Why payroll administration shouldn’t be a burden

Let’s face it –computing for employee wage and organizing related records aren’t exactly the most looked-forward-to activities during paydays. However, there’s no escaping it either if you want to refrain from having unhappy employees, or loopholes in reportorial requirements. Small companies in particular, cannot afford to establish their own HR department and consequently, payroll administration duties can fall on anyone.



Aside from the various software being released in the market today, the promise of yielding faster, easier payroll management activities fall flat without a sound background on the vital must-do’s that go hand-in-hand with employee wage computation.


Are you looking for a worthy investment that will aid you in your payroll management activities? We have the solution for you.


Learn the essentials of Effective Payroll Management in just 1 day!


Attend this seminar and gain solid knowledge on the following:


An Introduction to Payroll
Record Keeping – Operating the Payroll Function More Effectively
Calculation of Gross and Net Pay
The Essential Payroll Tax Update for the Payroll Professional
Effective Payroll Management Reporting Skills


Register online now or view our Packaged Programs that contain this seminar and save as much as Php4,100!

Start-up ENTREPRENEURSHIP SEMINAR for FREE

So you can already envision yourself as your own boss in your dream business enterprise. You have a clear picture of your entrepreneurial idea and where you want to set up shop, or how you’re going to take over the world with your international franchises. You are confident that your idea is unique, and you can surely make it happen. However, you are bogged down with questions on how to get started –from registration to licensing, to simple accounting and business transactions, to financial reports and regulatory requirements and so much more.

Learn all these and more in our Entrepreneurship Seminar on September 7, 2010 (Tuesday) which we will be conducting FOR FREE! Training fee is absolutely waived –all you need to take care of is Php500 inclusive of lunch and training kit.

Don’t miss out! Register online now to reserve a slot or read more about this seminar.

Have happy employees –update your compensation and benefits plan

In times like these, it’s better to take care of your company’s assets, both financial and non-financial. While you think that the turnover of employees might be relatively easy considering the overwhelming number of people vigorously applying for jobs out there, finding new employee that are actually competent and reliable enough are difficult. They may need you for employment –but your competitors might reel in the best of the bunch by giving better salary and benefits offers. In a blog by PayScale.com, they give 10 tips on why and how to develop a competitive compensation plan.

1. Properly compensate your new hires. What you offer upfront to a new hire can either convince or turn a potentially valuable worker away –be realistic yet positive about your offer.

2. Deepen your knowledge. It is also important to know the trends and regulatory environment of the industry you are in. This will paint you a clearer picture of what to tweak and how to go about the improvements you want to make in your compensation plan.

3. Determine how competitive do you want to be relative to the market. Variables include growth outlook for the coming years, industry specifications, your overall philosophy on pay, etc.

4. Explain total rewards to your employees. This is crucial especially for HR professionals –make sure your employees understand the constituents of their salary, benefits and incentives. This will yield lesser cases of complaint and later on, disgruntled employees.

5. Think before you cut. If it becomes a dire necessity, layoffs are inevitable. This might not look good for the company at first, but smart and targeted layoffs are better than reducing your employees’ salary. Keeping dissatisfied and resentful employees will do more damage than cutting back altogether.

6. Remember the key issues covered by a successful employee incentive plan. Ask yourself these following key questions: Who are you going to incent? How much are you going to pay, and for what result? How are you going to deliver the employee incentive?

7. Get buy-in on your company’s compensation policy. Gain approval not only from your top executives, but everyone involved in the compensation planning. This will also help identify if your offer is aligned with the company’s objectives.

8. Equip your managers to have effective conversations about compensation. There’s nothing worse than not having a proper compensation communication strategy when it comes to implementing the compensation plan. Before the breakdown of salary constituents reaches the prospective employees, your company’s managers have to get a good grasp of the matter first so that the information flows smoothly and accurately from there.

9. Write a compensation philosophy. This generally consists of a few, two paragraphs summarizing your company’s outlook on compensation. Use generally understood words, keep your tone positive yet realistic and remember that policies are not constant and will have to undergo some changes in order to be aligned with the rest of the company’s requirements.

10. Target pay rates appropriately. If you haven’t yet, correctly define the job for market pricing.When you are targeting pay rates for positions, you’ll want to correctly define the full proficient employee who has average performance.

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Don’t miss our Compensation & Benefits Seminar this August 18, 2010 (Wednesday)! Click here to register now or view or Packaged Programs to see how you can get a discount on this seminar and save as much as Php4,100!

Pursue your dreams of becoming self-employed

Do you have what it takes to be a franchise owner? A clothing retailer? A registered business operator? According to statistics, 50% of various registered businesses in the Philippines fail within 2 years of operation due to lack of sufficient knowledge in the nitty-gritty details of business operations such as reportorial requirements, financial reports and business feasibility. Whatever business venture it is you have in mind, we can help you figure out if you have what it takes to be an entrepreneur!

