The 2nd Bookkeepers Congress Goes International

The 2nd Bookkeepers Congress just keeps getting better.

We are gearing up for an exciting congress on May 6 & 7, 2010 at the SMX Convention Center, where we will be bringing together not just bookkeepers but also students and professionals in the business, accounting and finance industry from national to international. In cooperation with Acumen Global Training*, all attending CPAs of this event will be granted twelve (12) international Continuing Professional Education credits –a rare opportunity.

In line with this year’s theme, we have invited International Financial Reporting Standards (IFRS) guru Ms. Bobbe Barnes to share her expertise and shed light on the latest updates and implications of the IFRS on current finance and accounting trends.

At present, there are approximately 117 nations that permit or require IFRS for domestic listed companies, including listed companies in the European Union. Still, other countries have plans to converge their national standards with IFRS. In the Philippines, we have responded to these changes by locally adopting the IFRS. The Philippine Financial Reporting Standards (PFRS) includes all applicable 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 answered in the Bookkeeping Congress. Learn firsthand from our other distinguished guest speakers BIR commissioner Joel L. Tan-Torres, expert PFRS consultant Rosalinda D. Evangelista, and Sarah Songalia Accounting Group, Inc. (formerly known as SS & Associates) Managing Partner Sarah S. Songalia.

Don’t miss out on one of this year’s biggest event! Visit http://www.bookkeeperscongress.com to register.

*Acumen Global Training is the official training partner of the 2nd Bookkeepers Congress. Registered with the NationalAssociation of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors, AcumenGT offers a wide variety of US and international accounting courses and consultancy services including, but not limited to IFRS, US GAAP, XBRL, Audit, Corporate Governance, Strategic Cost.

Outsourcing industry to expand towards accounting

Outsourcing services have been an outstanding source of jobs for Filipinos and other nations across the world. In the Philippines, the BPO industry has even been hailed as “the sunshine industry”, having provided numerous job openings despite a tight economy. It has also proven to be beneficial to companies who avail of outsourcing services, saying that the cost of labor is much cheaper (however, this fact has stirred up some not-so-positive sentiments from other sectors).

While the job market has been vastly expanded since the popularity of the BPO industry hit the country, some questions linger about the career mobility of its employees. Sure, there is upward mobility and opportunities for promotion –within the company, that is. But what about elsewhere in the market? Good news –the outsourcing industry is seen to expand and cover other sectors this year. Aside from customer service and software programming, this year’s bet includes IT administration and even finance and accounting.

According to the WNS survey, the demand for finance and accounting outsourcing (FAO) services is strong and will continue to grow in 2010. The survey was designed to identify and analyze key items on the CFO’s agenda and assess how alternative service delivery models such as business process outsourcing are used to address these agendas.

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Not a CPA but in need of some basic accounting functions? Attend our Accounting for Non-Accountants Seminar and be able to understand and interpret accounting reports and to use accounting skills to assist in making effective business decisions. By establishing a foundation of knowledge of the accounting process, participants will be better armed to make informed management decisions. Click here to view the other seminar details and register online.

The Power of a Sound Credit Policy

The invention of paying through credit 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.

On the other hand, extending credit can help a company prosper –not all customers or clients can pay cash upfront, and availing of credit terms gives consumers greater buying power and consequently, greater accounts receivable. If effectively carried out, this can ultimately contribute to an organization’s financial well-being. But what if clients take too long to pay (or worse –don’t pay at all)? Or on the client’s side, what if collection policies turn out to be vague and inconsistent? Then we go back to the ominous scenario involving debt and if worse comes to worst, bankruptcy.

Entrepreneurs Accounting Academy introduces the Credit & Collections Seminar – a comprehensive guide on how to establishing a sound credit policy. Be equipped with mental tools needed to formulate internal control to avoid defaults, standard operating procedures on granting credit and conducting collection and identifying the impact of Credit & Collection on overall enterprise profitability. We are inviting all accounts receivable and accounts payable clerks, in-house collectors and all finance professionals to check out this seminar. Click here to find out more!

