We provide solid, first-rate support for your key accounting and administrative activities, such as outsourced accounting, payroll, and accounting-related tasks. We see ourselves as your partner. We work steadily and efficiently in the background enabling you to take center stage and focus on meeting your corporate objectives, goals and targets, and taking your business to greater heights.

Our services provide:

  • Accounting services
  • Staff augmentation services
  • Fixed assets record maintenance
  • Offshoring

Our Outsourcing and Managed Services

Accounting services

Accounting services Many multinational companies are setting up their accounting offices in the Philippines. These businesses realize that accounting functions can be standardized across companies around the world and handled by an office halfway across the globe for a fraction of the amount needed to maintain an in-house accounting division. At P&A Grant Thornton, we handle accounting services for several companies from a wide range of industries. Our approach is highly flexible. You may opt to outsource all your accounting functions, or pass on to us choice activities, such as

Fixed assets record maintenance

Most companies, including those that are not capital asset-intensive, have a difficult time properly maintaining their fixed asset ledgers for various reasons. In some cases, additions to existing assets — such as major repairs that can be capitalized — are not identified and are therefore excluded from the net realizable or net depreciable values of the existing assets. In this case, the depreciation of the additions, which should only be up to the remaining lives of the existing assets (unless of course new depreciable lives of the assets are determined), is not computed correctly. As a result, the additions become new assets and are depreciated using the full useful lives of the existing assets. Other companies struggle with the issue of transfer of assets. Assets are moved from one location to another, or from one division to another. While the transfers are documented, the paper trail is not always clear or complete, so that the new location or division where the asset is moved to is not correctly captured in the fixed assets ledgers. As a result, fixed assets count show some locations or divisions that are missing assets while other divisions disclose discovered assets. This makes the matching and offsetting of the missing and discovered assets quite difficult. Correct maintenance of a company’s fixed assets ledger allows the business to accurately compute the depreciation of its assets. It also makes it easier for the company to identify and remove those assets that are written off or disposed. In the case of disposal, having an accurate fixed assets ledger also means the resulting gain or loss in the disposal transaction can be computed properly. Moreover, with accurate records on hand, a company can determine adequate insurance coverage and facilitate claims for the insurance cover of the assets when insurable acts arise. P&A Grant Thornton Outsourcing, Inc. (P&A Grant Thornton) can be counted on to assist you in the preparation, reconciliation and maintenance of your fixed assets ledgers. Our diligent, highly trained and skilled personnel can help your company with the fixed assets count – tagging and counting, and reconciling the results of the count with the existing fixed assets ledgers; organizing your existing records and guiding your personnel in the proper recordkeeping and maintenance of your company’s fixed assets ledgers.

Staff augmentation services

Staff Augmentation Services It is a familiar enough scenario: A company suddenly has an urgent need for personnel on a short term, project basis to do accounting or accounting-related work. Considering the short-term nature of the work, it becomes very difficult to find interested candidates. Moreover, companies do not need just anybody, but people with sufficient technical accounting skills. P&A Grant Thornton has a pool of skilled accounting specialists who can fill the gap for companies in such situations. We offer Staff Augmentation services where our staff, under the direction and supervision of the company’s officers, perform accounting and accounting-related work. We have a long list of clients that have benefited from our assistance with the following activities: · Migration from one accounting system to another accounting system · Bank reconciliation for several bank accounts that have not been reconciled for years · Data cleansing, such as reconciliation of balances in subsidiary ledgers of receivables and payables with the general ledger balances · Physical counts of inventories and reconciling the results of the physical count with the accounting records · Count of property and equipment; tagging and reconciliation of the count with the accounting records; and properly setting up the property ledgers · Preparation of schedules and documentary supports and requirements during audits by internal and external parties, including government agencies · Preparation of statements of accounts for certain customers · Acting as accounting personnel while regular accounting staff are on leave This is just a sampling of the services we offer, and we can provide more short-term accounting services on short notice. We can adjust the schedules of our people to fit your work hours and we guarantee high-quality service: Our team is made up of technically competent and properly trained people who are prepared to handle your needs.

