Accounting in Telecommunications; How Davao Firms Fare
The world is connected by thin fiber optics and packets of information can arrive in seconds no matter where you live. That’s the power of computing. And as the Telecommunication industry prepares for more innovation, Davao accounting firms remain at its forefront.
Davao doesn’t have its own telecommunications company since the national ones dominating the scene all have managed to make it big even in the far flung regions. Now you can finally say that Filipinos can’t live without a single text message or call in a day.
Telecommunications Industry Evolution
In the Philippines, It is probably just a little more than a century. The first telephone system was established under the Spanish regime back in 1890. From simple telegrams and telegraphs that linked Manila and Hong Kong, it has now evolved into super charged mini phones capable of not just calling anyone from around the globe but also access the internet at super high speeds.
Now you have PLDT, Globe and Bayantel dominating the scene.
Accounting for Telecommunications
As this industry is at the forefront of communication, it will most probably remain relevant for ages to come. How can accounting firms in Davao help the local scene? Why not take a peek at this:
→ Global mainstreaming. As convergence is happening fast, it is important that a telecommunications company do keep up with global trends. An accountant knowledgeable with international accounting reporting practices can surely help.
→ Help in the volatile take-over. Heard the news of giant PLDT eating Digitel (Sun Cellular’s mother company)? That’s what’s meant by taking over. And a large national company such as PLDT may have had very good accountants and financial experts at their disposal to have stalled and successfully purchased one of its direct competitors.
→ Concessionaires. As the need for faster communication lines abound, the telecommunications sector must continue moving forward while giving every subscriber the top notch service they need. This means expansion even in areas not yet tapped before. In Mindanao, one of its biggest cities: Davao also banners in local development and the team handling Davao can eventually advice head office regarding expansion in patchy areas not yet covered before. Accountants can help keep up with costs of new equipment, land property and fees for licenses to be applied for
→ Revenue accounting. Another crucial issue that every telecommunication service provider faces is accounting for over all bills payment. Remember that the Philippines currently ranks at number 10 for the most number of cellphone users worldwide; far exceeding the population. And since the prepaid consumers outnumber those with subscription phones, the numbers just escalate more.
→ Dealing with debtors. This only applies to those who have postpaid accounts. Not being able to get the whole revenue for a certain fiscal period can be frustrating especially for an industry which relies on duly paid bills done on time to continue maintaining the complicated network they use to provide unparalleled service. A crafty accountant can help devise a plan to make debt collection more efficient.
→ Pricing. Aside from brewing competition, you also need to take into consideration, the analysis of past and possible future trends to better come up with competitive pricing. Sun cellular was able to meet this criterion that they became much sought after by PLDT.
You can go ask a professional league of accounting firms in Davao to know how they can specifically help the very strong telecommunications industry, become stronger than it has ever been.