What Millennial Entrepreneurs Look for in Accountants

What Millennial Entrepreneurs Look for in Accountants

For Accountants
A significant number of millennials make up the workforce and the millennials who start up their own business have been continually on the rise. In fact, Business View published an article calling this generation a “generation of entrepreneurs.”And according to Accountancy Age, a third of these entrepreneur millennials make at least $1.1m in annual revenue. In other words, this generation makes up one of the best accounting clients profit-wise. However, this generation also has high standards when it comes to hiring employees and choosing potential partners. In terms of accounting and bookkeeping colleagues, here are the characteristics they require.Strategic insightReporting, forecasting, and cash flow are the top three frustrations of millennial businesspeople. Hence, they prefer an accountant that can provide strategic insight into the finances of the company. Note though…
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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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3 Reasons the Accounting Job is the Top Choice in the Philippines

3 Reasons the Accounting Job is the Top Choice in the Philippines

For Accountants
There is certainly a job growth occurring in the Philippines. Information Technology (IT) jobs are coming here in waves through companies seeking the expertise of Filipinos. Business Process Outsourcing (BPO) is also continuing its upward trend of providing more and more call-center jobs to young and alike.Nursing, engineering, banking, financial and all other areas are seeing gains and offering opportunities to more of our countrymen. However, there are those who like mathematics and playing with numbers.They have entertained the thought of a career in accounting but unsure of its prospects. With so many job careers to choose from, how lucrative is the accounting job in the Philippines?What we can say is that accounting jobs have never looked so promising in the Philippines. In the last few years, accounting has been…
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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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3 Reasons Oojeema Is a Better Option than Ledger and Journal

3 Reasons Oojeema Is a Better Option than Ledger and Journal

For Accountants
We all agree that our beloved ledger and journal have gone a long way to make sure our finances are in check. However, we are also aware of the limitations this method has in terms of accounting. For starters, it’s a challenge to search for old records or any record for that matter. Second, there’s no backup. If these records are lost, most probably they’re lost forever. Last, they are not secure. Anyone who has access to them can tamper the data (read: Teleserye eksena).For these reasons, we highly recommend digital and online accounting systems. But, we also know that modern systems seem to be intimidating, especially for those who are not very much familiar with the current technology.This is the exact reason we created Oojeema. Why switch to Oojeema?Oojeema…
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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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3 Excellent Reasons Technology Improves Accounting

3 Excellent Reasons Technology Improves Accounting

For Accountants
There are piles and piles of accounting books and ledgers that you have to go over. You have to check invoices, file receipts, and make computations and the day is almost over.Is there a way to make everything more efficient and your life simpler?It's a good thing there is, and it's called technology. In this day and age of the World Wide Web and advanced computers, there is also technology that can cater to your accounting needs.There are many new technological advances that improve and even revolutionize accounting. From cloud computing to social media, the role of technology is to make bookkeeping processes simpler and your life hassle-free.3 excellent and practical roles of technology in accounting1.  AccuracyYou've been working all afternoon looking at numbers and performing computations. Hour after hour,…
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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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