Different Factors to Consider when Adopting a Payroll System for your Small Business in Davao
Be it your choice to hire employees or not, if your small startup business is steadily growing on a rapid scale, hiring will not just become an option rather a must. There will always come a time in your business life that you’d need the help of someone else trustworthy to do some of the integral tasks you deem important for your company’s daily grind. They’re called employees. You have screened them according to your vision, their skills and qualifications and their consent towards an agreement of legality and his or her tenure of service needed for your company. Everything’s been settled down and ready for execution but another problem arises. Since your company has doubled the time for production or service, then profit must have been keeping up with this trend. You get money because of the people working for you. So give them what’s due by also keeping up on their salary. It works on a mutual professional relationship wherein one gives and takes, vice versa. If you’re now starting to discuss about putting up a payroll system in use for your small business, you can glean over 2 choices you can make. 2 types of payroll system In House – there are two more options listed down here. You can try (a) manual or (b) computerized. If you choose A, it sure will become a workload but this is ideal at first since it’s cheaper and you don’t have a lot of employees yet anyway. Electronic payroll systems are also good for small to mid-sized businesses since they offer more convenience and ease of use. Common disadvantages for manual system: more prone to errors and if the personnel in charge of payroll is not knowledgeable about laws then results can become inaccurate. Common disadvantages for computerized system: costs more to implement since investment must be done on equipments, necessary software and excessive training. Outsourced – Here’s another popular option since if the other two listed above are all done by your own employees, you get to erase that responsibility off their hands if you choose this method. This has always been proven cost-effective and time saving for clients who want more work done instead of focusing on this...
Learn MoreDavao Auditing Services: Protecting Your Assets and Businesses
Every Davao business owner is fully aware that they need to take care of their businesses at every step in order to thrive the stiff competition of the business industry – locally or globally. Thus, to strengthen the financial aspect and ensure its growth, most companies hire auditing services to check and track down errors that can hamper the growth of the business. This is one of the most valuable services an auditor can provide. Are your business records subject to audit? Do you think auditing services can be the answer to your problems? To answer these questions, let’s take a look at the points stated below. The Roles and Responsibilities of An Auditor Advantages of Hiring Auditing Services When Do You Need An Auditing Service? Davao Auditing Services The Roles and Responsibilities of An Auditor An auditor plays a very significant role in a company or organization. They are responsible for ensuring that the company runs efficiently and effectively. Some of their most vital roles include the following: In-charge of checking and analyzing the financial records and documents – This is to ensure taxes are paid on time and the company complies with all the laws and regulations of the corporate world as well as the government. Evaluate all aspects of the company including the manager and the employees – To verify the productivity and effectiveness of the company or organization, the auditor spends time interviewing the managers and all the employees. Through this, he or she will also be able to determine whether financial records and statements coincide with each other. Recommend solutions for mismanagement or negligence of the company procedures – Based on the interview and document analyzation, the auditor will make recommendations as to how the company can improve their activities and financial operations. What are the Advantages of Hiring Auditing Services? Reduced Risk – Businesses are always at risk and auditing services are a reality check for any business there is. The business financial records need to be error-free, updated, and analyzed from time to time. When you hire the service of an auditor, it will become much easier to identify errors and mistakes in the financial statements beforehand. Reduced Malpractices – Auditors examine a...
Learn MoreMerging the Old and the New: How Davao Accounting Firms Help Company Startups and Successions
Merging the old and the new is never an easy task. New ideals are sometimes too rash that the slow-paced ones are not able to immediately cope. But becoming successful in this endeavor can entail a wonderful present; look at how Japan and China managed to bring about old traditions into the modern era – a perfect blend that truly exhibits individuality. The same thing can be said of a company’s status in comparison to its years of existence. They have terms such as start-ups (for new ones), closing shop and succession planning (for old ones); all dependent on the variable of time. These are definite and essential parts of any company’s timeline (beginning and transforming phases), as it can determine whether or not they can survive in the changing trends and fierce competition. Majority of industry sectors rely on financial partners to help them ease the burden of managing such a tumultuous task at these crucial moments. An accounting firm with certified public accountants can surely give any company – still forming or is already entering new management – a clear advantage when it comes to efficient management of financial situations, unlike any other. Below are two scenarios that are important aspects of a business timeline and how accounting firms can specifically help them: New Business Formation Succession Planning Startup Dilemmas, Solved Reality bites: starting a business in a big and vastly diverse city such as Davao can become overwhelming for any entrepreneur. If it has been a childhood dream or a hobby, all the more challenging to attain. Aside from thinking about possible places to put it up, you also have to consider the what, when and how in the equation. Fact: A Davao accounting firm can help you, first and foremost, in planning the initial steps toward any business formation – the registration. In the Philippines, that is of course done by registering your chosen business name first through appropriate local authorities, such as: DTI (Department of Trade and Industry) SEC (Securities and Exchange Commission) and CDA (Cooperative Development Authority) All these basing on the type of ownership: single, partnership and cooperative, respectively. After that, you can go down the ladder and visit your Local Government Units (City Hall,...
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DTI Launches Coffee Shared Services
The Department of Trade and Industry or DTI launches coffee shared services facility (SSF), the first of the 1,000 SSFs with a budget allocation of P700 million to be established within the year to boost the competitiveness and productivity of micro, small and medium enterprises (SMEs) in the countryside. DTI Undersecretary Merly Cruz said the SSF would be located in Tabuk City, Kalinga for the coffee cluster in the Cordillera Administrative Region (CAR). The launch is slated on Wednesday, January 16 (Business Bulletin p.1 January 13, 2013). Shared services refers to the provision of a service by one part of an organization or group, that is the coffee industry, where that service had previously been found in more than one part of the organization or group. Thus the funding and resourcing of the service is shared between the members of the industry and the providing department effectively becomes a service provider for all of its members. Thewill minimize the costs for each member of the industry Coffee is one of our home grown agricultural products in the country. It faces stiff competition in the world market especially Latin America. The Government program of shared services facility (SSF) through the Department of Trade and Industry (DTI) will augment the productivity and competitiveness of micro industry. This program once implemented in full scale will generate more employment and revenue. Prioritizing small and medium enterprises (SMES) is indeed a good strategy to enhance faster development in the countryside. The article DTI Launches Coffee Shared Services is contributed by Dr. Geovanni A. Patalinghug...
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Puregold Sets Expansion In Mindanao
Puregold sets expansion in Mindanao in 2013, as the capital expenditures allocated is expected to reach P3 billion. They are initially targeting the opening of 25 new stores this year as the firm targets to have 200 stores by 2015. Mindanao has a lot of business opportunities because it’s vast mineral resources, bigger areas and a growing population. In Davao city alone more shopping malls, condominiums and housing are rising up. It will also mean more job opportunities for our new graduates and unemployed workers in the city. But this opportunities if not being manage carefully by our government agencies and our laws and policies are not being implemented will be detrimental to our environment and human resources as well. If the local government is not at phase with rapid growth in terms of city planning, drainage system, widening of roads, increase demand of electricity, traffic management will result to damage to our environment such as floods, brown outs, traffic congestions and other problems which will offset the positive development. Recently we were struck by typhoons and it causes more damage to properties and lives. With this experienced we should be prepared at all times and should not be complacent. We have to move on and focus on our opportunities and growth. Puregold Sets Expansion In Mindanao is contributed by Geovanni A. Patalinghug...
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