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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!
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 2nd 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 2nd Bookkeepers Congress website for more details about this event, and register online here!
The 2nd Bookkeepers Congress 2010: Gearing the Bookkeeping Industry towards Global Competency
Calling all bookkeepers, finance managers, finance officers, accountants, accounting managers, cost accountants, cost analysts, budget analysts, systems analysts, auditors, financial planners and students in finance, management and accounting: the countdown to The 2nd Bookkeepers Congress begins now!
Following the response to the need for adequate training for all those concerned with and involved in the bookkeeping/accounting process, the Entrepreneurs Accounting Academy proudly presents the 2nd Bookkeepers Congress, which will be held on May 6-7, 2010, at the SMX Convention Center. This 2-day event themed “Gearing the Bookkeeping Industry towards Global Competency”, aims to create a venue where not only bookkeepers, but also accounting/finance professionals and students, can be kept abreast with the latest news, trends and significant changes in the industry.
This year, we anticipate an exciting and productive congress as its objectives are focused on the following:
- Discussing the International Financial Reporting Standards (IFRS) and their most recent developments in detail, as well as the impact of these changes on Sarbanes Oxley (SOX) Compliance
- The implications of IFRS adoption on the Philippine taxation system
- Updates from SEC on the adoption of IFRS
- Emphasizing the importance of having bookkeepers become well-versed in and knowledgeable with these updates in order to become globally competitive
In order to achieve that, we have invited one of the world’s leading IFRS experts, Ms. Bobbe M. Barnes, an educator and consultant with many years of professional experience in IFRS, US GAAP and certification training around the world, to be the event’s main speaker (click here to view Bobbe Barnes’ complete profile).
Become a part of this historical event! Visit the official website, Bookkeeperscongress.com to find out the most convenient ways on which you can register.
Some things entrepreneurs (or would-be entrepreneurs) might want to know about this year
Whether you’ve been in the business or entrepreneurship industry for years, or have just started toying with the idea of putting up a business as another (or sole) source of income, knowing the financial and economic trends could become a factor to how well your business could do this year.
In an article called “The entrepreneur’s gut feel for 2010” by Ned Roberto and Ardy Roberto for Inquirer.net, they discuss some scenarios that will most likely happen to the business sector that will affect both sellers and consumers. One such scenario is that from a wide perspective, money will continue to flow in from OFWs all over the world as opposed to what the World Bank predicted for this year, says economist Bernardo Villegas. In fact, there’s even an increase in remittances. Why? Because among all the workers laid off in a number of countries around the world due to the recession, Filipino OFWs are not among them.
Another piece of good news is that Banks are reporting that Filipinos are becoming more “savings savvy”. There has been a noticeable double-digit growth in savings deposits, which is indeed a good sign for us Filipinos who have previously been dubbed as one of the worst savers in Asia. On the spending side, ironically, trends point towards an increase of sales in luxury products this year. Particularly “feel-good” products will most likely be popular among middle class consumers, such as those affected by the recent flooding brought about by Pepeng and Ondoy. Concerts and movies are also predicted to make a comeback this year, so for music and film aficionados, this year looks promising (especially for those involved in this industry, sales are going to look pretty bright for them in this aspect).
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Are there some business ideas brewing in your head but not equipped with the necessary tools on how to get started? Entrepreneurs Accounting Academy is eager to help you out – register for our Entrepreneurship Seminar which we will be offering for free. All you have to take care of is a fee of 500Php (for snacks, lunch and training kit), and you will be receiving a comprehensive yet practical guide towards a booming career in entrepreneurship. In this seminar, you will be informed about all the necessary requirements needed to start up, manage and turn your business idea into an income-generating enterprise. Click here to register and find out more about this seminar.
