5 Reasons You’re Not Having a Profitable Business

5 Reasons You’re Not Having a Profitable Business

Business Tips, For SMEs
Connected Women, headed by Ms. Gina Romero and co-founder Ms. Ruth Yu-Owen, in partnership with Facebook, through Prof. Aries Patawaran, conducted a one-day seminar about starting up a business and marketing it. One of our team members was present at the event; thus, we are sharing the things to avoid so you, too, can have a profitable business in the Philippines. Note that the following items are not listed according to how they were discussed in the seminar. Also, this is a mash-up of the two topics mentioned above. Reasons Why You Don’t Have a Profitable Business You don’t understand the market. Understanding your market, through market research, is crucial for any business. The University of British Columbia says accurate data about your market is critical. The video below explains…
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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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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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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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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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Tax Changes 2018: A comprehensive list

Tax Changes 2018: A comprehensive list

Business Tips, For Accountants
Editor's note: This article was first published on Jan. 21, 2018. It has been revamped to make sure the contents are up to date. Also, if you are viewing this from a mobile device, please make sure your handset is in landscape orientation. We know you have a lot of questions regarding the tax changes for 2018 and the period hereafter. There are a lot of articles published discussing these changes; however, they are usually on different posts. You can always open several tabs at a time, but who has time for that? So we scoured the web for as much information about changes in tax policies as we can and combined all of what we gathered in one comprehensive list. And here it is. Before After Reduced taxes Personal Income…
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4 Simple Ways To Avoid Fake Invoice Scam

4 Simple Ways To Avoid Fake Invoice Scam

Business Tips, For SMEs
In case you haven’t heard about it, there is a fake invoice scam that has been circulating targeting business owners. These scams may be an attempt to fool you or your employees to pay for products or services you haven’t really availed or may not even exist at all. It's similar to smishing, but the fake invoice scam is usually sent via email.Other times, these scams require you to download and install a file that contains malware. This malware is created to steal your private information, usually related to banking.How does the fake invoice scam work?There are different versions of this scam but, by and large, you’re sent a legit-looking invoice that has a subject looking like this:[caption id="attachment_28124" align="aligncenter" width="620"] Credit: Telegraph UK[/caption]Sometimes, it may be labeled “past due”…
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Little Known (Free) Marketing Strategies for Startups

Little Known (Free) Marketing Strategies for Startups

Business Tips, For SMEs
When a product is nearing its completion, start-ups begin to map out their next moves. One of which is promoting the business. While bigger corporations tend to outsource marketing to specialized companies, most start-ups don't have the finances to do the same. Thankfully, in today's highly digital era, there are a lot of marketing strategies for startups you can do for free. You only need to manage the resources you have to effectively promote your products and services. Here are some of them. 5 marketing strategies for startups Email marketing Email marketing has been around for a long time, and with good reason: it's an effective way to promote without shelling out the big bucks. Customers often check their emails during their downtimes, so it's likely that they have time…
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