Accounting software is software that does accounting and bookkeeping tasks.
It also stores business financial data and is often used to perform business transactions.
Online accounting in the Philippines connects through the internet and through a laptop, smartphone, or desktop.
Online accounting software, in the same way, accesses the internet so it can automatically receive and update data to provide information in real time.
Although there are different accounting software that does different things, most of them automatically enter, store and analyze data for the business.
It helps lighten the accounting load and paves the way for more productivity.
This is especially significant for saving time on tedious and meticulous tasks like bank reconciliation.
Accounting software also provides relevant tools for invoicing, bills payment, payroll, and financial reporting.
If you have existing online accounting software in the Philippines and are satisfied with its service, well and good.
But you have to make sure that the online accounting software you have right now is BIR-accredited.
Is your online accounting software BIR-ready?
Before pursuing an Accounting System, you have to check if the software is BIR-compliant.
You must consider the BIR Readiness of the System.
First, evaluate so that you won’t end up buying one not knowing that your software is BIR-ready.
The Bureau of Internal Revenue has certain requirements.
How would you know if your online accounting system is BIR-ready?
For businesses in the Philippines, there are rules and regulations that must be adhered to, one of these is most specifically taxpayers who are required to use CAS or better known as the Computerized Accounting System.
There are basic features that need to be considered for an online Accounting System in the Philippines to be accredited by the BIR.
Here are the BIR-Ready Accounting Software Features for your guide:
1. BOOKS OF ACCOUNTS
What is a Book of Accounts? It is the compilation of business transactions that are recorded by the day.
This important record is required when a Taxpayer like your company applies for a Certificate of Registration (COR).
These documents must be generated and printed and they should include the following:
- Summary List of Sales (SLS)
- Summary List of Purchases (SLP)
- Semestral List of Regular Suppliers (SRS)
3. MODULE BASED REPORTING
There are also required reports that must be submitted like:
Financial Reports that would include: General Ledger, Subsidiary Ledger of Debtor, Subsidiary Ledger of Creditor, Trial Balance, Statement of Financial Position, Statement of Comprehensive Income, Sales and Purchases related reports, and Stock Reports.
4. AUDIT TRAIL
There should be a system of audit recording and tracing the audit as well.
The transactions inputted in the BIR Accounting System should be monitored and tracked, hence the Audit Trail requirement.
The Audit Trail record must include the date and time, event, username, machine used, document number, and document type.
These are the common accounting forms that accountants do on a daily basis. These are:
- Delivery Order for companies that maintain Stock Items
- Journal Voucher, Collection/ Acknowledgement, or Provisional Receipts.
These are the various requirements that your online accounting software should be able to perform and deliver.
This will serve as a checklist for you to know if what you have is legit and BIR compliant.
Search around. There are several software companies in the Philippines and online accounting providers that already have complete BIR-ready features.
It is best to follow and comply so that your company can flourish and pursue. Compliance is key to being legitimate and successful in the Philippines.
One company that stands out is EasyFS. It has a dependable BIR-ready software accounting system that complies with the requirements of a BIR Computerized Accounting System (CAS).
With EasyFS, you’ll get to enjoy these wonderful benefits for your business:
1. BE CAS-READY
Easy FS 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 that it will be easy for your business to apply with the BIR for accreditation.
2. GET THE LATEST VERSION, ALWAYS
Since the system Architecture and Design of EasyFS is based on the cloud, you are guaranteed the latest version of the system.
Software updates also happen in real-time.
You will also benefit from the actual experiences of businesses that have benefited from EasyFS.
3. CUT COST
Migrating to EasyFS Software as a Service (SAAS) application minimizes the need to print stacks of reports and other documents required.
Instead, you can download the reports or share documents digitally.
Your teammates can also view EasyFS data without them altering the records you encoded in the system.
4. IMPROVE TEAM EFFICIENCY
EasyFS has various modules designed for teams in Logistics, Warehouse, Inventory, Sales and Accounting Team.
Since all of these modules are integrated and interrelated, your teammates can easily coordinate and even collaborate in real-time, providing more employee efficiency and saving a lot of time and energy.
5. LOW COST
EasyFS has been efficiently designed so that the cost of deployment and maintenance is very minimal.
And we pass the savings to you by charging you a very minimal fee.
With EasyFS, you will certainly have BIR-ready accounting software!
Book a free demo now! https://human-incubator.com/easy-fis/
