Business Support Services (Outsourced and Insourced)
Companies are starting to embrace the value of outsourcing its business support services to external consultants more and more each day. These companies realized that in the long run, outsourcing business support services like Accounting, Payroll, Statutory reporting compliance and Bookkeeping and other general HR related functions adds more value for their money.
Generally, the cost of outsourcing these services are just slightly higher than the overall cost of hiring staff to do all the work and tasks involved but the amount of help and quality of support that companies are getting is far more than twice or even thrice the number of in-house staff can produce. The secret is the experience and the access to partner level advisory that comes with every business support service engagement that forge with our clients. With mjb+associates, we are deploying our staff plus the active guidance and supervision of our senior staff, managers, directors, and up to the partners ensuring that only the right advice and instruction is given and carried out.
The detailed scope of business support service is as follows:
- Preparation of billing to customers.
- Tracking of remittances/payments from customers or head office.
- Maintenance of accounts receivable subsidiary ledger and following up with concerned parties on overdue accounts.
- Preparation of aging of accounts receivable on a monthly basis.
- Canvassing of prices for items of goods or services requested by various departments.
- Preparation of purchase orders (PO) for procurements of goods and services.
- Follow up with suppliers/service providers on delivery of items and services procured.
- Preparation of check vouchers and the related check in payment of accounts after ensuring that all documents needed in support of the payment are available (i.e., duly approved PO and supplier invoice or billing duly acknowledged by requesting department).
- Releasing of checks to payees.
- Preparation of BIR Form 2307 (Certificate of Creditable Tax Withheld At Source) and transmitting the same to suppliers, as applicable.
- Maintenance of accounts payable subsidiary ledger and ensuring that adequate funds are earmarked for their liquidation.
- Preparation of payroll for employees. If payroll is automated, verification of data integrity and accuracy of input.
- Ensure that payroll related payments are disbursed on time.
- Maintenance of employee earnings records.
- Preparation of reports and remittance of premiums to the Social Security System, Philippine Health Insurance Corporation (PhilHealth) and Home Development Mutual Fund (Pag-ibig).
- Preparation of BIR Form 2316 (Certificate of Compensation Payment and Tax Withheld Summary) at the end of the year and distributing the same to the employees.
- Attend to employees’ concerns / inquiries on payroll related matters.
- Maintenance of the general ledger and related subsidiary ledgers.
- Perform analysis of bank transactions and preparation of monthly bank reconciliation statements to ensure that company records reconcile with that of the bank.
- Ensure that taxes due to the government are paid on time. This includes business permits obtained from the City of Cebu and various taxes due to the Bureau of Internal Revenue (BIR).
- Prepares monthly, quarterly and annual reports in compliance with the requirements of government regulatory agencies such as the BIR, Philippine Economic Zone Authority (PEZA) and Securities and Exchange Commission (SEC).
- Recording of financial transactions in the Client’s books of accounts and keeping these records up to date;
- Routine advisory on financial issues and improvements of the company’s internal control system.