5 Simple Steps that will Increase Business Productivity

5 Simple Steps that will Increase Business Productivity

For Accountants, For SMEs
Let’s face it.  In today’s ever-changing environment, ever-growing consumer demands and expectations, and technological advances, competition in business is fierce. Difficult as it is, the intelligent entrepreneur knows that to increase business productivity spells a great difference for any business.Even big enterprises have learned how important it is to continually be productive in every aspect of the business.What does business productivity mean?Being productive does not only mean that your employees have to break their backs producing the products or services you offer.Nowadays, productivity means increasing efficiency in all areas of work.  Productivity means continuous involvement and engagement.  For the businessman, this means finding the right tools to make work more efficient.  Thus, a huge part of that productivity involves work management.Five ways that increase business productivityAnalyze the situationFind what your…
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What Challenges Do Accountants In The Philippines Face?

What Challenges Do Accountants In The Philippines Face?

For Accountants, For SMEs
Accounting remains one of the top choices for students for several reasons. We discussed this before, but here’s the summary. One, there’s a high demand--be it overseas or local. This probably gives the impression that it is a stable profession. Two, there’s a variety of environments. Accountants are needed in every industry; hence, they can pick whichever suits their taste. Three, it is a high-paying job. Nonetheless, this profession is not without challenges. We asked random accountants before and their sentiments seem to be the same. Here is an excerpt of what they said, copied verbatim: Kuripot at ayaw magbayad ng tamang tax na taxpayerF.E.U. Handling clientsJ.B. That you was hired as an accountant but at the end may others pala ( secretary, lawyer, collector, adviser)…hehehe 😄L.D.C. Yung GM. kala…
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One Person Corporation vs. Single Proprietorship

One Person Corporation vs. Single Proprietorship

For SMEs
Bakit hindi na lang single proprietorship? Bakit kailangan one person corporation pa? If you asked these questions, you’re not alone. So this article will discuss the differences between the two and outline the changes brought about by this newly signed law. What is Single Proprietorship? According to Chan Robles Virtual Law Library, a Single Proprietorship allows an individual to register his or her trade without the need of partners or any other person. In other words, it is the “simplest form of business organization.” It’s one of the reasons individuals opt for this type. What is One Person Corporation? As the term suggests, a one-person corporation is a corporation that does not require any other incorporators. One person is enough and even trust and estate can be a stockholder. With…
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Know Your Taxes: SLSP

Know Your Taxes: SLSP

Uncategorized
What is SLSP? Summary List of Sales and Purchases (SLSP) is the attachment to VAT Forms–2550Q. As the term suggests, it is a summary of third party information (clients and suppliers) the Bureau of Internal Revenue uses for cross-referencing. More specifically, it contains the following information: SLS: Taxable month BIR-registered name of the buyer TIN of the Buyer for sales subject to VAT Amount of sales (Gross) Nature of sales Exempt Sales Zero-Rated Sales Taxable sales Output Tax (VAT on Sales) Gross taxable sales SLP: Taxable month BIR-registered name of the vendor TIN of the Buyer for sales subject to VAT Amount of purchase (Gross) Nature of purchase Exempt purchase Zero-Rated purchase Taxable purchase Purchase of services Purchase of capital goods Purchase of goods other than the capital goods Input…
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Is Technology a Threat to Accounting?

Is Technology a Threat to Accounting?

For Accountants
You’ve probably heard that the recent development in technology, particularly the artificial intelligence (AI) in accounting software, is a threat to your job as an accountant. Questions such as “Should I hire an accountant or is accounting software enough?” is not uncommon in forums, Q&A sites, and the like. A simple Google search of the keyword “automation and accounting” would even yield links to articles and videos saying that technology is slowly killing the number crunchers in the industry. We beg to disagree. Technology in accounting--that is the accounting software--is by no means created to eradicate accountants in the field. Instead, we regard it as a tool to take off the menial, repetitive tasks off of your shoulders. (We talked about this before too.) What does that mean? To illustrate,…
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How to be a freelance accountant

How to be a freelance accountant

For Accountants
Freelancing has been a buzzword for quite some time now thanks to all the perks that come with it. Hence, it’s undeniable that more and more people, including you, are looking into the possibility of scoring some freelance jobs. But “Where do I start?” seems to be the most common question. So here we’re listing down some of the steps to set the ball rolling. Be certified and competent Whether we like it or not, clients would choose certified public accountants over those who haven’t taken the licensure exam yet--even if you have bookkeeping certification. So before getting all excited about this new venture, make sure you have already passed the CPALE. You also have to create a name in the field. One way to do that is to join…
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How can your small business benefit from cloud accounting?

