Having a sound salary system

In today’s tight job market, finding a good job fit –both on the employer’s and the jobseekers end –is not exactly a walk in the park. For those finding their way into the labor force, the ideal job would consist of a combination of providing a sense of productivity, career growth and of course –an attractive compensation package. Although the first two factors are highly subjective, the last one is probably more plausible with larger companies who can afford to offer job opportunities with benefits and the works. But what about smaller organizations who can’t afford to do the same? Does this necessarily pull down the company’s chances of hiring skilled workers?

In times like these, the answer would be no. While dreamy compensation packages and abundant benefits will work towards a company’s advantage, smaller organizations need not be left behind. With a stiff job market, people would be willing to trade off quality output and effort in exchange of stable and decent salary offers. From this angle, SMEs to belt-tightening larger companies could maximize their resources simply by maintaining an effective and efficient payroll system. Not just for the sole reason that people want and need to get paid for doing work, but also to keep a healthy and balanced financial system which is vital in every organization.

Learn the intricacies of payroll administration with our Effective Payroll Management Seminar! By attending this seminar, you will become better equipped with the proactive and effective payroll procedures. Click here to sign up or find out more.

‘Buy now, pay later’ costing you more than you expected?

The vast definition of credit risk widens the risks (pun unintended) it imposes on the parties involved. Given this scenario, applying a good Credit Risk Management model becomes an imperative. But before that can take place, people should be aware that Credit Risk is everyone’s concern –before it’s too late! First things first – Credit Risk, from a generic perspective, is the probability that a borrower or debtor will not be able to meet the repayment terms and conditions initially agreed upon with the lender.

The fine lines of the “Buy now, pay later” mentality, in this case, does not only refer to actual “purchases” nor does it apply to credit cardholders and banking institutions. This also applies to retailers, merchandisers, manufacturers and consumers. How do the smallest credit agreements fare in the bigger economic picture? For financial institutions, what could be the best Credit Risk Management models they could apply without turning off potential clients with terms that can come off as too rigid, or too lax up to the point that they can appear dubious?

Entrepreneurs Accounting Academy aims to answer these questions in its introductory Credit Risk Management Seminar. This comprehensive 2-day seminar will tackle Credit Risk from the perspectives of the different industries involved and the various Credit Risk Management model suited for each one. This seminar will also become an establishing ground for identifying appropriate credit risk environment, the effective operation and maintenance of credit-granting and maintenance and proper control over credit risk. Prevent credit risk fiascos before they occur –sign up for our seminar here.

Bookkeeping: From back-office role to organizational backbone

All organizations, ranging from small to medium enterprises to massive corporations –are required by the law to keep and maintain accounting books. It is mandatory for a firm or organization conducting business to keep accurate bookkeeping records. The set of accounts should show the sales income incurred expenses and profits for tax purposes. These businesses employ the services of accounts clerks and expert bookkeepers in order to maintain financial records and to generate accounting information and reports on a regular basis.

These back office roles are often overlooked –hence, maintaining the “back office” reputation. But did you know that in the USA, UK, Australia & Canada, the salary of a bookkeeper ranges from $ 26,627 to $ 39,217 annually –translating to a whopping Php 1.2 million to Php 1.8 million a year? That’s probably because bookkeepers do a lot more than just file and archive financial statements, they identify and analyze these statements and save the company a lot of time and risks when audit season comes.

Entrepreneurs Accounting Academy offers a Bookkeeping Course designed to equip interested applicants with all the technical knowledge and skills they need to perform different accounting functions and processes, including the identification and recording of business transactions, preparation, analysis and communication of financial information for business decision making. This course is TESDA Accredited with a Level III National Certification, providing vast career opportunities both here and abroad. Wanna find out how you can become a certified bookkeeper with just 5-12 months? Click here!

Bring out your inner entrepreneur

Are you a…

…start-up entrepreneur seeking ways to foster growth for your business?

…currently employed individual yearning to become self-employed?

…working full-time but looking for other means of income?

…college student looking into having a future in business?

…simply teeming with innovative business ideas but don’t know where and how to start?

Entrepreneurs Accounting Academy invites you to attend a FREE Entrepreneurship Seminar that would help you bring those business ideas to life!

This 1-day entrepreneurship is a full-blast workshop that would guide you through the basic requirements of setting up a business, and equip you with the skills and knowledge on practical ways to sustain and improve your business plan. This seminar will also update you on the opportunities and the actual trends in the entrepreneurship world.

All you have to do is register here and take care of a 500p fee for food and the training manual.

Ready to breathe life into those budding business plans? Visit our website to find out more!

BIR launches tax drive for 2010

The Bureau of Internal Revenue (BIR) kicked off its 2010 tax campaign led by Finance Secretary Margarito Teves last Friday, Feb 5, in an effort to raise P830 billion this year.  Commissioner Joel L. Tan-Torres disclosed that various efforts made to ease the burden of taxpayers when filing 2009 income tax returns (ITR) and also to make it easier for banks to process them.

