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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 have Spreadsheets can be complex There’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,…
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Why 1 Minute is All you Need To Prepare BIR Forms

Why 1 Minute is All you Need To Prepare BIR Forms

For Accountants
Note: This post was updated on January 6, 2020. Preparing BIR forms eats up a lot of your time because it requires attention to details. Hence, you have to check and recheck each information that goes into the forms. This is especially true if you are using spreadsheets because, in some cases, it's easier to handle. Let’s take the form 2550Q as an example. The second part of this form houses input and output taxes. There are more or less 20 boxes to fill out, depending on the taxpayer's transactions. As you can probably see, going through each of these boxes, even with the help of spreadsheet takes a lot of time. Plus, the work does not end there. After the amounts are computed, you have to re-enter the SLS…
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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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3 Reasons Why Oojeema is the Best Small Business Accounting Software

3 Reasons Why Oojeema is the Best Small Business Accounting Software

For Accountants, For SMEs
Accounting and technology are, without a doubt, inseparable these days. Hence, it’s no longer a question of whether to get accounting software; rather, it’s about which accounting software to get.With the plethora of options in the market today, how do you know what will work best?Business News Daily identifies the following considerations, especially for small businesses:CostUsabilityFeaturesNow let’s see how Oojeema is a perfect fit for each of the items above.CostCompared to the most popular accounting software out there or even to the small business accounting software everyone’s talking about on social media, Oojeema is the most affordable.For only PhP800 a month, excluding VAT, it’s almost 50% less than its competitors. Even if you include VAT to its price, it is still way more affordable than others with the same features.UsabilityBeing…
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Will technology replace accountants?

Will technology replace accountants?

For Accountants
With all the advancements in technology burgeoning these days, particularly the accounting software for the accounting industry, we can’t help but ask, “Will technology replace accountants?” Will there ever come a time when businesses would no longer need a bookkeeper or an accountant’s help and rely solely on technology? We’d like to believe that’s never going to happen. At least not anytime soon. Bernard Marr of Forbes agrees. He says, “Robots are NOT going to replace all human accountants or bookkeepers.” Instead, he encourages bookkeepers and accountants to work with the machines so they can do more in less time. How then can we make technology work for us? Hubdoc suggests managing and evaluating your accounting workflow. For sure, there are processes you do every day or on a regular…
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Oojeema Updates [as of Aug. 30, 2018]

Oojeema Updates [as of Aug. 30, 2018]

Uncategorized
We are committed to making your accounting life as simplified as possible; hence, we perpetually add new features and fix bugs to get to our goals.So for today's update, here's the list of our new features:Sales and Service InvoicesYou now have the option to create either a sales invoice for goods or a service invoice for services. These options are found in the Sales tab by clicking the drop-down Create New Invoice button.OR/CRIn relation to the new types of invoice, you may now manually add OR or CR numbers to the invoice you make upon receiving payments.Audit TrailYou may now review who made the changes. To see the report, go to Reports tab then look for the Audit Trail section at the bottom.Bug FixesCertain bugs have also been fixed.As always,…
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3 Simple Steps that will Get the Right Accounting Services Fees

3 Simple Steps that will Get the Right Accounting Services Fees

For Accountants
“So how much do I have to pay for your services?”This is probably one of the most challenging questions we can encounter in our practice. We may have been taught how to keep the books balanced or file taxes on time, but nobody actually taught us how much to charge for our accounting services.Perhaps, some of us were fortunate enough to be mentored by other practitioners, those who have been in the industry for a long time.However…Their pricing scheme may no longer be applicable to our time.So how do you determine how much you should charge for your accounting services fees?Here are three simple steps to follow.Compare pricesProbably one of the first things we do when planning to put up a business is to compare the prices. From this, we…
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Know your taxes: 2551Q

Know your taxes: 2551Q

For Accountants
What is 2551Q? BIR Form 2551Q is also known as the Quarterly Percentage Tax Return form. Who should file 2551Q? Non-VAT registered individuals or non-individuals “who sell goods, properties or services, whose annual gross sales and/or receipts do not exceed three million pesos (Php3,000,000.00) and are exempt from value-added tax (VAT) under Section 109 (BB) of the National Internal Revenue Code, as amended by Republic Act (RA) No. 10963” and others. When is the deadline of 2551Q? Form 2551Q is due within 25 days after the close of the taxable quarter. How do you prepare 2551Q? Fill out all the necessary fields on the form, making sure all values and data are correct. For fields with options, place an X mark right next to the applicable choice.To make form preparation…
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Know your taxes: 2550Q

Know your taxes: 2550Q

For Accountants
What is 2550Q? BIR Form 2550Q is also known as the Quarterly Value-Added Tax Return form. It’s like the Form 2550M only this is filed quarterly. Who should file 2550Q? If you’re a VAT-registered business or a business required to register as a VAT payer, you should file 2550Q if your business’ actual gross sales or receipts exceed three million (3,000,000) pesos.Also, if your business is in the importing of goods, you need to file 2550Q. When is the deadline of 2550Q? Form 2550Q is due within 25 days after the close of the taxable quarter. How do you prepare 2550Q? Fill out all the necessary fields on the form, making sure all values and data are correct. For fields with options, place an X mark right next to the…
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