Bookkeeping: an overlooked element in business operations
Bookkeepers can be spotted in most business establishments. Some businesses however, ranging from small to big ones, prefer to operate without a bookkeeper and can manage to keep operations running that way. However, the absence of an effective and efficient bookkeeper can limit a company’s success potential. Why? Because the bookkeeper (whose role is oftentimes overlooked or underrated) is the person who performs the arduous task of recording all the daily financial transactions that occur such as sales, collections, revenues and even the tiniest expenses of the organization. Just imagine how messy the company records would be without a bookkeeper. How could one keep track of what to collect and what to pay without an organized and accurate set of records? How would one know how much cash is needed and how much cash is on hand without the bookkeeper?
In the Philippines, companies hire bookkeepers whose qualifications include the attainment of at least a degree in Accounting. This can be due to our perception that anyone who has graduated from an Accounting Course is automatically equipped with all the knowledge and skills necessary to perform effective bookkeeping. Yet, years of experience have taught us that both our minor and major problems today are brought about by the lack of the actual practical and necessary skills of individuals tasked to do the bookkeeping function.
Is there really a standard on how to do bookkeeping? Should a bookkeeper also be knowledgeable on the tax implications of transactions? Are there specific necessary skills and knowledge that should be focused on if you want to qualify as a bookkeeper? If I am an accounting graduate and have taken the CPA board exam, can I be assured that I already possess ample knowledge to perform bookkeeping at the onset of my career?
Entrepreneurs Accounting Academy envisions to develop a new breed of bookkeepers and entrepreneurs who understand the ins and outs of the business and are fully equipped in answering the needs of the business industry in order to yield a standard bookkeeping process and a consistently effective bookkeeper. With our Bookkeeping Course, you can become just that – a consistently effective bookkeeper that keeps up with the standards of the industry. Enroll in our course and have the option of going through the regular course or the fast-track program. Be a qualified bookkeeper within just 5-12 months! Click here to know more.
Philippine economy to bounce back in 2010
Now that the holidays are over, its time to get back in the game and take a look at what lies ahead in the year 2010. With the combination of the various tragedies, calamities and atrocities that have taken place in the Philippines last year, Filipinos approach the New Year with either open arms and a sigh of relief, or fear and skepticism.
In the economic aspect at least, Filipinos can look forward to a year that seems to bring promising improvements. According to National Economic Development Authority (NEDA) Director Dennis Arroyo, the country is heading for rebound by 2010 even assuming that the global recession lingers, with election-related spending mainly feeding growth.
According to Arroyo, some of the undertakings expected to bear fruit in 2010 include the following:
- Completion of infrastructure projects constructed starting 2007, particularly the North Luzon Expressway, Subic-Clark-Tarlac Expressway and new Metro Rail Transits (MRTs).
- Benefits of the FIELDS project of the Department of Agriculture meant to improve agricultural productivity. (FIELDS stands for Fertilizer, Irrigation and other rural infrastructure, education and extension work, Loans, Dryers and other post-harvest facilities, and Seeds)
- A boom in several industries such as offshoring and outsourcing, real estate, tourism, mining, renewable energy and retirement estates.
- An increase in demand for overseas Filipino workers (OFWs) due to demographics of the aging population around the world like Canada, Korea, Japan, Singapore and the United States.
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Entrepreneurs Accounting Academy wishes everyone a Happy and prosperous New Year! With the holidays over, we’re back in business with our training and seminar offers. EAA will be holding a Budgeting and Forecasting Seminar, which is a course aimed at delegates who are, or soon will be, actively involved in budgeting and who want to understand how to make this management tool work to best effect in their organization. What better way to start than year than by planning and managing your resources? Click here to sign up or know more about this highly informative and interactive seminar.
Common bookkeeping errors that might cost you
With all the details, receipts, paperwork and such procured in a business, it might get difficult to archive and keep track of every little detail. Some might make the mistake of regarding those details as petty, but on the contrary, one of those “petty” mistakes mind wind up to make some major damage in your business sooner or later. Listed below are the some common bookkeeping mistakes as mentioned in Allbusiness.com:
- Forgetting to track reimbursable expenses. Small business owners often pay for expenses out of pocket or with their own personal credit card then make the mistakes of failing to track these expenses. They then fail to submit the expenses to the company for reimbursement.
