The Top 5 Myths About BIR CAS-Ready Cloud Accounting Software: Debunked
By Johnny Kawa Introduction In recent years, cloud accounting software has gained…
Health is wealth. And this is literally true in business! How is your financial health? What do your financial statements say?
Financial statements are formal reports that summarize your company’s financial position and performance. They are typically prepared at regular intervals: monthly, quarterly, or annually. They are used by a variety of stakeholders, including shareholders, creditors, and management, to assess the financial health of your company.
There are three main types of financial statements: the income statement, the cash flow statement, and the balance sheet.
The income statement, also known as the profit and loss statement, shows your company’s revenue, expenses, and net income (profit or loss) over a specific period of time, such as a month, a quarter, or a year. It provides information about your company’s performance and helps stakeholders understand whether your company is generating enough revenue to cover its expenses and to make a profit.
For example, if you see that your business has high expenses and low revenues, you may need to take steps to reduce expenses or increase revenue in order to improve your profitability. On the other hand, if you see that your business is generating significant profits, you may want to consider investing in new opportunities or saving the excess cash for future needs.
The cash flow statement shows how much cash your company is generating and using over a specific period of time. It helps stakeholders understand your company’s liquidity and its ability to meet its short-term and long-term financial obligations.
For example, if you see that your business is using more cash than it is generating, you may need to take steps to increase cash inflow or reduce cash outflow in order to improve your business’s financial stability. On the other hand, if you see that your business has a healthy cash balance, you may feel more comfortable investing in new opportunities or saving the excess cash for future needs.
The balance sheet is a snapshot of your company’s financial position at a specific point in time. It shows your company’s assets, liabilities, and equity. Assets are resources that your company owns and expects to benefit from in the future including real estate and machineries among others. Liabilities are obligations that your company owes to others. Equity represents the residual interest in the assets of your company after liabilities have been settled.
For example, if you see that your business has a lot of debt and few assets, you may want to take steps to pay off the debt or increase your business’s assets in order to improve its financial stability. On the other hand, if you see that your business has a lot of assets and low debt, you may feel more comfortable taking on additional debt or investing in new opportunities.
By reviewing financial statements, stakeholders can get a better understanding of your company’s financial performance and make informed decisions about whether to invest in, lend to, or do business with your company. For you and your management, financial statements can provide valuable insights into your company’s financial health and help you identify areas where improvements can be made to increase profitability and strengthen your company’s financial position.
Now, throw on top of the many benefits of using cloud accounting financial statements. Cloud accounting is the use of online software to manage financial transactions and create financial statements. These systems allow you to access and update your financial information from anywhere with an internet connection, making it easier to manage your business finances remotely.
Overall, cloud accounting financial statements can help you manage your business by providing real-time access to accurate and up-to-date financial information. This can help you make informed decisions, track the performance of your business, and identify areas for improvement. Financial health is wealth, indeed! And easyFS is exactly that: a cloud accounting software that can generate your financial statements anytime, anywhere. And it is BIR CAS-ready, too!
Book your free demo now: https://human-incubator.com/easy-fis/
EasyFIS is a Software-as-a-service (SAAS) sales, inventory and Accounting system designed for Micro, Small and Medium (MSME) Enterprises.
If you want to manage your business in real-time and in a WFH Work from Home Setup, EasyFIS can provide a turn-key solution to your most common business problems to effectively monitor your sales, checking your LIVE inventory stock quantity and most importantly the status of your business’ financial health.
On top of that EasyFIS is CAS (Computerized Accounting System) compliant ready for government taxation in the Philippines.
EasyHR is a Software-as-a-service (SAAS) web application that helps to manage your Payroll and Human Resource Tasks easily and effectively.
Whether you are handling less than ten (10) employees or up to more than ten thousand (10,000) employees, EasyHR can do the job for you and saves you a lot of time in computing your Payroll and managing your Employee 201 Records anytime and anywhere.
But not only that, EasyHR further has an Employee Portal that allows your employees to access it online and check their own Payslips, Overtime, Leaves and Time Records. It saves a lot of time and money in printing these Payslips and paper wastage.
EasyPOS is a standalone Sales and Inventory system designed for businesses with Physical Stores and does not necessarily need an Internet or cloud solution.
The software is very easy to use yet already fully loaded with the necessary daily functions in running a store.
It already has a complete Sales and Inventory system with Item components.
Barcode and Touchscreen Interface that can be used for both groceries and restaurant setup respectively. Plus it is already BIR Accredited to legally issue Sales Invoice (SI) and Official Receipts (OR).