR within the prescribed tax deadlines.
I. Collation of Documents
CPAs collect vital documents first from clients, and they ask for the Client’s preference based on their accounting periods in a weekly, bi-monthly, or monthly basis.
Listed below are accounting documents generated by the company for compilation:
- Bank Statements
- Invoices
- Receipts
- Billing Statements
- Payroll Registers
- Contracts
- Others
II. Recordings of Transactions
The following books of account are prepared and submitted to the BIR for compliance purposes:
- Cash Receipts Book
- Cash Disbursement Book
- General Journal
- Purchases Journal
- Sales Journal
- General Ledger
II. Recordings of Transactions
For transparency purposes, financial reports are created for disclosure with the Client’s partners and the government to prove the legitimacy of all recorded transactions conducted by the company. The following management reports are prepared and submitted to Clients for further improvements and verification:
- Trial Balance
- Balance Sheet (Statements of Financial Position)
- Profit or Loss Statement (Statements of Comprehensive Income)
- Statements of Changes in Equity
- Statements of Cash Flow
Payroll Services
For posterity’s sake, we also offer:
- Computation for salaries
- Generation of payslips
- Preparations for government reports
- Calculations for night differentials, holiday and overtime pay
- Statutory deduction computations