For Accountants Archives

22Oct 2019 by Ibeaa Perdon

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…

05Apr 2019 by Ibeaa Perdon

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 Ibeaa Perdon

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 Ibeaa Perdon

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 Ibeaa Perdon

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…

11Sep 2018 by Ibeaa Perdon

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…

10Aug 2018 by Ibeaa Perdon

3 Simple Steps that will Get the Right Accounting Services Fees

For Accountants

“So how much do I have to pay for your services?”This is probably one of the most challenging questions we can encounter in our practice. We may have been taught how to keep the books balanced or file taxes on time, but nobody actually taught us how much to charge for our accounting services.Perhaps, some of us were fortunate enough to be mentored by other practitioners, those who have been in the industry for a long time.However…Their pricing scheme may no longer be applicable to our time.So how do you determine how much you should charge for your accounting services fees?Here are three simple steps to follow.Compare pricesProbably one of the first things we do when planning to put up a business is to compare the prices. From this, we…

27Jun 2018 by Ibeaa Perdon

20 Ways to Get More Clients (Part 4 of 4)

For Accountants

Finally, here's the last part of our getting more clients series.Referral programsThere are several referral programs you can create for your practice. In fact, from Referral Candy alone, you can get 47 ideas already for your business. These programs are easy to set up and can work for almost anyone.You may also look for services that offer referral programs and partner up with them. There are companies that offer substantial discounts or commission when you refer even just a few clients.The best part of having a referral program is that you barely have to shell out cash. Paying your referrers with goods or services is more appreciated. For an accountant, perhaps offering an hour worth of service or free financial analysis can do the trick.Social mediaDespite all the fake news…

21Jun 2018 by Ibeaa Perdon

20 Ways to Get More Clients (Part 3 of 4)

For Accountants

As the title clearly states, this is now the third part of our four-part series about how you can get more clients. If you missed the first two, here’s the first and second five.MeetupsMeeting up with people is one good way to expand your reach. But where do you find people with common interests?Meetup.com may be the answer.Just create your account then start searching for groups you’re interested in. If you can’t find one, you can create a group of your own then wait for others to join.NicheThis method may not be a specific how-to, but choosing your own niche makes it easier for you to find clients.Would you like to work with businesses in the real estate? Law firms? Software industry? It’s your call.The best part of concentrating on…

21Jun 2018 by Ibeaa Perdon

20 Ways to Get More Clients (Part 2 of 4)

For Accountants

Here’s the second part of our getting more clients series. If you missed Part 1, you may check it out here.Otherwise, here’s the next five:Free adviceIn a previous post, we shared how adding value to your service attracts more clients. And one of the values you include is offering free advice.Who doesn’t love free stuff?This is especially beneficial if you haven’t established your name yet. Potential clients don’t know yet what you can bring to the table, so giving them free financial advice will get your foot on the door.Some of the places where you can get potential clients are listed in the first part of this blog. Alternately, you can join groups such as Philippine Tax, Accounting and Audit Forum and Tax Help in the Philippines on Facebook.Google My…