Unlock Financial Opportunities: Become an HII Sales Freelance Agent!
By GK_InsightsHub Introduction: Are you ready to embark on a rewarding journey…
2023/06/23
Complying with requirements in the Philippines admittedly is long, tedious, and tiresome.
Lining up to have your license renewed takes the whole day if you are lucky enough.
For business owners, regulatory compliance is time-consuming and challenging. Some would resort to hiring fixers just to expedite everything.
But while it is true that compliance may not necessarily give you the revenue for your business, it is still worth prioritizing because compliance is key to being a legit business.
One of the important regulatory compliance that every business should adhere to is the Bureau of Internal Revenue or BIR.
If you are currently upgrading to a computerized accounting system or CAS, you have to make sure that your CAS is BIR-ready accounting software.
The Bureau of Internal Revenue has stringent regulations when it comes to the compliance of every business.
Do you know that registering your CAS and updating your procedures for full BIR compliance will save you from staggering penalties?
If you have an outstanding record in complying you will have a better working relationship with the BIR.
If not, then do not expect a smooth ride with the tax collection agency.
Now you might not have any idea at all when it comes to the requirements of the BIR.
How should you go about your BIR CAS compliance, and what requirements should you prepare?
In being CAS-Compliant, here’s everything you need to know about the process.
First, check the type of business you have.
Revenue Memorandum Order No. 1-2009, stipulates that all large taxpayers should upgrade to a Computerized Accounting System (CAS) and that they should register their chosen BIR-ready accounting software system at the BIR.
Although it is mandated for large companies, this does not limit small to medium-sized businesses to upgrading to a CAS.
In fact, this is a great preparation especially when the business is growing.
If you think that this is optional, please think twice.
All companies that already have CAS or still intend to use a CAS for their accounting processes, whether they are mandated to by law or choose to do so on their own, must register their Computerized Accounting System (CAS) at the Bureau of Internal Revenue.
If the same companies have their existing CAS and opt to modify and add some enhancements to their online accounting in the Philippines, then they should still register this with the BIR.
These changes may be modifications to the functionality of the system, any addition or removal of modules and sub-modules, and any other changes that will affect some important financial aspects of the system.
Minor system enhancements to the CAS, like bug fixes, despite the minute detail, will still require a brief letter of notification to the business’s Revenue District Office, or RDO.
Now that everything is clear as far as having BIR-ready accounting software is concerned, here are some key components that your CAS should contain.
Basing it on Revenue Memorandum Order 29-2002, the BIR requires a CAS to contain the following key components:
easyFS gives you a highly-accurate and real-time view of your financial statements.
Sign-up for a FREE easyFS Accounting System now!easyFS gives you a highly-accurate and real-time view of your financial statements.
Sign-up for a FREE easyFS Accounting System now!If you have all these key components, then it will much easier for you to prepare and submit all the needed documents in registering your Computerized Accounting System (CAS).
These are:
At a glance, all these may seem to be overwhelming and the process exceedingly difficult.
Thanks to BIR, they have made it simpler and more manageable.
Revenue Memorandum Circular No. 5-2021, has already streamlined the process of application.
No more system demos and PTUs or Permit to Use.
First-time CAS registrants only need to submit their documentary requirements for registration and wait three working days for an Acknowledgment Certificate before rolling out their CAS.
With this streamlined process, onboarding a BIR-ready accounting software is no longer daunting.
But if you are still uncomfortable with it, then EasyFS will guide you every step of the way.
Let us cut to the chase. EasyFS is BIR Computerized Accounting System (CAS) compliant.
EasyFS is a homegrown software from the Philippines, so it currently adapts to its business practices, particularly the Taxation Regulation and Guidelines of the Bureau of Internal Revenue (BIR).
EasyFS is compliant and ready for Computerized Accounting System (CAS) so it will be easy for your business to apply with the BIR for accreditation.
For free demo, check out: https://human-incubator.com/easy-fis/
easyFS gives you a highly-accurate and real-time view of your financial statements.
Sign-up for a FREE easyFS Accounting System now!easyFS gives you a highly-accurate and real-time view of your financial statements.
Sign-up for a FREE easyFS Accounting System now!Typically replies within a few hours