MONTHLY COMPLIANCE:
1. BIR – It is tax compliance that involves being aware of and observing the state, federal, and international tax laws and requirements set forth by government officials and other taxing authorities. Individuals who don't complete their tax return filing by this date are considered noncompliant.
2. SSS - All companies must be registered with the SSS and must secure an employer number who will be reference for the remittance of monthly contributions.
3. Philhealth - It is a medical insurance program administered by the Philippine Health Insurance Corporation (PHIC). All employers are required to register their employees with this agency as stated in the New National Health Insurance Act (RA 7875 / RA 9241).
4. HDMF – Also known as Pag-IBIG Fund or Home Development Mutual Fund (HDMF). It is a loan that is mandatory for all employees covered by the Social Security System (SSS). The Pag-IBIG Fund also provides other types of loans for qualified individuals.
MONTHLY PAYROLL
1. Payroll payment - Payroll is the process of providing compensation to employees for their efforts on behalf of a business. It is typically handled by either the accounting department or the human resources department.
2. Distribution of pay slip – It is a transfer of funds from the payroll department to an employee, including all payment methods such as paychecks, direct deposits, manual checks, etc. Payroll distribution is the final disbursement to employees with a proper deduction from gross pay.
SEC COMPLIANCE
1. GIS - General Information Sheet is a document that contains certain information submitted every year by every company registered with the SEC in the Philippines. GIS is being collected by the SEC to ensure protections of investors, full and timely disclosure of material information and minimize fraudulent or manipulative devices and practices that distort the free market.
2. Audited Financial Statement - A financial statement audit examine entity s financial statements including credibility to the reported financial position and performance of a business. All entities are required to publicly file annual reports and should be audited or have accompanying disclosures by an independent auditor.
3. Financial Statements preparation, filing, submission, and compliance
- The financial statements preparation comprises a balance sheet and an income statement for most small and big businesses. It comprises preparation, filing submissions and compliance if companies fail to comply with this requirement the correspondent penalties will be assessed.
4. Audited Financial Statements with auditor report and opinion – It is a financial statement audit is the examination of an entity's financial statements and accompanying disclosures by an independent auditor. The result of this examination is a report by the auditor, attesting to the fairness off thee presentation of the financial statements and related disclosures