JCSN Accounting for Small Business and Startups

It may be tempting to give the least attention to your accounting and bookkeeping tasks, but even the slightest error can seriously damage your business.

Both are essential if you want your local business to grow. So, make sure to pay attention to your accounting and bookkeeping needs. Here are accounting tips that Filipino small businesses should know.

As a Filipino business owner of either an SME or startup, it’s common to see that financial book management is a chore, tedious, and a pain. But, to be frank, it’s actually extremely important. Not only does it make tax time easier, recording your transactions make it easier to look back and track your financial activities. Managing your business’ financial books is an obligation, and here are tips on how you can streamline your financial book management.

Looking at financial management, knowing how to properly perform such task can tremendously help a business survive in the industry it’s in. Small business should take note of that.

INFOGRAPHIC: Quick Accounting Tips by JCSN

Working on opening a startup is different from changing careers. Its difference with traditional businesses is that startups are technology oriented with high growth potential.

Accounting mistakes, whether small, big, or accumulated, can destroy your business from the inside. A simple miscomputation can be detrimental for the business.

JCSN Accounting Services has been recognized by Xero as a certified Bronze Partner. Xero is a public software company that offers a cloud-based accounting software platform for small and medium-sized businesses. Xero is among the top accounting and bookkeeping software by businesses across New Zealand, Australia, the United Kingdom, the United States, Canada, Asia, Africa and the Philippines.

Bookkeeping is both important and time-consuming. For small business owners, entering expenses on books takes so much of their time and focus that should be allocated to other pressing business matters.

The Philippine Tax Amnesty Act of 2019, also known as the Republic Act 11213 (RA 11213), allows taxpayers to avail the benefits of the Estate Tax Amnesty law.

The Philippine President Rodrigo Duterte signed the act on February 14, 2019, and it already started effect on June 15, 2019.

Already existing in the Philippines as early as 2005, the Philippine Financial Reporting Standards (PFRS) helps businesses in terms of business decision making, data comparisons, and increase in accuracy on financial statements.

Tax time is mandatory, and no one is above it. Every year, businesses in the Philippines are required to submit tax returns to the Bureau of Internal Revenue (BIR). Filing taxes enable them to know if they owe additional taxes or eligible for tax returns.

Republic Act No. 11213, otherwise known as the Tax Amnesty Act of 2019 provides tax amnesty on delinquencies as well as estate tax amnesty. Since we prepared this article to show what’s in it for SME businesses, allow us to focus exclusively on tax amnesty on delinquencies.

The Philippine government, through the Bureau of Internal Revenue (BIR), requires those who fall under the large taxpayer classification to operate using a Computerized Accounting System (CAS). This is by virtue of the Revenue Regulations No. 9-2009 issued by the BIR, as an agency tasked to collect more than half of the government’s total revenues.

When it comes to businesses that recently became an e-commerce, online payments are unexplored territory. Don’t worry, start making your accounting tasks for your ecommerce business smooth sailing with these simple tips.

Today’s era has completely shown that technology can go hand in hand with the workforce. All thanks to the willingness of the people to adapt to artificial intelligence and other emerging technologies, business processes were streamlined.

Developments in technology have opened more avenues for businesses to improve their processes. Of course, emerging technologies also affect the accounting industry. That’s why Noe Quiñanola, PRC Board of Accountancy chairman, said in an interview that accountants must learn new digital skills through further education.

The Philippine Star reported that the Insurance Commission (IC) released a circular requiring Health Maintenance Organizations (HMOs) to issue contracts compliant with Philippine accounting standards. The circular, which was intended for transparency purposes, shall apply to the annual as well as quarterly reporting periods beginning January 1, 2020.

The fourth quarter of the year is usually the busiest time of the year for Philippine SMEs and startups because it’s the holiday season.

As a business owner, it’s essential to consider how you’ll keep track of every expense done during this busy quarter. Here are simple accounting tips for businesses in the Philippines to take note of this holiday season.

At JCSN Accounting Services, we take pride in providing efficient and precise assistance to businesses across a wide range of industries. Our commitment to helping them thrive goes beyond extending SME and startup business accounting services that enable them to make better financial decisions. We have prepared some tips that can help businesses earn more in the coming year.

Small business owners are used to spreading themselves too thin. This makes them prone to believe that by doing many things at the same time, they are being productive. What they fail to realize is that their divided focus affects the quality of their output.

Managing your business funds may seem overwhelming and challenging. Allow us to make it bearable for you. Staying on top of your business funds management can save you from suffering from sleepless nights, headaches, losses, and debts, among others. The tips shared in this article can help you gain better control of your finances.

Being a small business owner is no easy feat — you handle everything. You wear many hats to keep the operations running, and that includes accounting.

Small business owners in the Philippines, or anywhere in the world, always face a lot of responsibilities. They wear many hats in order to keep the business running. However, not everyone can handle the pressure of having responsibilities that are usually handled by a team, especially when you’re not that proficient in accounting and bookkeeping.