Financial Ratios that Every Business Owner Should Know

Business owners uses financial statements to assess the condition and performance of their business. They do so in order to improve their sales, processes, budgets and/or forecasts.  Oftentimes, they use financial statements as basis of their business decisions. A financial statement provides detailed report, shown in numbers. Typically, a company has the following financial statements […]

15 Things to Consider Before Starting a Business

Starting a business can be a motivating idea especially for first time entrepreneurs or employed individuals who are tired of the 8am-5pm job. It’s encouraging to start a business when you think about the freedom of not working 8-9 hours a day in a confined office, not having to report to a boss, and the […]

Cash Management Basics

There’s a saying that goes “Cash is King”. Many successful business owners or financially secured entities knows that cash dictates the past, present and future of a business. In my experience, it will be hard to manage and succeed in business if you cannot manage your cash. Cash is king because it dictates the financial […]

BIR Importer’s Clearance Certificate (BIR ICC) Application Guidelines

Last September 2, 2016, the BIR has issued a memorandum order, RMO No. 56-2016, which serve as a new guideline in applying and getting importers clearance certificate from the bureau. The documentary requirements and processing time in the issuance of the certificate has been reduced. This was done by the bureau because they aim to expedite the application process. The faster processing […]

Guideline in Preparing BIR Form 1604E and Alphalist of Payees

Tax Form BIR Form 1604E: Annual Information Return of Creditable Income Taxes Withheld (Expanded)/ Income Payments Exempt from Withholding Taxes Description This return is filed by every withholding agent/payor who is either an individual, estate, trust, partnership, corporation, government agency and instrumentality, government-owned and controlled corporation, local government unit and other juridical entity required to […]

Reminder on Tax and Payroll Deadlines for February 2016

The first month of the year 2016 just ended and we are now in what they call the “love month” of February. Before you think about the Valentines Day, we are writing this article to remind and guide you of the basic tax and payroll deadlines for the month of February 2016. Important Note: For […]

Reminder on Year-End Compliance

The new year always bring positive perspective. May it be because the close of the year is coming or the idea of a fresh start keeps us motivated. At this time, we are either writing the memories of the past year or creating resolutions and plans for the new coming year. For accountants, taxpayers and businesses, […]

Bookkeeping and Tax Requirement for Freelancer/Self-Employed/Home-based Businesses

In the past years, there has been an increased in individuals who do freelancing, as a means to generate income rather than being employed. These are individuals who prefer to be either a self-employed (offering their knowledge, talents or skills) or sole-proprietor of a business (selling goods or services). Although many succeed as freelancer, they […]

SSS, Philhealth and Pag-ibig Payment Deadlines and Penalties

When your registered business in the Philippines is employing people, you are mandated to provide your compulsory coverage to state insurance fund (SSS or GSIS) to all your employees not over sixty (60) years old, as stated in Art 168 of the Labor Code of the Philippines. In addition to state insurance fund (SSS or […]

How to Compute for Senior Citizen Discount in the Philippines?

Two months ago, I read in the news that two (2) restaurant establishments were sued for violation of Republic Act 9994, also known as the Expanded Senior Citizens Act of 2010, because they denied giving the complainant 20% senior citizen discount and VAT exemption.  This news prompted me to write this article. In this article, […]