Power blackout rotations prompt power supply inventory

Rotating power blackouts have prompted Pampanga Rep. and chairman of the House committee on energy Juan Miguel “Mikey” Arroyo to call for an inventory of the country’s power supply. In the first week of February, Metro Manila and some provinces in Luzon began experiencing two to three-hour dai blackouts after the 540-megawatt (MW) Limay combined cycle power plant in Bataan went offline for maintenance work. Despite Congress being on campaign break, Arroyo said he will be seeking permission from Speaker Prospero Nograles to conduct hearings regarding these blackouts, fearing any disruption of the May10 presidential elections.

In an article published in The Philippine Star last February 16, Arroyo also said that “As chair of the House energy committee, I will do everything in my power to resolve the issue and ensure not only a brownout-less election day, but as well avert what is now being projected as a looming energy crisis,” he promised.

Power outages have mainly been due to maintenance work and lack of fuel supply. Aside from the Limay power plant in Bataan, The Malampaya gas to power project (which supplies 2,700 MW of natural gas to three power plants in Luzon)is also undergoing maintenance repairs. Unfortunately, five other large power plants in Luzon are shutting down for repair and maintenance work according to the National Grid Corp. of the Philippines (NGCP).

“We have begun writing the concerned agencies, the Department of Energy, the Napocor (National Power Corp.) and all the players in the energy sector informing them of the hearing for purposes of power supply inventory,” Arroyo disclosed. All the concerned government agencies have likewise been advised of the possible probe. He however, refuses to call the situation a power crisis, saying the situation is “still manageable”.

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Having your own crises with managing supply and inventory during these changing times? Attend the Warehouse Control & Inventory Management Seminar and get useful tips and updates on optimizing your company’s resources. This 2-day seminar will evaluate and discuss how warehouse management and inventory control can help meet organizational needs and maximize services to clients. Click here to view the registration fee and quick and easy online registration process!

Auditing and international compliance

The size and scope of audit committees’ responsibilities vary depending on the organization they belong to. But on a larger scale, the roles of boards and audit committees also have the utmost importance in the company’s development during times of transition in various regulations and trends. A prime example is the compliance with global changes such as International Financial Reporting Standards (IFRS) (or PFRS, its adoptive counterpart in the country) and how it is situated in each sector involved.

In an article by Jorge Ma S. Sanagustin, Vice Chairman for Audit Services of Manabat Sanagustin & Co. for PhilStar.com, he discusses some important and useful tips from “Ten To-Do’s for Audit Committees in 2010” (as published by the KPMG Audit Committee Institute) for Audit Committees in implementing the set goals in business and regulatory matters. In relation to addressing the changes in the business environment and necessity to comply with international standards, here were some tips mentioned that we found useful, especially with Audit Season coming to a close soon:

• Prepare for the potential impact of key public policy initiatives on compliance, risk, and governance processes. Major public policy changes – e.g., healthcare, the environment, energy, and financial services regulation – will impact a broad cross-section of companies and industries, and may impose additional reporting, transparency, and compliance obligations. These, in turn, will require new or modified compliance, risk, and governance oversight. As we have already seen, the adoption of the American Recovery and Reinvestment Act of 2009, coupled with the creation of new federal programs and the availability of stimulus funds, has created complex mandates, and companies have had to adjust their compliance programs.
• The economic crisis continues to put pressure on compliance and anti-fraud programs. Be vigilant. The economic downturn has placed tremendous pressure on management to achieve operating results; at the same time, cost cuts and workforce reductions may have exacerbated these pressures. How has the company treated its employees? How do they think they’ve been treated? A comprehensive review of the company’s anti-fraud and compliance programs, including its Foreign Corrupt Practices Act compliance program, may be in order. The right tone at the top throughout the finance organization is critical.
• Take a fresh look at the audit committee’s composition and leadership. The audit committee’s effectiveness and accountability hinges on meaningful self-assessments – of the audit committee as a group as well as individual members. Take a hard look at the committee’s composition, independence, and leadership. Is there a need for a “fresh set of eyes”?

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Need a closer and fresher look at the operations within your own firm? Entrepreneurs Accounting Academy invites you to attend its Operations Auditing Seminar. It demonstrates how to identify and document organizational strengths and weaknesses and identify necessary improvements and deals with the development of auditing programs that meet the operational, financial and planning objectives set by management and finally enables participants to practice new behavioral skills and communication techniques. Interested? Sign up here.

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!

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!