Tax Planning Serivces for Online Businesses

The phenomenon of online selling…   …is vast and still growing. From online selling queens like eBay and Amazon to individual sellers trying their luck on some of the most popular social media sites, more people are opting to do business and gain relatively larger amount of profits through the supple world of the Internet. Having been among the top countries which consume the most internet usage, the Philippines is inevitably affected by this worldwide phenomenon. Especially in metropolitan cities like Davao, people find it more convenient to put up online stores than building classic brick-and-mortar storefronts. And the major reason why? To flee from the meticulous (and often long) processing of Bureau of Internal Revenue (BIR) documents. This phenomenon has been keeping good consistent reasons for a while now. Until BIR’s eagle eye has found the loophole that might pose a big threat to break this long string of consistency (more discussion on the latter part of this article). As an online seller, perhaps the first thing you need to do is to hire tax planning services in Davao City to ensure the legalities and to avoid corresponding penalties for your online business. And as an individual who acknowledge the thought of engaging in online selling, before knowing your rights and limitations in the legal department of taxes, you need to have the knowledge about the following, first and foremost:  The advantages and disadvantages of online selling Top recommended online selling sites in the Philippines Your (future) obligations to the local government as an online seller   The perks and disadvantages (of selling online) ADVANTAGES Worldwide coverage. – The Internet marketplace spans any location in the world that has a web connection. Besides the possibility of gaining more customers, it gives you the opportunity of expanding your business to a larger extent – that is, worldwide.   Reduced Overhead. – When compared to the traditional set up of a storefront, you do not need a number of employees to run your business, thus reducing your overhead dramatically.   24/7 Operations. – As long as you have an Internet access, you can adapt to the global time changes and allow updates for reservations any time, therefore increasing your profits margins.   No added expense for utilities and...

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Davao Bookkeeping Services: Why Businesses Need Them?

You have been in the business for a couple of years and things went well without hiring a bookkeeper. As a business owner, you can do basic accounting and keep records on your own, so you think there’s no point in hiring one. Besides, looking for the best bookkeeper in the city can be a struggle, a pain. However, as the years go by you struggle with finding time to check on records every time. You are too busy to focus much on record keeping and you wonder if you do things the way it should be done. And worse? Self-bookkeeping keeps you away from focusing on how your business should grow. If you’re too tired and you want things to begin to change and stabilize, maybe it’s high time to invest on a good accountant. Hiring this professional service gives you more time spent on growing your company. You’d also know very well where your money comes and goes. What’s best though is that you know you can save a lot on you company’s tax fees.   Business Owners Don’t Have To Be Responsible For Bookkeeping Most business owners are challenged with a lot of issues. Being pretty hands-on with almost everything in your business is impressive but if you find yourself spending long hours of tackling paperwork rather than focusing on how to run your business, then there is something you need to change. In order to maximize your time and efforts that will eventually lead to profits, be aware of the people you need and don’t need in your company. Every business undergoes a trial and error phase. However, when it comes to your finances, you are well aware that it doesn’t leave too much room for mistakes. Record keeping is a must in every business, big or small. It is the very foundation of a business. And although you have to know the basics of bookkeeping as the business owner, the good news is that you don’t have to be responsible for this kind of work yourself. You can hire a bookkeeper and leave this tedious task to the professional and licensed.   The Advantage of Having Someone Handle Your Money Matters     Are you ready to get bookkeeping...

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Bridging the Information Gap: How Davao Auditors Impact the Private and Public Sectors

