Startup Business Advice: Here’s A Trick No One Told You About

Startup Business Advice: Here’s A Trick No One Told You About

Business Tips, For SMEs
Image by Tayeb MEZAHDIA from Pixabay Do you find starting up a business overwhelming? Well, here’s a story for you. Back in 2003, when we were just starting, we had all these ideas but unsure how to put them into action. Where to start?   How do I do get clients? What if they don’t like the product? What makes the startup successful? There were way too many questions.  Despite all these confusions, however, one thing was clear: We want to start up a business and we can’t mess it up. So, we asked our entrepreneur friends how they managed to survive, and they gave us various startup business advice. But what’s common among them is: Take advantage of all FREE things. So we did. Pero hindi rin pala ganun kadali…
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How To Increase Profitability  In the Modern World: Experts Reveal 3 Tips

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…
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Tax Amnesty Act

Tax Amnesty Act

For Accountants, For SMEs
 Simply put, the Tax Amnesty Act is a ONE-TIME opportunity to settle tax obligations--estate tax and general tax--at a reasonable rate. Estate tax What is covered? If a decedent died on or before December 31, 2017, and has an unpaid or accrued estate tax(es) as of the aforementioned date, his/her estate is covered. What is exempted? Final and executory delinquent estate tax liabilitiesThose covered by Tax Amnesty on DelinquenciesProperties with pending cases:under the jurisdiction of the Presidential Commission of Good Governmentdue to unexplained or unlawfully acquired wealth under R.A. No. 3019 and R.A. No. 7080due to violations of R.A. No. 9160 (Anti-Money Laundering Act)due to tax evasiondue to other criminal offenses under Chapter II of Title X of the National Internal Revenue Code of 1997, as amendeddue to felonies of…
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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 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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