accounting Archive

The Entrepreneur’s Guide to Surviving a BIR Audit

In the Philippines, the taxpayer is deemed responsible for tax compliance and is expected to know which taxes should be paid, how and when to pay them, and by what means he can comply with the required reports. The Bureau of Internal Revenue (BIR) acts as the tax authority with the right to conduct tax

Basic Business Record Keeping Tips

Most entrepreneurs enter new ventures because they know something about products or retail or sales and marketing. Despite a burning passion for their new businesses, entrepreneurs will not succeed unless they learn to keep their financial records in order. Record keeping is considered by many entrepreneurs as one of the “least important” part of operating

Income Statements & Balance Sheets 101

While most small entrepreneurs hire accountants to take care of their books–a practice that’s highly recommended–, it doesn’t hurt for the business owner to have a basic understanding of the numbers that go into these books and, ultimately, into the financial statements themselves. Here, we look into how the two most critical financial statements, the