Attend our Entrepreneurship Seminar for FREE* this July 6, 2010 and have a long-lasting relationship with your business ideas and become your own boss! For more details and convenient, online registration, click here. Limited slots only, register now.

*Entrepreneurship training fee waived –all you have to take care of is a Php500.00 fee for a.m./p.m. snacks, lunch and training kit.

What’s (possibly) in store for entrepreneurship in the new administration

Despite the backlash that outgoing President Macapagal-Arroyo has been receiving from all sides regarding several graft and corruption cases pinned to her name, she was hailed as the “entrepreneur champion” during the 20th Negosyo Seminar. The Negosyo Seminar (NegoSem), was held last June 17 in Ms. Arroyo’s hometown in Lubao, Pampanga. Presidential consultant for entrepreneurship and Go Negosyo founder.Jose Ma. “Joey” Concepcion III, was the one who awarded Ms. Arroyo during the event.

In another event related event held in Pampanga also, Bangko Sentral ng Pilipinas (BSP) Gov. Amando M. Tetangco Jr. cited that the financial reforms implemented under Ms. Arroyo’s watch “enabled the Philippine financial system to remain resilient amidst the global financial storm.” BSP Deputy Governor Nestor Espenilla Jr. also said that the country’s microfinance initiatives have been positively noted by international organizations, according to one of their reports.

However badly tarnished the outgoing president’s image might be, these initiatives have encouraged and allowed for small to medium businesses to flourish under her term. However, can the new administration keep entrepreneurs in high spirits as well? In Philippine Chamber of Commerce and Industry President Francis Chua’s first draft of a 100-day economic agenda for the new administration, he states that more reforms are “needed to improve the country’s business and investment climate”, including finding ways to reduce the cost of doing business and job creation.

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Thinking of putting up a business but unsure of what’s REALLY at stake? In today’s fickle economy, it is vital to get one’s bearings right in the process of breathing life into business ideas. Sign up for our FREE* Entrepreneurship Seminar on July 6, 2010 (Tuesday) and get everything you need to back up your entrepreneurial dreams! In this workshop, you will assess:

• The Entrepreneurial Personality and Mindset
• The Regulatory Considerations When Starting a Business
• The Business Plan
• Accounting for your Business
• Action Planning

For more details or to reserve a slot now, click here!

*Training fee waived –all you need to take care of is Php500 for lunch and training kit.

EAA 3rd Year Anniversary Seminar Offers

We would like to celebrate our 3^rd Year Anniversary this month by launching our all-new PACKAGED PROGRAMS!

We would like to take this opportunity to show our gratitude and give back by offering 2-3 bundled seminars which are aimed towards a ladderized form of higher learning particularly in the fields of accounting and finance for continuous organizational and individual career development.

With accounting as a vital, indispensable part of sustaining and managing businesses and organizations of all types and sizes –small to medium enterprises, corporations, profit and non-profit groups – Entrepreneurs Accounting Academy recognizes and puts emphasis on the need for practical business solutions in order to keep up with today’s volatile economy. Our programs are directed straight towards this thrust, hence the formulation of constantly updated programs that are abreast with the latest accounting and finance trends. We stand to deliver real solutions to real issues with our highly interactive seminars that put textbook theories into practice.

We, at Entrepreneurs Accounting Academy, are inviting you to check out our new offers which are guaranteed to be a worthy investment of your time. Click here to visit our website to see our regular offers and our Program Packages to see how you can save as much as Php6, 300!

Small businesses can benefit from credit policies

While the global ranking of Philippine businesses when it comes to getting credit is at 127 (fairly alright in comparison to its neighboring countries), locally, a lot of small to medium businesses are still quite conservative when it comes to either applying for credit or creating their own credit policies for potential customers. According to the World Bank’s Doing Business 2010: Philippines study, “firms consistently rate access to credit as among the greatest barriers to their operation and growth”. In this study, two indicators were pointed out as crucial in determining how well (or not) credit markets function: 1) credit registries and 2) legal rights of borrowers and lenders. Borrowers might be hesitant and doubtful of their level of qualification, and credit registries might be lacking in the dissemination of information. The study mentions that one basic solution could be having a better way of getting information out in the open so as to let more potential lenders know their options.

How can credit & collection policies increase the rate of you business’s potential? Find out in our Credit & Collection Seminar on June 21, 2010! Click here to find out more about how you can assess borrowing for your business or creating your own credit policies that will match your business needs.

Building your organization’s own anti-corruption unit

While our attention as citizens of this country might usually be subliminally focused on the various graft and corruption cases that usually involve the disappearance of hard-earned taxes, business owners and key business decision-makers might also encounter similar thoughts regarding the safety of their own pool of funds.

