Minimizing Labor Costs: Should You Do Incorporation or Staff Leasing? Numerous foreign companies outsource their business processes like customer support, administrative and technical tasks, and back-office functions to countries like the Philippines. The Philippines is known for its low labor costs and an overwhelming number of workforce that other nations can collaborate with. However, when…
The Purpose of Bank Statements in the Philippines A bank statement is a document that shows the recorded cash transactions of a company in the bank. Companies use bank statements as an internal control tool to track the cash flows of the company. This article delves deeper into the reasons why businesses should utilize bank…
Understanding Sales Margin- Why is It Important? Businesses are created to make a profit. Therefore, business owners are concerned about how much profit they are making. Is the company making a profit? The sales margin is an important tool to answer this question. This article discusses the concept of sales margin and why understanding sales…
Reasons Why Preserving Accounting Records is Helpful for the Business With the Bureau of Internal Revenue (BIR) Revenue Regulations (RR) number 17-2013, companies are now required to preserve their accounting records for at least 10 years. The BIR updated this from the previous 3 years record retention rule. If there are many issues on how…
5 Most Common Bookkeeping Mistakes: How to Spot and Avoid them Mistakes are natural. It happens to everyone in any field. It also happens in bookkeeping. For starting businesses, bookkeeping mistakes usually occur because business owners have very little knowledge about what they’re doing. Others also make mistakes because of carelessness. Others get confused about…
5 Reasons Why Sales Invoice in Accounting is Important Source documents are important in accounting. They serve as proof of transactions. You can use them to verify the accuracy of accounting records. In particular, a sales invoice is a source document issued after goods or services are delivered. A sales invoice also shows details of…
Understanding Catch Up Accounting in the Philippines Small and starting business owners juggle so many responsibilities at once that oftentimes they miss doing few things. Most of the time, they fall behind keeping their books and on making compliance reports. Are you one of these entrepreneurs who are at the end of deadlines and don’t…
5 Reasons to Justify the Importance of Bank Reconciliation Bank reconciliation is important in the accounting of the business’ cash. Auditors also use it in audit procedures to review the correctness of company books. But what exactly is bank reconciliation? Also, why do companies do it? Importance of Bank Reconciliation Explained Companies use bank…
4 Tips to Overcome Accounting for Tech Startups For the past decade, big organizations have started hosting tech startup events. These events provide platforms for startups to launch, market, and compete with other startups. However, tech startups continue to the break surface. Once you’re launched, many continue to struggle over the obstacles of staying in…
Top 5 Reasons Why Cloud Accounting for SMEs is a Rising Trend Starting a business is a difficult feat. The registration of a business is meticulous. Additionally, planning operations for the first few years is daunting. Enticing the market is critical. Then there’s the financial part of the business, which is not an easy thing…
