The following accounting practices serve as the foundation for JMV Accounting Firm’s company profile, operational policies, and statement of professional standards. These practices emphasize professional competence, integrity, accountability, confidentiality, transparency, and compliance with applicable Philippine laws, regulations, and professional accounting standards.

1. Accurate Financial Recording

Maintain complete, accurate, organized, and up-to-date records of all financial transactions to ensure the reliability and integrity of clients’ financial information.

2. Bookkeeping and Accounting

Record, classify, summarize, and maintain financial transactions in accordance with applicable Philippine Financial Reporting Standards (PFRS), relevant accounting principles, and other applicable regulatory requirements.

3. Financial Statement Preparation

Prepare financial statements and financial reports that fairly present the financial position, financial performance, and cash flows of clients in accordance with the applicable financial reporting framework.

4. Tax Compliance and Preparation

Assist clients in preparing and filing tax returns, determining tax liabilities, maintaining tax records, and complying with applicable Bureau of Internal Revenue (BIR) requirements and other relevant tax laws and regulations.

5. External Auditing and Assurance Services

Provide independent external auditing and assurance services, when duly authorized and qualified, to evaluate financial statements and express an independent opinion in accordance with applicable Philippine Standards on Auditing and professional requirements. Independence, objectivity, and professional skepticism shall be maintained throughout the engagement.

6. Internal Control and Risk Assessment

Evaluate accounting procedures, financial controls, and business processes to identify potential weaknesses, minimize errors, reduce the risk of fraud, and recommend appropriate corrective measures.

7. Payroll and Employee Benefits Administration

Assist clients in payroll preparation, employee compensation records, statutory deductions, and the preparation of required reports and contributions involving the BIR, Social Security System (SSS), PhilHealth, Pag-IBIG Fund, and other applicable government agencies.

8. Business Registration and Regulatory Compliance

Assist clients with business registration, accounting records, invoicing requirements, and regulatory documentation involving the appropriate government agencies, subject to applicable licensing, accreditation, and authorization requirements.

9. Financial Analysis and Management Reporting

Analyze financial statements, budgets, cash flows, and operating results to provide meaningful financial information that supports management decisions, business planning, cost control, and organizational growth.

10. Budgeting and Financial Planning

Assist clients in preparing budgets, financial projections, cash flow forecasts, and financial plans to promote responsible resource allocation and sustainable business operations.

11. Accounting System Development and Improvement

Recommend and implement appropriate accounting systems, bookkeeping procedures, and financial reporting processes to improve efficiency, accuracy, accountability, and the timely preparation of financial information.

12. Accounting Records Management

Maintain orderly accounting files, supporting documents, financial reports, and tax records in accordance with applicable retention requirements, data protection laws, and professional standards.