Comparison of the Top Small Business Accounting Software

Comparison of the Top Small Business Accounting Software

For Accountants, For SMEs
Looking for the best accounting software for small businesses? We understand how hard it is to have multiple tabs open to compare feature and prices, so we did the hard work for you. We scoured the internet for the best and most recommended accounting systems there are and summarized their key features, limitations, pricing, and others in one (or four) tables. Plus: If you keep reading, we’ll share some tips on how to choose the best software for small businesses. ERPNextJeon SoftJuan TaxKey features*Accounting*HR & Payroll*Manufacturing*CRM*Website for users*Cloud-based*Open source*Complete ERP system*POs*Fixed Asset System*Unlimited users, companies, positions, and department*Unit of conversion*On-premise*tax software*online tax payment*Integrable with other platform (Xero)*with mobile app*cloud-basedLimitations*Not localized*Relatively pricey for a premium edition*Uses legacy platform *No definite licensing scheme *Support and maintenance is inconsistent *Not customizable*Not an accounting…
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Know Your Taxes: How To File Income Tax Return

Know Your Taxes: How To File Income Tax Return

Business Tips, For Accountants, For SMEs
Who should file? If you are earning purely compensation whose income tax return has been correctly withheld [tax due equals tax withheld] If you have two or more employers If you are a non-resident alien receiving income from sources within the Philippines but are not engaged in trade or business If you have a business/practice profession income and your method of deduction is either an itemized deduction or optional standard deduction If you are a mixed-income earner (compensation and profession income) If you are an estate or trust engaged in trade or business If you have a business/practice profession income and you opted to avail of the 8% flat income tax rate If you are a non-individual (corporation or partnership) who are subject to a 30% income tax rate, exempt…
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Is Knowledge Really Power?

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

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…
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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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