Accounting, going by definition by the American Institute of Certified Public Accountants (AICPA), is “the art of recording, classifying and which are, in part at least, of financial character and interpreting the results thereof we share monthly salary of an accountant in the Philippines. summarising in a significant manner and in terms of money, transactions, and events.”
Objectives of accounting
The objective is to provide reliable financial information about the company’s economic resources and liabilities arising from profitable operations; disclose, to the extent possible, other information relating to the company’s finances; reliable information about changes that are not resourced by providing other relevant information about changes in economic resources and other information to help evaluate potential statements of commitment related to user needs.
Who is an accountant?
An accountant is an individual who records business transactions, reports the results of a company to management, and prepares financial statements on behalf of the organization. Importantly, here are a few examples of the types of transactions an accountant might conduct:
Issuing invoices to customers with a record of sales and receivables.
Receive an invoice from a supplier with an expense or asset record and invoice payable.
Issuance of employee salary, including expense and cash flow reports.
Reconciliation of cash accounts may occur due to the reconciliation of bank statements.
Apart from recording transactions, an accountant prepares several reports which among many of them, are the following:
Financial reports are issued to investors, owners, or operators of business entities, along with lenders and other creditors. Further, financial statements consist of income statements, balance sheets, and cash flow statements.
In due time, management reports are provided to management. The reports are tailor-made to suit the needs of each department and can cover topics such as product line sales, cost variance analysis, sales profit, and overtime analysis.
Tax returns are prepared and sent to government agencies. This report shows the amounts paid in income tax, property tax, sales tax, and use tax to mention a few.
There are several options for an accountant to choose from but the most prestigious and glamorous is the Certified Public Accountant (CPA) as it is the requirement for an accountant who may wish to become an auditor and eventually start auditing the books of a client organization.
Another option is to become a Chartered Management Accountant (CMA), which aims to improve an accountant’s skills in management and financial accounting.
Last on this list is the Certified Internal Auditor (CIA).
With all the work that these accountants do, one may wonder how much they are paid by their respective employers for their services. Therefore, this article will discuss how much the salary is for an accountant in the Philippines.
Monthly Salary Of An Accountant In The Philippines
Accountants usually receive a starting salary of P20,000 ($380), while chief accountants usually receive a monthly salary of P30,000 to 35,000 ($570 – $665). In mid-sized private companies, the salary of accountants typically ranges from P35,000 to P45,000 ($665 – $855) per month. In large or multinational corporations, accountants typically earn between P50,000 and P75,000 ($950 – £1425) per month (Bureau of Local Employment, 2022).
Basic Education Requirements
Most positions in accounting require at least a bachelor’s degree in accounting or a related field. The Professional Regulatory Commission (PRC) gives the accreditation. The license provided by the PRC gives a clear advantage in the labor market.
Employment Opportunities for Accountants in the Philippines
The demand for Accountants in the Philippines is expected to rise along with economic growth. Consequently, more and more businesses need accountants to prepare accounting books, prepare taxes, and provide financial advice. As a result, Accountants accredited by a professional regulatory board, the PRC, regardless of their area of specialization, must have best-practice experience. Holders of a master’s degree in accounting or business administration with a focus on accounting also have an advantage.
In conclusion, monthly salaries for accountants in the Philippines differ depending on the qualifications one possesses and the company he or she works for.
Source: Bureau of Local Employment (www.ble.dole.gov.ph)
American Institute of Certified Public Accountants (AICPA)
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