As of today, vast majority of applications and software’s are using Cloud technology or is Cloud-based. It is named so because to be able to access the information in the “Cloud”, the user doesn’t have to be in a specific place – just like how a cloud is everywhere. This technology allows business owners to […]

Business books become vulnerable to accounting mistakes for different reasons. It can be because of manipulation and fraud by the accountant or bookkeeper; unintentional misentry or because the owner is too trusting or remiss. Whatever the cause is, things like this, or at least most of it, can be circumvented. Facts first; a lot of […]

The Philippine Tax Payment System is considered one of the most onerous in the world. Whether, you’re an income worker or an employer, you suffer either way. The income tax rates in the Philippines are considered the highest in the entire South East Asian region, so it’s no surprise why people complain that they’re paying […]

Following accurate accounting practices is critical for any business to be successful. You need to be stalwart and disciplined, not to mention skilled. You don’t have to do the accounting per se, but that doesn’t mean you’ll just leave everything to the hands of your accountant and bookkeeper. You should be on top of every […]

Accounting is a necessary ingredient for your business and its foundation is the double-entry bookkeeping system.  This system relies on your chart of accounts or COA, which is a listing of all the accounts found in the general ledge that your business will use to record accounting transactions.  This article will give you sample chart […]

What are the principles of bookkeeping for small and medium businesses? If you are starting a business it would be ABSOLUTELY NECESSARY to do bookkeeping because it is not only a government requirement but also a must if you want your business to be successful. What is the process of bookkeeping for small and medium […]

What is internal control in accounting system and why is it needed?  Internal control in accounting and auditing, is a process for assuring achievement of an organization’s objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies.  You need to have strong internal control mechanism in order to protect your […]

Sam Lares, a functional consultant for Non-profit organization discusses how accounting software help SMEs or Small and Medium Enterprises improve their business.  He is engaged in consulting and training officers of various non-profit organizations on how to properly manage their organizations and make accurate and timely accounting reports. How accounting software help SMEs Lares  shared […]

Accounting is key to business success simply because it makes you aware of the status of your business.  As a business owner monitoring your accounting is also a very important task and this includes seeing to it that all data are recorded accordingly.  Despite all efforts however, we found out that there are common accounting […]

The most basic term in accounting is DEBIT and CREDIT.  This is based on the principle that for everything received there is something partaken with.  In this accounting tips article we would try to make it a bit easier for everyone to understand this accounting concept. When it is said to be a debit it is […]