As part of running a business in the Philippines, the law requires local and foreign enterprises to be fully compliant with current tax laws on a daily basis.
Accounting in the Philippines
Ensuring that your company’s operations run smoothly is one of the top priorities of any businessman. Along with managing operations, you must also make sure that your finances are planned out and maximized to fully cater to your business needs.
The Securities and Exchange Commission (SEC) issued SEC Memorandum Circular (MC) No. 3-2021 to prescribe the use of the Online Submission Tool (OST) for the filing of audited financial statements (AFS), general information sheets (GIS), and other annual reports of registered corporations in the Philippines.
As a business owner in the Philippines, it is wise to ensure that your company’s accounts are always ready for audits throughout the year.
As an e-commerce entrepreneur, it is imperative to ensure that you are knowledgeable about the basics of managing your accounts.
Every end of the year, organizations must file and submit their tax compliance requirements to the Bureau of Internal Revenue (BIR) to ensure their business is allowed to operate the next year.
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.
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.