How can your small business benefit from cloud accounting?

For SMEs
Let’s agree:Your business, an SME, is the backbone of any economy. Without you, a country’s GDP will definitely suffer.But did you know that jumping into the cloud accounting bandwagon will help you contribute more to the country’s revenue? This is because, through online accounting systems, you can increase your enterprise’s efficiency and thus improve cash flow and give way to business expansion--resulting in more SMEs or bigger businesses.More specifically, here are some ways cloud accounting benefits you.Real-time visibility of financial statusCloud-based accounting software lets you see your company’s financial health in real-time. That is if you or your accountant religiously updates your financial transactions.With this information at hand, you can make informed decisions to steer your business to where it should be headed.It’s unlike the traditional method of accounting or…
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Cloud vs. Desktop Accounting: Which is Better?

Cloud vs. Desktop Accounting: Which is Better?

Business Tips, For Accountants
Still haven’t decided between cloud-based accounting software and the online one?Here’s a simplified comparison we made just for you that we hope can help make up your mind. SecurityWe know that one of the main concerns you have about accounting software is its security. “Isn’t cloud-based more susceptible to malware, virus, and unauthorized access AKA hacking?” you ask.Bellingham Wallace Accounting says that’s a myth. Both are still secure, with the online accounting gaining a bit of the upper hand here. Cloud-based systems’ data are stored in secure dedicated servers, which are protected by enterprise-level security systems. And because it is “in the cloud,” it is safe from physical threats (e.g. anything that can damage your computer).On the other hand, offline or on-premise accounting systems are protected by your local security…
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What is smishing and what can you do about it?

What is smishing and what can you do about it?

For Accountants, For SMEs
As the song goes, Christmas “is the most wonderful time of the year.” Unfortunately, it’s also the time when our security--offline or online--are at a higher risk.While we can’t tell you exactly how you can protect yourself from offline thieves and scammers, we can share what we know about the latest modus the digital crooks have and what you can do about it.Let’s start off with smishing.What is smishing?Cute as it may sound, smishing is a risky tool online thieves have been using for some time. In fact, the Philippine National Police (PNP) has an article dedicated to it warning us of its possible consequences.Smishing is a combination of phishing and SMS.So if you know phishing, smishing is the same thing except that it’s done via text messages. It may…
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How to Attract and Retain the Next Generation of Accountants

How to Attract and Retain the Next Generation of Accountants

Business Tips
The latest board exam result for accountants has just been released and many of you are probably eyeing for the crème de la crème you can hire for your firm while making sure the current pool you have stays. But do you know how to attract more so retain them? In a previous article we published, we discussed some of the traits of this new generation AKA the millennials, and how employers can manage them. Here we are sharing tips specific to accounting firms. Adapt to new technologies and trends We all agree that technology is unstoppable. We’re left with no choice but to embrace it. That doesn’t mean, though, that we have to replace our human resource with robots. Instead, what we can do is automate the simple repetitive…
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Here’s Why You Have To Ditch Your Spreadsheet Now

Here’s Why You Have To Ditch Your Spreadsheet Now

For Accountants
Can you think of any business that didn’t rely on spreadsheets as they start up?We’d bet you can’t. You see, spreadsheets have become so integral to every business that it’s the basis of a lot of financially related software we use these days.In accounting, we all agree that spreadsheets are way much easier to use than the traditional accounting methods our ancestors taught us.But it’s been almost four decades since the first spreadsheet, VisiCalc, was introduced to us, and don’t you think it’s time to put it to rest?Here are the five reasons we haveSpreadsheets can be complexThere’s no undermining a spreadsheet’s power when it comes to tracking sales, purchases, inventories, and whatnot. In fact, if we know just the right commands and formulas, we can turn the simple spreadsheet…
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