Accounting is a stable profession. Each business needs an accountant to handle important financial tasks. It is not only important in the field of business but is also necessary in the day-to-day lives of the common man as well. But first, what do accounting firms do?
The work done by accounting firms is divided into three broad categories: audit, tax and advisory.
All companies are legally required to conduct audits on a regular basis, usually annually. It is an essential part of a company’s efficiency. The audit firms are usually the people who review activities to identify inefficiencies, reduce costs and achieve organizational objectives.
The people who are working in tax advise their clients on what they need to do to comply with their tax obligations, the implications of new tax legislation and on tax mitigation strategies, that is, the ways in which they are legally permitted to structure their affairs to minimize the amount of tax they pay.
Advisory work covers a broad spectrum of areas. It could involve advising clients on improving the performance of their business, rearranging their corporate structure, or dealing with risks they face.
Why is Accounting Important in a Business?
From an organization’s point of view, it is the accounting department which delivers material relating to the current and future economic condition of the business. Moreover, decision-making, regarding the present and future projects, becomes easy and therefore proper accounting is utmost important.
Since there is a lot of scrutiny of the financial statements of a company, thereby resulting in financial accountability to those people holding positions of financial importance.
Accountancy Associations and Groups in the Philippines
- Philippine Institute of Certified Public Accountants (PICPA)
- Association of Certified Public Accountants in Commerce & Industry
- Association of Certified Public Accountants in Public Practice
- Association of Government Accountants of the Philippines
- Philippine Association of Management Accountants
- The Association of Insurance Accountants in the Philippines
- National Institute of Accounting Technicians
- Institute of Internal Auditors (IIA) Philippines
Top-Performing Accounting Firms in the Philippines
- Sison Corillo Parone & Company (SCP)
- Sycip, Gorres, Velayo & Co. (SGV & Co.) – affiliate of Ernst & Young
- Isla Lipana & Co. – affiliate of PricewaterhouseCoopers
- Manabat San Agustin & Co. – affiliate of KPMG
- Villaruz, Villaruz & Co.
- Reyes Tacandong & Co.