Browsing Tag:accounting services for startup businesses

Practical Accounting Tips for Small Business Owners in the Philippines

Being a small business owner is no easy feat — you handle everything. You wear many hats to keep the operations running, and that includes accounting. Yes, accounting involves a lot of numbers, computations, and formulas. It’s a hassle, especially if you’re not good with numbers. But, it’s important to pay attention to it because it involves assessing your assets, liabilities, cash flow, payroll, sales, and much more. Without it, your finances are a mess.   What Should You Do?…

PRC: Accountants Should Embrace Digital and Tech Skills

Today’s era has completely shown that technology can go hand in hand with the workforce. All thanks to the willingness of the people to adapt to artificial intelligence and other emerging technologies, business processes were streamlined. Looking at the accounting industry in the Philippines, it’s clear that technology and software play a significant role in efficiency and productivity. Even the Professional Regulatory Commission (PRC) said that accountants should embrace digital and tech skills. Those are already clear indications of the…

What You Need to Know About BIR’s Computerized Accounting System

The Philippine government, through the Bureau of Internal Revenue (BIR), requires those who fall under the large taxpayer classification to operate using a Computerized Accounting System (CAS). This is by virtue of the Revenue Regulations No. 9-2009 issued by the BIR, as an agency tasked to collect more than half of the government’s total revenues.   Who are the Large Taxpayers? The criteria used to determine which business establishment falls under the large taxpayer classification will be detailed below. It…

Common Accounting Mistakes and How to Avoid Them Completely

As business owners, there are many things you can’t control. Although that’s the case, there are also things you need to take control of, and one of those things is accounting. Accounting mistakes, whether small, big, or accumulated, can destroy your business from the inside. A simple miscomputation can be detrimental for the business. Accounting mistakes can happen to any business or entrepreneur. Check out this list of common accounting mistakes and how to avoid them completely.   Personal and…