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When a company is just starting out, a paper-based or manual accounting system might be sufficient enough for the present needs of the business. However, as the company grows, the volume of records and the bulk of information increases exponentially, and the responsibility of keeping track with the numbers gets overwhelming.
It is a given that all companies, large and small, need accounting to stay on top of their operations. And it also needs to comply with government regulations. There will come a point when the need for a computerized accounting system (CAS) only becomes clearer and more apparent.
What is a Computerized Accounting System? A Computerized Accounting System or CAS is an automated and high-functioning accounting software system that digitizes several financial processes. It has the capability to store all related information in a system that has all components in sync with one another.
Yes, you can avail of any accounting software available, but is it the one that the Bureau of Internal Revenue (BIR) requires? While there are several off-the-shelf accounting programs, the Bureau of Internal Revenue (BIR) has specific requirements for businesses seeking to use a Computerized Accounting System.
Technically, only large companies are the ones required by the BIR to have BIR CAS-ready accounting software. But it is strongly advised that if small and medium-sized enterprises (SMEs) are interested, they can also use a BIR CAS-ready accounting software that is BIR-compliant so they will be ready anytime as the business grows and expands.
Although small and medium enterprises do not have enough resources like the large ones, they will really gain a lot if they have this powerful online BIR CAS-ready accounting system in the Philippines.
Why does a BIR-Ready Accounting Software Make Sense? To start with, here are the main reasons why you should get a BIR CAS-ready accounting system for your growing business:
Data is king these days. You really need more accurate and updated information to make sound and strategic business decisions. Having errors in data entry can lead up to a domino effect and will lead to more serious problems later on. If the company wants to get an edge in a highly competitive market, the accuracy of data is pivotal, hence, having a BIR CAS-ready accounting software is very important.
Accounting processes will be much easier if you have BIR CAS-ready accounting software. Tasks will be much easier and repetitive processes like data entry and generation of reports are automated. Information is also easier to track and review with a more centralized and organized system. In this manner, the BIR-ready accounting software can strengthen accounting processes, giving you the necessary data to manage the business more effectively.
Aside from storing information and keeping it accurate, data management also pertains to providing data when you need it most. It is about making everything accessible. Manual accounting requires several books, reports, and receipts to keep tabs on the financial aspect of the business.
The sheer volume of documents and papar is enough to give me a headache! The safety of the data is always put to test and retrieval could be cumbersome. With a BIR CAS-ready accounting software, there is easy access to data. Best of all, it can be accessed remotely especially now that working from home has become more accepted and hybrid working arrangements are becoming more acceptable. BIR-compliant accounting software can be accessed remotely– which will make SMEs more equipped to adapt to these changes without sacrificing efficiency and productivity.
Having BIR-compliant and BIR CAS-ready accounting software helps not only the accounting department but also other departments in your business as well.
If the Computerized Accounting System can work seamlessly alongside other existing technologies you have right now, your accountants will be able to collaborate with other staff members whose jobs are closely connected to accounting like sales and marketing team members.
With a computerized accounting system or CAS, it will be easier for everyone in the company to share data and be on the same page about their financial standing in terms of profits, losses, revenues, and liabilities. With CAS, your accounting performance will definitely show a positive impact on the other aspects of your business, and the collaborative relationship of everyone involved is more cohesive.
While getting a BIR CAS-ready accounting software and BIR-compliant system may take a lot of work, it makes sense because it’s cost-effective and reliable.
To make sure that your business is fully prepared to stay on top of the game, it is best to find a partner that can provide you with the best business solutions that can cover all aspects of your operations. If you are searching for one, EasyFS can make things easier for you. You know why? It is a BIR CAS-ready accounting system!
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 example, Human Incubator Inc. or HII applied for Authority to Use CAS and was granted an Acknowledgement Certification by the BIR. And the accounting software HII used in the application? Yup, you guessed it: EasyFS! Register for a free demo: https://human-incubator.com/easy-fis/