3 Benefits of Subscription-based Software

3 Benefits of Subscription-based Software

For SMEs
Consumer habits have changed recently from the one time trip to the grocery getting everything that’s needed for the entire month to the buying of goods on a weekly or daily basis. This comes as no surprise as the latter seems to be simpler and more hassle-free. It means you don’t have to take home a truckload of groceries you may not even be consuming for the rest of your life.Software-as-a-Service (SaaS) companies have seen this trend and started to cash in on it (for a good reason). In fact, reports say that these companies such as Dropbox and Salesforce have valuations on the rise because of this business model.But as a consumer, what benefits can you get from a subscription-based software?Benefits of Subscription-based softwareFaster ROIOPEX and CAPEX are two…
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New Withholding Tax Rates 2018

New Withholding Tax Rates 2018

For Accountants, For SMEs
Upon the approval of the tax reform bill, the BIR released the new withholding tax rates as seen on its website and the image below. As previously mentioned, those with compensation not exceeding 250,000 annually will be exempt from withholding tax while others will have to pay a staggered rate starting January 1. In other words, for the first salary of the year, usually January 15, Filipinos should expect bigger take-home pays compared to the previous month’s. However, you’re reminded that old tax rates still apply to your 2017 ITR, particularly the income you earned in that year. “The salary and earnings of us taxpayers in the previous year will still be taxed according to the old rates when we file our income tax returns (ITR) before the April 16…
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Accountant vs. Bookkeeper: Which One Should You Hire?

Accountant vs. Bookkeeper: Which One Should You Hire?

For SMEs
All businesses have financial records and transactions to keep track of, whether you’re flying solo or have a few individuals working for you. While you, as the owner, may do all the record keeping, we all know that it takes a lot of time and effort to do so.What you can do then is to hire someone—either an accountant or a bookkeeper—to help you with these endeavors. But which of them will fit the bill better?These descriptions of their responsibilities may help you select the better person. BookkeeperContrary to the beliefs of some, the tasks of an accountant and a bookkeeper are actually different. And hiring either one of them depends on your needs.A bookkeeper is a person who records your financial transactions daily. He or she ensures all transactions…
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Duterte Signs 2018 Tax Reform Bill, Now What?

Duterte Signs 2018 Tax Reform Bill, Now What?

For Accountants, For SMEs
On December 19, 2017, President Rodrigo Duterte signed the much-awaited tax reform program that plans to shift the tax burden from the low-income earners to the higher-earning ones. This new law exempts individuals whose annual income does not exceed PhP250,000 from paying personal income taxes. Workers who are earning 400,000 to 800,000 will “be paying income tax at ₱30,000 plus 25% of the excess over ₱400,000.” Before those who are earning more than 500,000 annually pay “₱125,000 plus 32% of the excess over ₱500,000.” Also, the tax exemption for bonuses such as 13th-month pay is raised from 82,000 to 90,000. Another change introduced by the Tax Reform for Acceleration and Inclusion (TRAIN) is the optional flat tax for the SEPs of the self-employed and professionals. If they would not opt…
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How To Avoid Fake Invoice Scam

How To Avoid Fake Invoice Scam

Business Tips, For SMEs
In case you haven’t heard about it, there is an invoice scam that has been circulating targeting business owners. These scams may be an attempt to fool you or your employees to pay for the products or services you haven’t really availed or may not even exist at all.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” or “due immediately” to make you even more uneasy thus luring you to click…
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Technology in Small Businesses: How To Make It Work For You

Technology in Small Businesses: How To Make It Work For You

For SMEs
Let’s take a step back and check just how much technology has changed the lives of regular people. From ride-hailing to instant messaging, a whole lot of work can be done through countless apps available on web and mobile.In today's evolving world, the importance of technology in small businesses is being emphasized more and more each day. Keeping up to date with the digital world is required for any business, especially those that are just starting to take off.Technology is a powerful tool that can propel a team to greatness; any company would do well to use this knowledge. To help out with that, we’ve noted down the 5 benefits that a team gets when they take advantage of modern technology.Instant CommunicationThey say teamwork makes the dream work - and…
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Crunch it: A glimpse into the world of financial statements

Crunch it: A glimpse into the world of financial statements

For Accountants, For SMEs
Among all the industries, I can say that accounting can easily count as one of the backbones of society. Why? This is because businesses, big and small, and even the government have some kinds of accounting system in place. According to LinkedIn’s special report on Philippine's workforce, individuals who crunch numbers for a living are quite in demand. The report only goes to show that the field of accounting, like medicine, science, and technology, is fundamental in helping society function properly. The accounting practice in the Philippines Did you know that the system of accounting in the Philippines can be traced back to our ancestors when we exchanged goods and services with the Chinese, Indians, and Malays? During this time, “accounting” was a simple matter of hands exchanging cash. Eventually,…
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Top Tricks To Promote Your Startup For Free

Top Tricks To Promote Your Startup For Free

For SMEs
When a product is nearing its completion, start-ups begin to map out their next moves. It's necessary for the business to build a loyal user base - it's time to start marketing! 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 ways for a smaller company to gain traction. Startup teams need to manage what resources they have to effectively promote their products and services. A lot of start-ups may not be so savvy when it comes to marketing, but there's no need to fret. Here are five surefire ways to get your company noticed! Tips to promote your small/startup business for free Stick with the Classics Email…
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Accounting and Startups: How To Prevent Chaos

Accounting and Startups: How To Prevent Chaos

For SMEs
It's no secret that more and more startup companies are cropping up these days, catering to a wide range of industries. These startups all share the same dream: to build a product that makes people's lives better - with a bonus of gaining some profit! However, as with all new businesses, challenges arise as the start-up pioneers build their corporation. Since some teams come from a purely technical background, one major challenge is the financial aspect of running their company. To help out, we've listed the top 5 accounting issues for start-up businesses - and how to prevent the team from being thrown into financial chaos. Accounting issues and their solutions Accounting as an Afterthought The first thing that startups should know is that accounting must be integrated into the…
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Oojeema: The Headache-free Accounting

Oojeema: The Headache-free Accounting

For Accountants, For SMEs
Bookkeeping is never an easy task. There are several chores you have to accomplish mostly on a daily basis.There’s the billing for goods, recording receipts from customers, verifying invoices, and many others.Whether you are a private practitioner or a part of an accounting firm, the process of recording and tracking financial records for you client is indeed a feat.The problem with manual accountingKeeping track of the company’s finances through the traditional ledgers or the semi-modern spreadsheets has been the practice of many businesses.While this practice can do the job alright, it has several downsides. Below are some examples.Lost documents.No matter how meticulous we are in keeping receipts, invoices, and other necessary documents, there comes an unfortunate time when at least one of these will get lost.It may be misplaced, stolen,…
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