Lumeng Lim, Author at Oojeema

22Oct 2019 by Lumeng Lim

10 Skills You Should Master To Be A Small Business Accountant

Image by R A from Pixabay First things first: Why should you choose to be a small business accountant? Here’s the quick answer: Small and medium businesses are the backbone of the economy. The Association of Chartered Certified Accountants (ACCA) estimates about two-thirds of jobs worldwide are created by SMEs. This means helping them succeed translates to helping a huge number of people be and remain employed. That’s a pretty noble job, isn’t it? So to be an effective part of building or protecting small business wealth, here are what you need to master according to The Balance Team. Skills of a Small Business Accountant For startups Financial analysis. What does their business plan say about their finances? Is it feasible? Does it need tweaking? You see you can tell…

22Oct 2019 by Lumeng Lim

5 Reasons You’re Not Having a Profitable Business

Business Tips, For SMEs

Connected Women, headed by Ms. Gina Romero and co-founder Ms. Ruth Yu-Owen, in partnership with Facebook, through Prof. Aries Patawaran, conducted a one-day seminar about starting up a business and marketing it. One of our team members was present at the event; thus, we are sharing the things to avoid so you, too, can have a profitable business in the Philippines. Note that the following items are not listed according to how they were discussed in the seminar. Also, this is a mash-up of the two topics mentioned above. Reasons Why You Don’t Have a Profitable Business You don’t understand the market. Understanding your market, through market research, is crucial for any business. The University of British Columbia says accurate data about your market is critical. The video below explains…

17Jul 2019 by Lumeng Lim

How To Increase Profitability In the Modern World: Experts Reveal 3 Tips

Business Tips, For SMEs

Let’s face it. In today’s ever-changing environment, the ever-growing consumer demands and expectations and technological advances, competition in business is fierce. Which means to be profitable, your business has to come up with a long list of strategies. But who has time for all these? So we scoured the internet for the fastest tips on how to increase profitability, and almost all them point to one thing: Productivity. The thing is… What productivity workshops have been telling us does not apply any longer. The modern business setting calls for modern productivity techniques. Relying on time management alone no longer works. What should be done instead? We gathered information from different sources, and here are the top tips from the experts. How to be productive in the modern world Have time…

05Apr 2019 by Lumeng Lim

Is Knowledge Really Power?

Business Tips, For Accountants, For SMEs

If you had a television in the 1990s until the early 2000s, you might have heard Mr. Ernie Baron say, “Knowledge is power” right before ending his segment on TV. And if you believe in this statement, we feel you. We've upheld this declaration from the moment we heard it until we came across another statement that’s taking quite a different route: Knowledge is not (enough) power. Before you raise your eyebrows up so high your hairline has to take a step back, let us define what knowledge and power are first. According to the dictionary, “knowledge” is a noun that means “facts, information, and skills acquired by a person through experience or education; [it is] the theoretical or practical understanding [emphasis added] of a subject.” “Power,” on the other…

28Mar 2019 by Lumeng Lim

Fast Food Won’t Make You Fat (Not Even A Bit)

For Accountants

You read that right. Despite seeing studies linking obesity with fast food, we believe that it won’t make you fat. Do you know what makes you fat? Y-O-U. You make yourself fat. Blaming fast food when you start gaining weight is a victim mentality--that you have been wronged by others. In this case, the fast food makers and advertisers. But look at this: How many people saw the newest burger commercial? How many drove to the fast-food restaurant to buy it? How many ate it? How many gained weight? Did everybody who did get plumper? Maybe. Did everybody stay plump for the rest of their lives? We didn’t think so. Then why blame fast food? Whose idea is it to drive all the way to the big M? Whose idea…

22Mar 2019 by Lumeng Lim

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…

05Nov 2018 by Lumeng Lim

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…

26Oct 2018 by Lumeng Lim

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…

11Sep 2018 by Lumeng Lim

Will technology replace accountants?

For Accountants

With all the advancements in technology burgeoning these days, particularly the accounting software for the accounting industry, we can’t help but ask, “Will technology replace accountants?” Will there ever come a time when businesses would no longer need a bookkeeper or an accountant’s help and rely solely on technology? We’d like to believe that’s never going to happen. At least not anytime soon. Bernard Marr of Forbes agrees. He says, “Robots are NOT going to replace all human accountants or bookkeepers.” Instead, he encourages bookkeepers and accountants to work with the machines so they can do more in less time. How then can we make technology work for us? Hubdoc suggests managing and evaluating your accounting workflow. For sure, there are processes you do every day or on a regular…

31Aug 2018 by Lumeng Lim

Oojeema Updates [as of Aug. 30, 2018]

Uncategorized

We are committed to making your accounting life as simplified as possible; hence, we perpetually add new features and fix bugs to get to our goals.So for today's update, here's the list of our new features:Sales and Service InvoicesYou now have the option to create either a sales invoice for goods or a service invoice for services. These options are found in the Sales tab by clicking the drop-down Create New Invoice button.OR/CRIn relation to the new types of invoice, you may now manually add OR or CR numbers to the invoice you make upon receiving payments.Audit TrailYou may now review who made the changes. To see the report, go to Reports tab then look for the Audit Trail section at the bottom.Bug FixesCertain bugs have also been fixed.As always,…

Author: Lumeng Lim