Ask people what top three things come out of their mind when doing business and you’d most probably get answers specific to money/capital, office space, and marketing strategy. You never get to see how other important, but not as prominent, processes take the spotlight. Take for example: taxation and auditing. These are equally important business processes that if done correctly can spell the difference between a successful business and one that is doomed to fail. So why not just put your focus on finances and marketing when doing business? Consider these reasons why you MUST perform auditing.  Balancing  Security  Anti-fraud  Easy loaning  Efficiency  Macro-economy  Privatization  Transparency  Bidding  Settling of disputes  Lessen worries You see, this list may go on and on for eternity and you start thinking: if auditing is so essential, why isn’t it that popular? Consider the lack of information drives and viral dissemination. The public is not generally aware of it and not much effort is given by proper authorities in the Philippines for it to be understood well, even by laymen. Auditing then became the sole playground of accounting students and auditing professionals in service. This article wants to bridge that gap, whether you’re just an interested citizen, an auditor from Davao or some other key cities and a business owner yourself. It pays to know. 1) For private entities 2) For government offices 3) Issues that beset it Private Sector Davao City is one large chunk off the map of Davao del Sur and it stands on its own, away from the whole province and region but despite that fact, it is still the premier destination of businesses both born from within and without. In simpler terms: business is booming in the city of Davao, that’s a fact. This is further proven by teeming start-ups, franchises and even extension branches in the place. If you’ve taken this write-up’s opening statements with a closer look, you’d easily connect auditing to a situation wherein much business is happening. So how exactly can private entities make advantage of auditing services? Davao auditors can make:   Financial advice on prime weakness   Lending REALLY easy   Detect frauds   Improve efficiency of...

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Top 5 Accounting Services in Davao City

Opening a financial firm in Davao City or even in a different site requires careful planning. It isn’t something you can just dive into without bearing in mind all of the advantages and disadvantages. Many accountants push their naive desire of putting up a business and instantly get fortune. The truth is it doesn’t always work out that easy. If you try to ask many successful businessmen, most of them will say that the road to success is often long and slim. Setting goals for your business should be realistic. You need to focus on important points like accounting services you should sell. You would not want to sow fretfulness at the beginning of your business or else, you will reap trouble at the end and how you present yourself to potential clients will not be that great. These goals should grant you a podium of where to start and should include information such as: •    What Accounting Services to Offer •    What Will Be Your Niche •    Who Are Your Clients •    What Should Be Your Rates There are literally many strategies to open an accounting firm. However, keep in mind that what works for others many not work for you. That is exactly the reason why you are listing such goals above. When you see your strengths, you will be able to focus on them and hitting success will not be impossible Accounting Services to Offer The following list gives you idea what accounting services most CPA firms in Davao offer. These are the most important ones that you would like put together. You can absolutely modify them and if you need some time to stop and think of ways in making them better, feel free to do so. 1.)    Tax preparation – The rising number of small businesses feel the increasing need for tax preparation. While business owners get technically capacitated, they aren’t getting any better in handling their money. Tax preparation is one thing they find very daunting. The reality that many business owners do not like to prepare their income tax contributes to your opportunity of providing such accounting service. 2.)    Bookkeeping – Bookkeeping is found in almost any business. It is keeping a record of all business transactions....

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Certified Public Accountant: Davao City Businesses Should Look for the Right One

Are you worrying and struggling with your financial records as well as tax-related issues? Are you being sued by the Bureau of Internal Revenue (BIR) for fraud or tax evasion? Your current predicament could be the result of an ill-prepared income statement submitted to the agency. But the situation is not hopeless. You can get out of this mess through the help of a competent certified public accountant (CPA) to work on your behalf.   Hefty Fines Can Result From Tax-Related Issues Finances and taxes are some of the most sensitive societal issues which should be handled properly. If you’re a Davao businessman, you sure know that hiring a CPA is a very valuable component of one’s business. You surely don’t want to play around with government entities. There is no way you can bend the rules for your personal gain. And if the agency finds out you’re trying to evade your tax obligations, it means HUGE trouble. So, before any tax problems can hurt and affect you, having someone with expertise in the field of finances to handle it can help you avoid further complications with the BIR.   CPA’s and Their Roles A CPA is the ideal person who can help you with tax related cases. Some of their most important roles include: Tax Preparer – In business, there are a lot of tax filing requirements that have to be met which can be frustrating at times. Hiring a CPA can take over the tedious work such as organizing expenses and profits and filing out tax forms properly and correctly. This is to make sure that the BIR don’t chase you down for inconsistencies in your tax filing. This is very advantageous for business owners because they can focus more on the more important aspects of their business. Another thing is that if you think you pay high income taxes, you can avoid paying excessive fees and maximize your tax saving that you may not be aware of by hiring a CPA.   Finance Manager – This is another function of a CPA. They manage a company payroll, taxing allowances, salary packaging, and more.   Financial Strategist – Do you need to reduce your expenses? How do you know that you spend too...

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