All companies in the Philippines, small, medium, and large alike, must stay on top of their operations. It is understandable for a company just using paper-based and manual accounting. It may prove to be useful and passable at the outset for the company’s initial needs.
But as it grows, there is so much more to do, especially because the volume of data increases in direct proportion to the increase in transactions, operations, manpower, and all the attendant elements of a growth story.
At some point in business operations, the need for a computerized accounting system (CAS) only becomes more significant. And in the Philippines, it has to be BIR-Accredited.
Most often, a BIR CAS-ready cloud accounting system is disregarded by businesses. As a result, it has become one of the less prioritized business essentials in the Philippines, especially for SMEs or Small and Medium Enterprises. This could be brought about by several reasons that may include mainly the lack of information, manpower to do it, and the expenses or budget needed.
Sadly, most SMEs are in their comfort zones and limited to manual accounting and bookkeeping. But the thing is, when companies grow, expanding means having to comply with government regulations, and having BIR-ready accounting software is a must-have nowadays.
What is a Computerized Accounting System, or CAS?
A Computerized Accounting System is an accounting software system that is high-functioning, intuitive, and automated. It optimizes several financial processes and stores all related information in an integrated, more cohesive system. There are CAS software systems available in the market, but the Bureau of Internal Revenue (BIR) has specific requirements for businesses seeking to use CAS. So, there is no other choice but to comply. Technically, only large companies worth exceeding P100 million must have their own BIR CAS-ready accounting software.
However, small and medium-sized enterprises (SMEs) can also have the discretion to adopt BIR-ready accounting software in preparation for the future. But the process of having one is extensive and meticulously done. So, SMEs and other companies have to be ready for it.
While the process does take a significant amount of work, SMEs stand to gain a great deal in getting their hands on this powerful BIR-Ready accounting software.
Stay on top of your finances. But, first, you need to know what is in store in getting a BIR CAS-ready cloud accounting software.
- Improves Accounting Processes – There is more integrated work when you have BIR-CAS accounting software. Repetitive processes like data entry and report generation are now automated, and tracking information becomes easier with a centralized system.
- Ensures Accurate Data and Financial Reports – A BIR-CAS accounting software ensures accurate data and reliable financial reports. There is a strong need for accurate data and up-to-date information to cope with the rapidly growing market.
- Strengthens Data Management – Getting a CAS will make small-medium size enterprises (SMEs) more equipped to adapt to the changes of increasing and voluminous information without sacrificing productivity. Small, medium, and large companies alike can benefit from CAS. While getting a BIR-Ready accounting software system takes some serious work, it is worth the investment. And complying with government regulations is now a breeze. With BIR CAS-ready accounting software, SMEs can take control of their data and use it to fuel their growth.
- Enhances Customer Trust – Customers trust the business when it is legitimate and follows regulatory standards. Every business aims to cater to the customers’ needs and provide top-notch service. One aspect that customers will take notice of is being compliant with the Bureau of Internal Revenue (BIR). It assures customers of good service, making them more trusting of the company.
- Supports the Government and Avoids Penalties – Running a business with manual bookkeeping can be a headache. It is exposed to committing errors that will result in penalties mandated by BIR regulations. Having BIR-ready Accounting Software not only helps manage financial transactions but also ensures that the information being worked on is accurate in the manner prescribed by the tax authorities.
- Leads to Better and More Informed Decision-Making – It will be easier for the company to do forecasts and develop effective solutions if they can quickly view Financial Reports, Sales Status, and Purchases. In a BIR-ready Accounting System, all these reports are available, leading to better and more informed decisions for the company’s good.
Are you a Large Taxpayer looking for BIR CAS-ready Accounting Software to stay compliant with BIR regulations? Are you an SME future-proofing your growth by adopting a BIR CAS-ready accounting system? Then consider EasyFS.
At EasyFS, you can stay on top of your finances and manage your finances seamlessly. try EasyFS. Book a free demo today. https://human-incubator.com/easy-fis/