On their part, the process has done away with the requirement of multiple stamping of ITRs and attachments by banks and except on the page of audit certificate and the three copies of the returns. On the taxpayers’ side, Tan-Torres requested individual and corporate taxpayers not to wait until the last minute when filing their returns in order to avoid the hustle that normally occurs during rush hours. The BIR chief also stressed that like in the past, the April 15 deadline will not be extended and late filers will be slapped the usual fines and surcharges.

Tan-Torres expressed optimism of hitting the huge collection target for the year as evidenced by the more than P3 billion collection surplus last month. He did not give actual figures, saying that they were still tentative.

Having trouble with your taxes? Entrepreneurs Accounting Academy invites you to attend one of its Comprehensive Tax Seminar, one of its most popular seminars on hand. This comprehensive 1-day seminar is packed with updates and real-life scenarios that would shed a brighter light on the matter of taxes. This seminar is targeted at Administrative officers involved in tax compliance, Bookkeepers, Accountants, Tax Professionals, Lawyers and business owners who would like to know about their taxes. Click here to register and find out more about the seminar!

IFRS compliance: How far ahead (or behind) are we?

At present, there are approximately 117 nations that permit or require International Financial Reporting Standards (IFRS) for domestic listed companies, including listed companies in the European Union. Other countries, including Canada and India, are expected to transition to IFRS by 2011. Mexico plans to adopt IFRS for all listed companies starting in 2012. Some estimate that the number of countries requiring or accepting IFRS could grow to 150 in the next few years. Japan has introduced a roadmap for adoption that it will decide on in 2012 (with adoption planned for 2016). Still other countries have plans to converge (eliminate significant differences) with their national standards with IFRS. Having said this, it is becoming evident that the IFRS is rapidly gaining dominance as the global standard in the preparation of public company financial statements.

The IFRS, a set of accounting standards formulated by the International Accounting Standards Board (IASB) apply to the general purpose financial statements and other financial reporting by profit-oriented entities – those engaged in commercial, industrial, financial, and similar activities, regardless of their legal form.  As IFRS becomes more widespread, CPAs, financial statement preparers and auditors will have to become informed and well-versed with the new rules and trends. Others, such as actuaries and valuation experts who are engaged by management to assist in measuring certain assets and liabilities, are not currently taught IFRS. To remedy this situation, they must be given comprehensive training and be lectured on the subject. This does not apply exclusively to auditors and accountants, but also to parties other than profit-oriented business entities who may also find IFRS appropriate.

In the Philippines, IFRS is being adopted locally as the Philippines Financial Reporting Standards (PFRS). This includes all applicable PFRS, Philippines Accounting Standards (PAS), Philippine Interpretations Committee (PIC)/Standing Interpretations Committee (SIC)/International Financial Reporting Interpretations Committee (IFRIC) Interpretations which have been approved by the Philippine Financial Reporting Standards Council (FRSC) and adopted by the Philippine Securities and Exchange Commission (SEC). PFRS and PAS are based on the IFRS and IAS issued by the IASB. Consequently, these changes have greatly affected the business community and its affiliated industries. This has elicited several reactions, some adverse, to the costs and effort required to comply with the new set of standards. Who is going to account for the cost needed in order to adopt these standards? How vast are its effects on smaller enterprises? Is it really worth it in the long run?

These questions and more will be addressed to in the 2^nd Bookkeepers Congress, happening this May 6 and 7, 2010, at the SMX Convention Center. Entitled “Gearing the Bookkeeping Industry towards Global Competency”, the event is aiming to empower the bookkeeping industry towards becoming globally knowledgeable and thus professionalizing this industry which, as others might have overlooked, plays a vital role in the business industry. This event is that is beneficial not only for bookkeepers but also anyone and everyone involved in performing, monitoring and maintaining business and accounting process such as finance managers, finance officers, accountants, accounting managers, cost accountants, cost analysts, budget analysts, systems analysts, auditors, financial planners and finance, management and accounting students, among others.

Organized by Entrepreneurs Accounting Academy, this year’s featured speaker is international IFRS expert Bobbe Barnes, an educator and consultant with many years of professional experience in IFRS, US GAAP and certification training around the world. Along with other guest speakers Bureau of Internal Revenue (BIR) Commissioner Joel Tan –Torres, who will be speaking on “The Impact of PFRS Adoption on Philippine Taxation” and Rosalinda D. Evangelista, PhD., CPA, sought-after educator, consultant and speaker on the Philippine Reporting Standards (PFRS).

Don’t pass up on attending this event. Visit the official 2^nd Bookkeepers Congress website for more details about this event, and register online here!

Inside internal auditing

There may be a fork in the road when it comes to how businesses perceive audits and regulations. Internal auditing goes beyond conducting checks and balances, and in fact, can save the company time and money by improving business processes as they occur (and not when it’s too late).

While not all SMEs can afford to have an internal auditor, hiring one would be a worthy investment. One of the benefits is that conducting internal audits prevent the occurrence of fraud. Consequently, this cuts down the time and effort required of external auditors in the future. Another is that internal auditors can help identify the company’s risks and challenges, and therefore help evaluate the key factors needed to speed up the company’s progress. While nitty-gritty compliance measures might seem to tasking and somewhat daunting to employees, they actually offer learning opportunities for them in the future.

