Category: Money

The Modern Day Challenges in Filing Taxes

Tax filing is one of the most grueling task that an accountant or even ordinary citizens could think of. In fact, a 2015 study conducted by Pricewaterhouse Coopers (PwC), proves this scenario, as the Philippines gained the 127th spot among the list of countries with the easiest tax filing and payment system. Struggling by the Numbers According to the 2015 PwC study called “Paying Taxes 2015,”statistics show that out of 189 countries, the Philippines was ranked 127th among the regions with the most tedious process of filing and paying taxes, with 36 kinds of payments that should be accomplished within […]

Time to Act Now: Ways to Detect and Prevent Accounting Fraud

Accounting fraud is one of the most common form of employee fraud which involves the unauthorized use of financial data in order to steal money from the company. This scheme, considered as one of the industry’s worst form of corporate scandal, can happen to any businesses and involves financial losses and severe liabilities to organizations worldwide. In this article, we will discuss everything you need to know about accounting fraud including tips on how to detect and prevent it from happening. Fraud Gracing the Headlines One of the most recent headlines in the Philippines regarding this crime happened last July […]

Payables and Receivables Are Now Available in Xero Report Templates

Monday, May 29, 2017 — You can now include your accounts payable and receivable in your Xero Report template for a much more efficient reporting in Xero. Xero Blog Customized Professional Reports Xero Blog With the new and improved report templates in Xero, you can now generate professional looking reports in an instant– complete with title page, contents section, and logo. Reports for Monthly Tax Return Preparation For firms providing monthly tax services such as GST, VAT or sales tax, management reports in Xero is suitable for you! With just a few clicks, you can create customizable reports that you […]

Money Talk: Computing Holiday Pays in PH

For employees, holidays means vacation – and a great time for them to spend more quality moments with their loved ones. While for employers and human resource personnels, a holiday is an adjustment to one’s payslip – and a holiday pay is required to be given for workers. Shutterstock As the employer, it’s your money that you will use to pay for those adjustments, that’s why you should be responsible on knowing how to calculate holiday pays. In this article, we had prepared a list of holidays in the Philippines for this year 2017 to keep you in track of […]

April 27 and 28 Declared as Non-Working Holidays in Metro Manila

Friday — April 21, 2017 –Manila, Philippines — The Malacañamg Palace had ordered the suspension of work within Metro Manila in preparation for the upcoming Association of Southeast Asian Nations (ASEAN) Summit that will be held in Pasay City. asean.org What Dates are Included? According to Memorandum Circular No. 18 released by Malacañang: April 27, 2017 (Thursday) is considered as a non-working holiday for government offices, especially in cities like Pasay, Makati and other parts of Manila, while April 28, 2017 (Friday) should be classified as a special (non-working) holiday for both public and private business sectors as mentioned in […]

An Overview of Percentage Tax

In the Philippines, the term “Percentage Tax” refers to taxes which are levied from people or businesses that sells or leases goods, products and services whose annual sales/receipts are not greater than 1,919,500 PHP and of course, are not registered to VAT (Value Added Tax). Shutterstock Industries and Transactions Included The Bureau of Internal Revenue (BIR) provided a list of all industries and transactions that you, as the individual/business should have engaged with in order to qualify for percentage tax filing. Monthly Filing For monthly filing of percentage tax, what you’ll need to have is BIR Form 2551M. The ones […]

BIR Announcement: ITR Deadline Moved to April 17

Thursday, March 30, 2017 — The Bureau of Internal Revenue (BIR) announces extension of 2016 Income Tax Returns (ITR) filing from April 15 to April 17, 2017. www.bir.gov.ph The Announcement The Bureau of Internal Revenue had issued Revenue Memorandum Circular No. 28-2017, which marks the official announcement for the rescheduling of ITR filing deadline. According to Neri Yu, BIR Chief Legal Officer for Central Visayas, the deadline was moved due to the fact that April 15 falls on Black Saturday, a non-working holiday. In a statement on SunStar Cebu, he said: “The first working day after (April 15) would be […]

The Concept of Blockchain Explained

The utilization of blockchain is one of the hottest business concepts that made heads turn this year, as it quickly makes its way to businesses such as financial sectors, entertainment industry, e-commerce and so much more. But not everyone is ready to embrace this kind of technology, as it gained contrasting opinions from different business sectors. In this article, we will explore the process of blockchain, and the mixed views that came along with this concept. Flickr by BTC Keychain What is Blockchain? Blockchain is a type of database technology which is primarily designed for digital bitcoins, but as of […]

Check 21 vs. ACH: Which Check Electronification Process is Better?

ACH and Check 21 are two of the most popular methods of check electronification. Whenever checks are being scanned and deposited, most of them undergo either of these processes. Here is an article where we will take a look on both methods, share some tips on how you can distinguish checks that were processed either via ACH or Check 21, and see which is the better method. Flickr (emirBytes) Automated Clearing House ACH (Automated Clearing House) is an electronic funds transfer system which also acts as a payment service that allows electronic debiting and crediting for checking, as well as […]

Final Rule for Overtime Regulations Released

May 18, 2016 – The U.S Department of Labor released the final updated overtime rules, which is signed by U.S President Barack Obama, and Labor Secretary Tom Perez. These updated rules sets to help workers on becoming eligible for overtime pay. Depositphotos Work Extra and Get Paid Extra Depositphotos The rule is the result of the Labor Department’s review of the Fair Labor Standards Act of 1938, which considers workers “eligible” for overtime pay if they are working more than 40 hours a week. The old framework of the rule states that the standard salary level for basis of exemption […]