When it comes to businesses that recently became an e-commerce, online payments are unexplored territory. Don’t worry, start making your accounting tasks for your ecommerce business smooth sailing with these simple tips.
Tip #1: Choose an accounting software
As an ecommerce business owner, accounting software is essential in tracking online transactions, making it easier for your bookkeeping tasks. Accounting software will also let your records stay up to date as well as accessible anywhere you go.
- Get one that is compatible with your online store
There are a lot of platforms that allow websites to have a shop page and sell products online. These platforms also allow you to receive online payments and record every transaction done in your online shop.
- Get one that can be connected with your bank
As an entrepreneur, you will also need to check your bank account regularly. It’s recommended to reconcile your records, which is comparing records from your bank and software, regularly.
Tip #2: Be diligent in recording business expenses and revenues
Keeping records is essential as it will serve a purpose during tax time. Even experienced business owners will tell you the same thing.
Having accurate records during tax time allows you to file correct taxes and, of course, steering you away from legal trouble. In the Philippines, there are penalties for tax evasion, wrongly filed taxes, and late submissions, and penalties can reach up to thousands of pesos and years of imprisonment.
With this in mind, better make sure to set aside the time to do your bookkeeping tasks and organize your receipts for easy access.
Tip #3: Stay up to date with the latest tax changes
From time to time, there are amendments made in the law. It’s crucial to stay up to date with the most recent changes in tax laws to avoid legal trouble and unnecessary setbacks.
So far, the TRAIN (Tax Reform for Acceleration and Inclusion) Law, which was signed into law on December 19, 2017, that is said to have the goal of making the tax system of the Philippines simpler. Some of the changes it brought are lower personal income tax and higher consumption tax.
Accounting is not the most fun among the majority. Despite the evasion on the topic, it’s a responsibility and deserves to be on your priority list.
Keeping track of your business’ financial transactions is a tiring and unending process. That’s why some companies often put the task on the shelf. If you’re finding it hard to pay attention to the numbers, you can count on firms that offer small business accounting Philippines. These companies focus on helping you have a better relationship with numbers as well as take care of the number crunching.
When it comes to handling the books, JCSN has decades of experience with many small to medium businesses and their accounting needs. We have experienced accounting professionals who’re proficient in using the latest software that allows efficient and precise accounting outsourced services.
Get in touch with us. Contact us through the following to speak with our team and get started.
Phone: +63 2 8247961 or +63 906 5586469