Are you an operations auditor or process analyst looking for updates and new tips and tricks to get practical techniques for the trade? Entrepreneurs Accounting Academy is holding another one of its popular Operations Auditing Seminars where both auditors and non-auditors responsible for developing and monitoring internal control or understanding business processes can learn the following:

• Identify, evaluate and document organizational strengths and weaknesses and needed improvement
• Understand the audit model and its four phases
• Gain insight into behavioral skills and communication techniques to improve your ability to communicate with others

…Just to name a few. Click here to find out more about the Operations Auditing Seminar, and how to register conveniently online!

Strong remittance inflow to continue in aiding RP economy

Our overseas workers are known to make headlines wherever they’re designated.  Dubbed as the country’s “new heroes”, what was previously seen in a less noble light is now seen as one of the key factors that help curb the economic crisis in the country. Of course, the silver lining that surrounds the “heroic” aspect is indispensable – (some OFWs being known for more infamous reasons) but objectively speaking, whether they grace the headlines with infamy or courageous acts of honesty and heroism, the fact remains that their remittances have proved to be a huge contribution to Philippine economy.

OFW remittances played a huge role in saving the economy of amidst the worldwide economic recession. “Healthy remittances and government spending are expected to support the Philippine economy,” Jong Wah Lee, ADB chief economist told in a briefing. ADB also maintained its growth forecast of 3.3 percent for this year.

Metrobank also stated in its latest Economic Weather Report that the said the robust growth in remittances would boost the peso and the domestic economy. “Remittances, which could post double-digit growth this year, amid better economic conditions, would give support to the peso,” the lender said. While remittances generally help promote economic development by giving access to financial services for the sender and recipient, the country still faces many economic challenges left over by the series of typhoons from last year.

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Intimidated by number-heavy financial spreadsheets and reports? EAA’s Financial Analysis Tools & Techniques Seminar is becoming increasingly vital in equipping business decision-makers with the proper knowledge needed to interpret business situations and apply financial principles. In just one intensive day of training, you’ll become fully versed in the financial analysis tools and techniques you need to properly assess business risks and opportunities. Click here to register or find out more about the seminar.

Prevent supply chain disasters before they happen

People in the business industry would say that business cycles aren’t exactly like they were a decade ago. With the recent economic recession, increasing rates of natural disasters and changing business environment, business stakeholders have to keep an mindful eye on their operations. For procurement professionals, one of the most vital processes they should monitor is the supply chain and the activities it involves.  In an article written by Tim Albinson, CEO and founder of San Francisco-based software company focused on sustainable supply chain management called Aravo Solutions, he discusses some common supply chain risks committed, and the respective measures on how to avoid them.

Trusting Historical Trends

• Verifiable statistics are always reliable –assuming that the markets remain unchanging. As previously mentioned, that is not the case.  Instead, companies should reevaluate their risk metrics and be equipped with solutions that are readily flexible and able to track data based on different parameters.

Disregarding Obvious Risks Due to Outdated Information

• In relation to the first problem mentioned, some obvious risks are overlooked due to dependence on outdated information. To remedy such situations, there needs to be a “continual and transparent supplier data collection process that offers the ability to update assessments and calculations on the fly”.

Overlooking concealed risks due to lack of supplier knowledge

• Hidden risks and unprecedented events that disrupt the production line can jeopardize an entire sourcing plan. Before even reaching that point, you should gather all supplier information in one place and then involve multiple internal stakeholders when evaluating risk and driving workflow based on specific criteria.

Are you experiencing the same problems optimizing the development/management/maintenance of your supply chain and warehousing and inventory management? Attend the Warehouse Management & Inventory Control Seminar and gain the latest updates and practical solutions in this aspect. This 2-day seminar enables the procurement professional to gain command of the key elements of a successful operation and provides a guide to complementing procurement activities with prudent inventory management techniques. Can these concepts help your procurement function add value to meet often unpredictable demands? Click here to find out how you can register!

Economic growth in developing countries looking brighter than expected this year

As opposed to bleaker previous economic forecasts made in the last quarter of 2009, the International Monetary Fund (IMF) yesterday released a new and more optimistic forecast of economic activities for this year. In its reports, the IMF stated that recovery in advanced economies “is still expected to be weak by historical standards, with real output remaining below its pre-crisis level until late 2011,” but emerging and developing countries will have relatively more vigorous activities due to strong internal demands. The IMF also expects inflation rates to be kept at a minimum in most economies due to excess capacity.

Some of these countries in particular include Southeast nations such as Thailand, Indonesia and the Philippines. According to a study conducted by the Asian Development Bank (ADB), “prospects for 2010 look relatively good in the Philippines with domestic factors such as rebuilding work in the wake of two devastating typhoons in 2009, and national elections, likely to fuel growth”.

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Want to know the factors that control your costs? Or for consumers, do you wish to have a better grasp of the real deal between costing and pricing? Attend our Costing & Pricing Seminar and find out how commodity pricing is determined, or for business decision-makers, check to see if your prices are within the normal market range. Sign up here to explore the various costing and pricing methods, and see how it affects your business and consequently, your budget.