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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How can your small business benefit from cloud accounting?

How can your small business benefit from cloud accounting?

For SMEs
Let’s agree:Your business, an SME, is the backbone of any economy. Without you, a country’s GDP will definitely suffer.But did you know that jumping into the cloud accounting bandwagon will help you contribute more to the country’s revenue? This is because, through online accounting systems, you can increase your enterprise’s efficiency and thus improve cash flow and give way to business expansion--resulting in more SMEs or bigger businesses.More specifically, here are some ways cloud accounting benefits you.Real-time visibility of financial statusCloud-based accounting software lets you see your company’s financial health in real-time. That is if you or your accountant religiously updates your financial transactions.With this information at hand, you can make informed decisions to steer your business to where it should be headed.It’s unlike the traditional method of accounting or…
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Cloud vs. Desktop Accounting: Which is Better?

Cloud vs. Desktop Accounting: Which is Better?

Business Tips, For Accountants
Still haven’t decided between cloud-based accounting software and the online one?Here’s a simplified comparison we made just for you that we hope can help make up your mind. SecurityWe know that one of the main concerns you have about accounting software is its security. “Isn’t cloud-based more susceptible to malware, virus, and unauthorized access AKA hacking?” you ask.Bellingham Wallace Accounting says that’s a myth. Both are still secure, with the online accounting gaining a bit of the upper hand here. Cloud-based systems’ data are stored in secure dedicated servers, which are protected by enterprise-level security systems. And because it is “in the cloud,” it is safe from physical threats (e.g. anything that can damage your computer).On the other hand, offline or on-premise accounting systems are protected by your local security…
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What is smishing and what can you do about it?

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…
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How to Attract and Retain the Next Generation of Accountants

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…
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Here’s Why You Have To Ditch Your Spreadsheet Now

Here’s Why You Have To Ditch Your Spreadsheet Now

For Accountants
Can you think of any business that didn’t rely on spreadsheets as they start up?We’d bet you can’t. You see, spreadsheets have become so integral to every business that it’s the basis of a lot of financially related software we use these days.In accounting, we all agree that spreadsheets are way much easier to use than the traditional accounting methods our ancestors taught us.But it’s been almost four decades since the first spreadsheet, VisiCalc, was introduced to us, and don’t you think it’s time to put it to rest?Here are the five reasons we haveSpreadsheets can be complexThere’s no undermining a spreadsheet’s power when it comes to tracking sales, purchases, inventories, and whatnot. In fact, if we know just the right commands and formulas, we can turn the simple spreadsheet…
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Why 15 minutes is all you need to prepare BIR forms with Oojeema

Why 15 minutes is all you need to prepare BIR forms with Oojeema

For Accountants
  Let’s admit: Preparing BIR forms is one of the most daunting tasks in accounting and bookkeeping. It’s boring, painstaking, and eats up a lot of your time you could have spent on something else. This is especially true for those who are still using the traditional method AKA the spreadsheet. Let’s take the form 2550Q as an example. We all know that the second part of this form houses output taxes for different revenues. There’s the VATable sales, sales to government, zero rated sales, and so on. As you can probably see, going through each of these boxes, even with the help of spreadsheet takes a lot of time. Oojeema helps save you time by automatically computing output taxes as you go. Here’s a short video of how easy…
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How to simplify BIR reports preparation with Oojeema

How to simplify BIR reports preparation with Oojeema

For Accountants
Do you waste countless hours computing taxes and encoding them on BIR’s portal? It’s not a very nice feeling, is it? Oojeema understands your frustration; thus, it offers you with a system that will simplify most, if not all, of your accounting processes starting with BIR reports preparation. How so? BIR forms in a jiffy First, preparing BIR forms 0605, 2550M, 2550Q, 2551M, 2551Q, 1601E, and 1604E is quick and easy. As you add sales and purchase transactions, these forms are automatically updated without having to log in to another website to manually sync your data. With others, you have to log in on to one website, connect your account from the other website, and sync your data. For every transaction you make on the other website, you have to…
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