I am not that much exposed to accounting softwares and programs available in the market today. In my two years of experience, I have only encountered Pacioli, Quick Books, MYOB, and Business Box. Pacioli is an old accounting system and I doubt if they have released new versions. Quick Books is easier to use than Pacioli, it is new and relatively cheaper compared to other accounting softwares. I have tried Business Box and it's helpful but in evaluating the system, I can say that it still has a lot of room for improvement. As for MYOB, I have not personally used the system but I guess it delivers results since a client has been using it for quite some time already.
Small enterprises usually have manual accounting systems. Unfortunately, manual accounting system is costly in the long run, considering that you have to employ more people in maintaining the manual records than the computerized system would require. Moreover, manual accounting system cannot immediately give reports while a computerized one can generate reports in a click of a button.
Since I have learned about FOSS, or free and open source systems, I have learned that there are open source computer softwares that you can download from the internet. Yes, it is free to download. But, you have to discover the system yourself because although sometimes it provides a manual or demonstration on how to use the system, customizing it for your own business might take some time. But since it is free, then I guess it's worth to learn and discover it.
Two of these open source accounting softwares that I have tried are GnuCash and WebErp. I have not come to a full review of these two accoutning softwares but I am getting there. I recommend these two systems to business enterprises who are still starting or to those who do not have the capacity to spend a one-time big cash outlay for an accounting software. GnuCash is preferably for sole proprietorship and smaller businesses while WebErp is best for large-scale manufacturing and merchandising companies.
Let us promote open source softwares!
7.16.2008
6.19.2008
BIR UPDATE
Republic Act 9504 or the act amending several sections of RA 8424 has already been signed into law!
This is good news!
The new personal deduction for every individual is raised to P50,000.00. There is no more distinction between single, married, and head of the family. Each is entitled to the P50,000.00 personal deduction.
Moreover, additional deduction for each dependent not to exceed four children is at P25,000.00 per child.
Also, minimum income earners are exempted from paying income tax. But of course, there are still requirements so that these minimum income earners will be exempt from tax.
These new tax measures are of great help especially to those minimum wage earners. At least, their take home pay won't be deducted with withholding taxes anymore... Thanks to our legislators!
This is good news!
The new personal deduction for every individual is raised to P50,000.00. There is no more distinction between single, married, and head of the family. Each is entitled to the P50,000.00 personal deduction.
Moreover, additional deduction for each dependent not to exceed four children is at P25,000.00 per child.
Also, minimum income earners are exempted from paying income tax. But of course, there are still requirements so that these minimum income earners will be exempt from tax.
These new tax measures are of great help especially to those minimum wage earners. At least, their take home pay won't be deducted with withholding taxes anymore... Thanks to our legislators!
5.26.2008
May 2008 CPA Board Passers
I made a post listing the May 2008 CPA Board Exam Passers... But i didn't notice that I had a very bad copy of it... 'Twas because I didn't preview my post since I just made it in an internet cafe.. Anyway, I have deleted it already...
For a complete list, you can go to www.prcboardexamresults.com or www.mb.com.ph
(--,)
For a complete list, you can go to www.prcboardexamresults.com or www.mb.com.ph
(--,)
5.20.2008
5.05.2008
62nd PICPA Annual National Convention
The convention held at Baguio City last April 30 to May 4 was a blast. The best part, I would say, is the regional presentations bested by the Eastern Visayas Region who ranked first place in their rendition of "The Spirit of the 70's".. I really enjoyed it! And of course, I also enjoyed my stay in Baguio City.. I'll be posting pictures in my Travel Blog soon so just feel free to visit me there....
Meanwhile, I have changed my office address and I can now be found at The Pink Room, inside the The Law Firm of Cantos, Balucanag, Dureza, and Associates, Door No. 8, Veterans Federation of the Philippines Building. Tomas Monteverde Avenue, Davao City.... Telefax is 082-2251672... (--,)
Meanwhile, I have changed my office address and I can now be found at The Pink Room, inside the The Law Firm of Cantos, Balucanag, Dureza, and Associates, Door No. 8, Veterans Federation of the Philippines Building. Tomas Monteverde Avenue, Davao City.... Telefax is 082-2251672... (--,)
4.23.2008
Have you filed your GFFS?
GFFS is the acronym for general form for financial statements. It a requirement that must be submitted to the Securities and Exchange Commission on or before the 30th of April.
4.21.2008
Few days left
So, what's with the picture? Uhmm.. Let's just say that I am not your typical auditor who goes to work in heavily starched suits...I have a few days left, I will have resigned this 26th. I'm sure gonna miss a lot of traveling and client visits....
Whoops, I'm still busy with consolidating financial statements right now to catch up with the deadline on the 30th. But then again, I have an earlier deadline since I will be resigning, and of course, I would also be joining the 62nd PICPA Annual National Convention in Baguio City and my flight to Manila is already scheduled this coming 28th.. Hmmm.. still a lot of work to do.. it's ok.. After all, there's a set of good stress coming my way...
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