Owing to the loopholes in local and international taxation, it was noticed that there are multinational companies that seek to minimize the tax payments between and among their related entities so they can maximize their net income as a group, rather than as individual entities.
Accounting in the Philippines
As an entrepreneur, it is important to know how to address different kinds of accounting challenges your business may encounter during the COVID-19 pandemic.
Accounting reports show a simplification of your company’s financial performance, helping you make sensible financial decisions for growing your business.
Many startups have limited budgets and operate on thin profit margins. There isn’t much room for error, and handling finances strategically is critical to success.
The roles of an accountant are not limited to a handful of functions such as tax preparation, maintenance of accounting records, and regulatory compliance with the Bureau of Internal Revenue (BIR) and the Philippine Economic Zone Authority (PEZA). Some accountants can also devise strategic plans and come up with other advice to help sustain the company’s finances such as creating a forecast to determine your business health.