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 monthBIR-registered name of the buyerTIN of the Buyer for sales subject to VATAmount of sales (Gross)Nature of salesExempt SalesZero-Rated SalesTaxable salesOutput Tax (VAT on Sales)Gross taxable salesSLP:Taxable monthBIR-registered name of the vendorTIN of the Buyer for sales subject to VATAmount of purchase (Gross)Nature of purchaseExempt purchaseZero-Rated purchaseTaxable purchasePurchase of servicesPurchase of capital goodsPurchase of goods other than the capital goodsInput taxGross taxable purchase Who should submit SLSP? According to RMC 51-2009:You are required to submit SLS if your business is VAT-Registered and you have a…
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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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