ACCOUNTING SERVICES AGREEMENT

This Accounting Services Agreement (the “Contract”) is entered into March 1, 2020
(the “Effective Date”), by and between XXXX, CPA, with an address of XXXXX (the
“Accountant”) and YYYY., with an address of YYYYYY, (the “Client”), collectively
“the Parties.”

A. Services. Client requests and Accountant agrees to perform the following

Services (the “Services”) as Accounting Manager:

I. Manage and oversee the daily operations of the accounting department including:

 month and end-year process

 accounts payable/receivable
 cash receipts
 general ledger
 payroll and utilities
 treasury, budgeting
 cash forecasting
 revenue and expenditure variance analysis
 capital assets reconciliations
 trust account statement reconciliations,
 check runs
 fixed asset activity
 debt activity

II. Monitor and analyze accounting data and produce financial reports or statements
III. Establish and enforce proper accounting methods, policies and principles
IV. Coordinate and complete annual audits
V. Provide management recommendations
VI. Improve systems and procedures and initiate corrective actions
VII. Assign projects and direct team members to ensure compliance and accuracy
VIII. Meet financial accounting objectives
IX. Establish and maintain fiscal files and records to document transactions

Parties agree to establish procedures and processes deemed necessary to the

full, effective and efficient execution of the Services by the Accountant.
Client has the responsibility to timely provide Accountant all relevant documents,
and information for the execution of service.

B. Compensation. The Parties agree that Accountant shall invoice Client in

advance on a monthly basis for the Services. Services will be performed at a
monthly rate of ________, payable every 2nd and 4th Friday of the month.

No other work outside of the Scope of Services shall be performed unless

otherwise agreed upon in writing by the Parties.

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 In addition to the fees paid under paragraph (2) above, the Client agrees to
reimburse for out-of-pocket expenses or advances incurred in connection with
the performance of its obligations under this Agreement. In addition, any other
expenses incurred at the request or with the consent of the Client will be
reimbursed by the Client.

The Client agrees to pay all fees and reimbursable expenses within (5) five days
following the receipt of the respective billing notice.

C. Term. This Contract shall commence upon the Effective Date, as stated above,
and will continue until March 02, 2021.
D. Ownership of Work Product and Usage of Accounting Software. As a result
of this Contract, Accountant will create Work Product, including, but not limited
to, documents, presentations, reports and the like, physical and/or electronic. All
Work Product shall be owned by Client. Accountant does not maintain any rights
to this Work Product and shall turn over all Work Product upon the termination of
this Contract.
E. Independent Accountant Relationship. The Parties agree that Accountant is
providing the Services under this Contract and acting as an Independent
Contractor and not as an employee. This Agreement does not create a
partnership, joint venture, or any other fiduciary relationship between Client and
Accountant. Accountant does not have any authority to enter into any
agreements on Client’s behalf unless
F. Confidentiality. During the course of this Contract, it may be necessary for
Client to share proprietary information, including financial information, trade
secrets, industry knowledge, and other confidential information, to Accountant in
order for Accountant to complete the Services. Accountant will not share any of
this proprietary information at any time. Accountant also will not use any of this
proprietary information for his/her personal benefit at any time. This section
remains in full force and effect even after termination of the Contract by its
natural termination or the early termination by either party.
G. Audit. Accountant will maintain complete records of all business conducted
related to the Services and this Contract. Accountant’s records will be available
for full inspection and audit by Client and government entities for the period of
time required by law.
H. Termination. This Contract may be terminated at any time by either Party upon
written notice to the other party. Client will be responsible for payment of all
Services performed up to the date of termination, except for in the case of
Accountant’s breach of this Contract, where Accountant fails to cure such breach
upon reasonable notice.
Upon termination, Accountant shall return all Client content, materials, and all
Work Product to Client at its earliest convenience, but in no event beyond forty-
five (45) days after the date of termination.
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I. Representations and Warranties. Both Parties represent that they are fully
authorized to enter into this Contract. Accountant agrees to perform accounting
services in accordance with the Code of Ethics for Professional Accountants in
the Philippines. All analysis, records, reports, and filings will be performed in
compliance with the law.
J. Indemnity. The Parties each agree to indemnify and hold harmless the other
Party, its respective affiliates, officers, agents, employees, and permitted
successors and assigns against any and all claims, losses, damages, liabilities,
penalties, punitive damages, expenses, reasonable legal fees and costs of any
kind or amount whatsoever, which result from the negligence of or breach of this
Contract by the indemnifying party, its respective successors and assigns that
occurs in connection with this Contract. This section remains in full force and
effect even after termination of the Agreement by its natural termination or the
early termination by either party.
K. Limitation of Liability. UNDER NO CIRCUMSTANCES SHALL EITHER PARTY
BE LIABILE TO THE OTHER PARTY OR ANY THIRD PARTY FOR ANY
DAMAGES RESULTING FROM ANY PART OF THIS CONTRACT SUCH AS,
BUT NOT LIMITED TO, LOSS OF REVENUE OR ANTICIPATED PROFIT OR
LOST BUSINESS, COSTS OF DELAY OR FAILURE OF DELIVERY, WHICH
ARE NOT RELATED TO OR THE DIRECT RESULT OF A PARTY’S
NEGLIGENCE OR BREACH.
L. Severability. In the event any provision of this Contract is deemed invalid or
unenforceable, in whole or in part, that part shall be severed from the remainder
of the Contract and all other provisions should continue in full force and effect as
valid and enforceable.
M. Waiver. The failure by either party to exercise any right, power or privilege under
the terms of this Contract will not be construed as a waiver of any subsequent or
further exercise of that right, power or privilege or the exercise of any other right,
power or privilege.
N. Legal Fees. In the event of a dispute resulting in legal action, the successful
party will be entitled to its legal fees, including, but not limited to its attorneys’
fees.
O. Legal and Binding Agreement. This Contract is legal and binding between the
Parties as stated above. This Contract may be entered into and is legal and
binding in the Philippines. The Parties each represent that they have the
authority to enter into this Contract.
P. Governing Law and Venue of Court Action. The legality, execution and effects
of this Contract shall be governed by the applicable laws of the Republic of the
Philippines.

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 Should any court action be instituted by any of the Parties arising from this
Contract, the parties hereby agree that the venue thereof shall be the proper
court in Batangas City with the exclusion of any other venue.

Q. Entire Agreement. The Parties acknowledge and agree that this Contract
represents the entire agreement between the Parties. In the event that the
Parties desire to change, add, or otherwise modify any terms, they shall do so in
writing to be signed by both parties.

The Parties agree to the terms and conditions set forth above as demonstrated by their
signatures as follows:

XXXXXX YYYYYY
ACCOUNTANT President, YYYY.
CLIENT
Date: ______________ Date: ______________

ACKNOWLEDGEMENT
Republic of the Philippines)
Batangas City ) S.S

BEFORE ME, a Notary Public for and in _______________, this day of

_____________________, 2020, personally appeared:
Name Competent Proof of Date & Place Issued
Identity

Known to me and to me known to be the same persons who executed the foregoing
instrument and acknowledged to me that the same is their free and voluntary act and
deed.

This instrument consisting of ____ page/s, including the page on which this
acknowledgement is written, has been signed on each and every page thereof by the
concerned parties and their witnesses, and and sealed with my notarial seal.
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WITNESS MY HAND AND SEAL, on the date and place first above written.

Notary Public

Doc. No.______;
Page No. ______;
Book No.______;
Series of 20___.

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