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How To Attract Millennial Accounting Clients

How To Attract Millennial Accounting Clients

For Accountants
The number of millennials having their own business venture is steadily on the rise. Hence, it is only proper for you, as an accountant, to have them as one your clients. Otherwise, you will be creating a big dent in your business.As previously discussed, these millennial entrepreneurs have a set of criteria should they wish to work with accountants and accounting firms alike. If you want to lure this big fish, you should have the following methods in your accounting practice.DigitalIt is not an overstatement when we say that millennials and technology go hand-in-hand. Thus, if you are to partner with them, you should know the digital world by heart. Having a reliable accounting software is a must. But switching to digital does not only refer to going paperless. You should…
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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 Accounting Job is the Top Choice in the Philippines

3 Reasons Accounting Job is the Top Choice in the Philippines

For Accountants
There is certainly a job growth occurring in the Philippines. For accountants, for example, you may search "accounting job Philippines" and the results will give you thousands of job posts to choose from. Information Technology (IT) jobs are also 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. But in this article, we'd like to focus on why accounting jobs is among the top choices in the Philippines. Here are three reasons: 1. Increasing Demand If you’re an accountant at this time, you’re in luck! But if you’re…
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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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Technology In Small Businesses: 4 Tools You Could Be Using Wrong

Technology In Small Businesses: 4 Tools You Could Be Using Wrong

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 the 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.  However, we have seen countless businesses that use tools in the wrong way. Here are some of them. 4 Misused Technology in Small Businesses Instant Communication Tools They…
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3 Underappreciated Advantages Of Technology In Accounting

3 Underappreciated Advantages Of Technology In Accounting

For Accountants
We are all aware that there are several advantages of technology in accounting. There is the fact that it automates most of the manual tasks such as reminding clients of unpaid invoices, preparing tax reports, and calculating tax rates and discounts. In this article, however, we would like to highlight three benefits of technology in accounting that not everyone appreciates. Hence, these individuals are still sitting on the fence on jumping on the accounting software bandwagon. They think their current method is enough to complete their tasks. If you are one of them, this article is for you. Overlooked advantages of technology in accounting 1.  Accuracy You've been working all afternoon looking at numbers and performing computations. Hour after hour, going back and forth on your calculator and making sure…
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Little Known Facts: History of Accounting Timeline

Little Known Facts: History of Accounting Timeline

For Accountants, For SMEs
Abacus image by Clker-Free-Vector-Images from Pixabay Among all the industries, we 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 kind of accounting system in place. According to LinkedIn’s special report on the Philippine 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. But did you know how and when accounting started in the Philippines? We didn’t too, so we decided to do a little research and discovered this history of accounting timeline in the country. The history of accounting practice in the Philippines AD…
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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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