As a business owner or manager, having a good understanding of key financial indicators should be an integral part of your skill set. Financial indicators derived from your company accounts and reports can provide invaluable insights into performance and operations. Mastering the most useful ratios…
Tax compliance can be quite a challenge for both individuals and businesses. The process is often difficult due to complex forms, long queues at RDOs and confusing regulations. Gladly, Republic Act No. (RA) 11976 or the Ease of Paying Taxes Act (EOPT) signed by President…
The Philippines offers an attractive environment for foreign entrepreneurs who want to set up businesses or invest in the country. With its growing economy, young population, and business-friendly policies, the Philippines provides tremendous opportunities across sectors. However, navigating the country’s complex tax regime can be…
The Bureau of Internal Revenue (BIR) recently announced the launch of the Taxpayer Registration-Related Applications (TRRA) Portal. This new online system aims to simplify and expedite the process of submitting applications and registration requirements to the BIR. In the past, taxpayers had to visit…
The government is committed to tackling tax fraud, tax evasion, and other violations of the National Revenue Code (NIRC). New regulations have been enacted to support these objectives and assist the Bureau of Internal Revenue in enforcing the Act. Revenue Regulation (RR) 6-2023 is issued…
Finance plays an important role in the business world. Whether you run a small café or a large company, managing your finances is the key to success. But when it comes to professional help, should you hire an accountant or an auditor? Understanding the…
Tired of those long lines at the Revenue District Office or the Authorized Agent Banks (AABs), especially when you’d rather be doing more important things in the office? Well, you’re not alone. Fortunately, there’s a more convenient way to settle your taxes as we now…
In the fast-changing world of business and technology, staying compliant with tax regulations is important. Recently, the Bureau of Internal Revenue (BIR) in the Philippines issued Memorandum Order (RMO) No. 24-2023, a game-changer in the accreditation process for sales machines and software used to generate…
In today’s complex business world, accounting plays a crucial role in the success of any organization. Whether you are a small business owner or a corporate executive, having a reliable accounting firm by your side is essential. However, approaching an accounting firm and effectively communicating…
Financial ratios are powerful tools that can provide valuable insights into a company’s financial health and performance. By analyzing these ratios, business owners can make informed decisions and take proactive steps to improve their financial position. We will discuss the five essential financial ratios that…
The past three years have been challenging for businesses in the Philippines due to the COVID-19 pandemic. Many companies have faced significant losses, leading to closures. Whether closing down completely or transitioning to new ventures, it is crucial for business owners to follow official protocols…
If you’ve ever noticed the vibrant orange “Ask for Receipt” signage displayed in establishments all over the country, you’ll be surprised to learn that it will soon undergo a transformation. The “Ask for Receipt” campaign was launched by the BIR to encourage consumers to actively…