Payroll Processing

More and more companies are beginning to realize the benefits of outsourcing their noncore activities, and the first to be outsourced is usually the payroll function. Payroll is easy to carve out from the rest of the business since it is usually independent of the other activities or functions within the Accounting Department. Payroll processing may look simple, but the process can get complicated, especially as a business expands its manpower. A payroll accountant has to make sure that correct taxes as well as loans of their employees are properly deducted, update the tax status of employees (single, married, no. of dependents, etc.) on a regular basis; monitor work activities during the payroll period (overtimes, sick leaves, vacation leaves, etc.); know which income accounts are taxable or not (de minimis, bonuses within the P82,000 limit, etc.); know the rules and regulations and the latest updates of relevant government agencies (BIR, SSS, Pag-IBIG, PhilHealth, etc.); and ensure that payroll processing and payouts are done on time to avoid employee complaints or dissatisfaction.  In addition, the payroll accountant has to ensure that contributions to various government agencies are properly posted to the accounts of the employees. In some companies, payroll processing consumes  a significant part of management time: The highest finance or HR officer in the company oftentimes handles management or executive payroll.  If payroll is outsourced, the executive officer has better use of his or her time than reviewing or processing the payroll. Moreover, there is the issue of confidentiality – some employees may inadvertently gain access to confidential payroll information when data are lying around during the payroll processing period. Another issue that business owners must watch out for with regard to payroll is fraud. Since the processing of payroll is handled by just one or two trusted persons, oversight may be lax and review may not always be conducted thoroughly, thus fraud happens. P&A Grant Thornton can handle your payroll processing needs so that your management team can focus on your core competencies, enabling you to concentrate on what’s really important to your business . Our team of well-experienced and properly trained professionals can handle your payroll requirements whether you have 10 or 10,000 personnel. In addition to the computation of employees’ pay, P&A Grant Thornton can also provide the following functions under our payroll processing services: Maintain bank accounts exclusively for payroll and payroll-related disbursements Prepare schedules of statutory and internal contributions and obligations File and pay statutory contributions and obligations, manually or electronically Annualize employees’ income tax Provide secure online payslips through our ePayroll facility Handle administration of benefits that needs coordination with government agencies

Accounting services

Accounting services Many multinational companies are setting up their accounting offices in the Philippines. These businesses realize that accounting functions can be standardized across companies around the world and handled by an office halfway across the globe for a fraction of the amount needed to maintain an in-house accounting division. At P&A Grant Thornton, we handle accounting services for several companies from a wide range of industries. Our approach is highly flexible. You may opt to outsource all your accounting functions, or pass on to us choice activities, such as

Staff augmentation services

Staff Augmentation Services It is a familiar enough scenario: A company suddenly has an urgent need for personnel on a short term, project basis to do accounting or accounting-related work. Considering the short-term nature of the work, it becomes very difficult to find interested candidates. Moreover, companies do not need just anybody, but people with sufficient technical accounting skills. P&A Grant Thornton has a pool of skilled accounting specialists who can fill the gap for companies in such situations. We offer Staff Augmentation services where our staff, under the direction and supervision of the company’s officers, perform accounting and accounting-related work. We have a long list of clients that have benefited from our assistance with the following activities: · Migration from one accounting system to another accounting system · Bank reconciliation for several bank accounts that have not been reconciled for years · Data cleansing, such as reconciliation of balances in subsidiary ledgers of receivables and payables with the general ledger balances · Physical counts of inventories and reconciling the results of the physical count with the accounting records · Count of property and equipment; tagging and reconciliation of the count with the accounting records; and properly setting up the property ledgers · Preparation of schedules and documentary supports and requirements during audits by internal and external parties, including government agencies · Preparation of statements of accounts for certain customers · Acting as accounting personnel while regular accounting staff are on leave This is just a sampling of the services we offer, and we can provide more short-term accounting services on short notice. We can adjust the schedules of our people to fit your work hours and we guarantee high-quality service: Our team is made up of technically competent and properly trained people who are prepared to handle your needs.