Larger corporations have the advantage of being able to have internal auditors on call to regularly provide checks and balances, while other businesses opt to outsource. Other organizations rely on non-auditors to perform audit functions for controlling or monitoring business processes. Other small to medium enterprises that are a little lax or less assertive in enforcing company policies might be on the losing end when it comes to realizing their organization’s full potential.

Has your organization conducted a check-up of organizational strengths and weaknesses recently? Are your internal controls still well-established and appropriate for any changes you might have undergone within the organization?

If you find yourself concerned with the following areas, our Operations Auditing Seminar will give you the answers you need! Whether you are an established internal auditor, process analyst or non-auditor tasked with the analysis of understanding business processes, this seminar can work wonders on helping you refurnish or realize existing or prospective business goals or inaccuracies in your company’s books. Build your own organization’s anti-corruption unit and clear the path to greater organizational achievements! Click here to read more or to pre-register for this popular, comprehensive 2-day seminar.

How to apply credit management for business

The “Buy now, Pay later” mindset that credit cards or credit policies imply might as well be one of the greatest inventions of all time… or the cause of an individual’s bankruptcy and a company’s downfall. Collection activities are also some of the most arduous tasks that finance professionals face. Building surefire credit policies for business however, can make money cycle work better and turn potential sales into cash.

In About.com’s “6 Steps to Effective Small Business Credit Card Management”, new opportunities for small business credit cards as an alternative for personal credit cards are discussed. Granted the chance at having the former, is it really the wiser choice? Below are some of the tips given when using small business credit cards.

• Avoid Co-mingling: Mixing your business and personal transactions creates potential tax and money management problems. By using a small business credit card, you will let the IRS and anyone else know you are serious about your business.
• Easy Itemization: Tracking your business expenditures at year-end can be a nightmare for small business owners. Many credit card companies will provide you with a year-end statement summary with your transactions itemized and categorized. Why worry worry about a shoebox full of receipts? Organize your bookkeeping process with a small business credit card.
• Build Business Credit: A small business credit card provides a newly established business the opportunity to build business credit. This will be useful in the future as your business grows and you need capital in the form of credit lines or loans.
• Special Rewards: The competitive credit card and business market has led to the development of reward and discount programs for small business credit card users. Discounts and rewards range from office supplies and travel to software and phone services. Take advantage of using the credit card to lower your expenses.
• Manage Employee Spending: Another plus to small business credit cards is the ability to provide cards for your employees with preset limits. Just make sure you monitor their spending on the separate statements you receive.

Need to figure out your own steps headed towards bigger business profit? Via our Credit & Collection Seminar, know how you can responsibly maximize profitability even with cash temporarily on hold! Click here to view what exactly you’ll be learning in this comprehensive, 1-day seminar.

Increase sales through proper product pricing

In today’s highly volatile economy, pricing products are crucial in keeping a business alive. Too high, and you’ll scare off potential customers. Too low, and you’ll hurt your profitability. In an article on BusinessInsider.com, Pam Newman, president of RPPC, a Kansas City, Mo., small business accounting firm, says that the key is to not shoot from the hip. “Your pricing strategy should be part of an overall business-planning process,” she says. Below are some steps that you might want to take into consideration:

Understand your costs. That includes both direct expenses—i.e., what you pay for rawmaterials—and overhead, such as insurance and rent. With that information, you can then determine whether you’ll be able to cover your costs and generate a profit by charging specific prices.

Investigate the competition. If there are comparable products or services on the market, you’ll have to know how they’re priced. You might not charge that amount, but you’ll need to use it as a baseline. Then, determine what kind of value you’ll add and the level of quality you’ll offer.

Understand who you customer is. That means conducting thorough market research, either by hiring a specialist or doing surveys on your own. In either case, your goal is to get a detailed view of who your customers are and just how much they can spend.

Rejigger costs. Say you have to charge $200 an hour for your services, but the going rate is $100. If you can’t justify the extra price to customers, you’ll need to cut your costs so you can charge a lower rate. “It’s time to go back to the drawing board,” says Newman.

Frequently review your pricing strategy. “Costs change, and it’s easy for profit margins to go down,” says Newman. For that reason, reconsider your pricing strategy on a regular basis. If necessary, take such steps as renegotiating contract terms with your vendors. Or, if you’ve been giving some services away for free, you might need to start charging for them.

Slash your prices at your own peril. In a difficult economy, it’s tempting to cut prices to boost sales. But that means you’ll have a hard time raising them down the road. One solution is to keep general prices the same, but offer an additional value that doesn’t cost much on your end. By doing so, customers might buy services they wouldn’t be likely to purchase at a higher price.

How do we design our systems in such a way that we maintain a balance between our prices and our costs relative to market levels? For consumers, is the best price the best choice?

Find out the answers that actually fit your business needs and boost your product sales! Attend our Costing & Pricing Seminar and find the easiest, most practical pricing strategies for your business. Click here to read more and to pre-register online now!

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