Fixed assets record maintenance

Most companies, including those that are not capital asset-intensive, have a difficult time properly maintaining their fixed asset ledgers for various reasons. In some cases, additions to existing assets — such as major repairs that can be capitalized — are not identified and are therefore excluded from the net realizable or net depreciable values of the existing assets. In this case, the depreciation of the additions, which should only be up to the remaining lives of the existing assets (unless of course new depreciable lives of the assets are determined), is not computed correctly. As a result, the additions become new assets and are depreciated using the full useful lives of the existing assets. Other companies struggle with the issue of transfer of assets. Assets are moved from one location to another, or from one division to another. While the transfers are documented, the paper trail is not always clear or complete, so that the new location or division where the asset is moved to is not correctly captured in the fixed assets ledgers. As a result, fixed assets count show some locations or divisions that are missing assets while other divisions disclose discovered assets. This makes the matching and offsetting of the missing and discovered assets quite difficult. Correct maintenance of a company’s fixed assets ledger allows the business to accurately compute the depreciation of its assets. It also makes it easier for the company to identify and remove those assets that are written off or disposed. In the case of disposal, having an accurate fixed assets ledger also means the resulting gain or loss in the disposal transaction can be computed properly. Moreover, with accurate records on hand, a company can determine adequate insurance coverage and facilitate claims for the insurance cover of the assets when insurable acts arise. P&A Grant Thornton Outsourcing, Inc. (P&A Grant Thornton) can be counted on to assist you in the preparation, reconciliation and maintenance of your fixed assets ledgers. Our diligent, highly trained and skilled personnel can help your company with the fixed assets count – tagging and counting, and reconciling the results of the count with the existing fixed assets ledgers; organizing your existing records and guiding your personnel in the proper recordkeeping and maintenance of your company’s fixed assets ledgers.

Payroll Processing

More and more companies are beginning to realize the benefits of outsourcing their noncore activities, and the first to be outsourced is usually the payroll function. Payroll is easy to carve out from the rest of the business since it is usually independent of the other activities or functions within the Accounting Department. Payroll processing may look simple, but the process can get complicated, especially as a business expands its manpower. A payroll accountant has to make sure that correct taxes as well as loans of their employees are properly deducted, update the tax status of employees (single, married, no. of dependents, etc.) on a regular basis; monitor work activities during the payroll period (overtimes, sick leaves, vacation leaves, etc.); know which income accounts are taxable or not (de minimis, bonuses within the P82,000 limit, etc.); know the rules and regulations and the latest updates of relevant government agencies (BIR, SSS, Pag-IBIG, PhilHealth, etc.); and ensure that payroll processing and payouts are done on time to avoid employee complaints or dissatisfaction.  In addition, the payroll accountant has to ensure that contributions to various government agencies are properly posted to the accounts of the employees. In some companies, payroll processing consumes  a significant part of management time: The highest finance or HR officer in the company oftentimes handles management or executive payroll.  If payroll is outsourced, the executive officer has better use of his or her time than reviewing or processing the payroll. Moreover, there is the issue of confidentiality – some employees may inadvertently gain access to confidential payroll information when data are lying around during the payroll processing period. Another issue that business owners must watch out for with regard to payroll is fraud. Since the processing of payroll is handled by just one or two trusted persons, oversight may be lax and review may not always be conducted thoroughly, thus fraud happens. P&A Grant Thornton can handle your payroll processing needs so that your management team can focus on your core competencies, enabling you to concentrate on what’s really important to your business . Our team of well-experienced and properly trained professionals can handle your payroll requirements whether you have 10 or 10,000 personnel. In addition to the computation of employees’ pay, P&A Grant Thornton can also provide the following functions under our payroll processing services: Maintain bank accounts exclusively for payroll and payroll-related disbursements Prepare schedules of statutory and internal contributions and obligations File and pay statutory contributions and obligations, manually or electronically Annualize employees’ income tax Provide secure online payslips through our ePayroll facility Handle administration of benefits that needs coordination with government agencies

Elano C. Marcelo
Get in touch
Practice Leader, Business Process Solutions/Outsourcing
Elano C. Marcelo
Contact Elano C. Marcelo Learn more about Elano C. Marcelo
Elano C. Marcelo
Contact Elano C. Marcelo Learn more about Elano C. Marcelo
Elano C. Marcelo
Practice Leader, Business Process Solutions/Outsourcing
Elano C. Marcelo
+63 908 888 6642
Client Survey

"The team is perfect! Everyone in the team has high technical and behavioral competency."

Outsourcing Brief

Third Quarter 2020