- Not properly classifying employees. The proliferation of independent contractors, consultants, and freelancers has made it difficult to determine who is on staff and who is not. This results in misfiling when it comes to filing taxes since there are different rules and regulations for employees and non-employees.
- No backup. The paperless office does not exist in the real world, where audits do still exist. A paper trail, documentation or verification in the form of backup documents should be available, especially if all files are on the computer system, which could be prone to technical problems.
- Petty cash nonchalance. A system should be set up whereby a set amount of money is in petty cash and each time money is taken out for any purpose, a petty cash slip is filled out. When the fund is exhausted, the slips will total the original amount and a check can be written to cash to set up the full amount again. Many offices are nonchalant about using the petty cash fund without keeping accurate records.
- Miscategorization or overcategorization. There are fairly standard categories for expenses. However, often expenses are entered into the wrong categories or too many categories are created. Use general bookkeeping guidelines for standard categorization and create as few new categories as possible. Try to follow generally accepted accounting practices.
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Feel like you need an update in your current bookkeeping system or seeking to learn the basics and practical know-hows of bookkeeping? Entrepreneurs Accounting Academy will be holding the start of the next batch of its Bookkeeping Course on January 4, 2010. This course is open to all entrepreneurs, business professionals and even high school graduates who wish to become equipped with sound knowledge in bookkeeping and become effective decision-makers in the business and accounting arena. This course is a Level III TESDA-Accredited program, that has a certification recognized not just in the country, but internationally. Learn everything you need to know within a span of just 5 months to 1 year! Check out our website for more details.
Seek new learning opportunities in the coming year!
The coming of a new year always ushers in hopes of new beginnings and/or opportunities for improvement. Looking for new learning opportunities? Entrepreneurs Accounting Academy gladly announces the start of classes on the Bookkeeping Course on January 4, 2010. We are calling all interested professionals, entrepreneurs and especially students to check out our course offering and enroll in the next batch.
Our Bookkeeping Course has a TESDA-accredited Level III National Certification which is recognized locally and internationally. This course will equip students with the technical knowledge and skills they necessary 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. Graduates of this course will be ready to assume an entry-level position in the field of accounting, finance and general administration found in any type of organization, whether from private, government or non-government organization, or from retail, service or manufacturing industry. The normal course duration is one (1) year under the Trimestral Program but can be finished within five (5) months under our Fast Track Program. We accept highin school graduates, college students, professionals, entrepreneurs and anyone interested to have sound knowledge and competency in the bookkeeping industry.
Calling all aspiring bookkeepers: The accounting and finance industry needs YOU
In any business organization – whether it’s a massive corporation or a modestly-sized start-up business, having a systematic and organized financial tracking isn’t an option to keep things running smoothly – it’s a MUST. Not everyone is willing or too eager to deal with the responsibility of having to handle all the numbers and figures involved in recording and archiving financial transactions, but learning the process isn’t impossible. Bookkeeping, or this process that deals with organizing all the details of financial transaction records, is the prerequisite of having a problem-free accounting track record within a company. Bookkeepers file all transaction records: receipts, canceled checks, sales, purchases, cash disbursements, etc. and make sure that your books remain organized and balanced before turning the records over to the accountant who generates monthly financial statements.
Here in the Philippines, accountants and bookkeepers are listed under the most in demand jobs category, according to a survey conducted by the Department of Labor and Employment (DOLE) in 2007. In USA, UK, Australia & Canada the salary of a bookkeeper ranges from $ 26,627 to $ 39,217 annually. That is Php 1.2 million to Php 1.8 million a year. Certified Bookkeepers (CB’s) are to bookkeeping what CPA’s are to accounting: the elite of the profession, with high chances of upward mobility within a business organization.
Entrepreneurs Accounting Academy offers a Bookkeeping Course which will equip the students with the technical knowledge and skills necessary 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. Graduates of this course will be ready to assume an entry-level position in the field of accounting, finance and general administration found in any type of organization, whether from private, government or non-government organization, or from retail, service or manufacturing industry. This course is has a TESDA-accredited Level III National Certification which is recognized locally and internationally. The normal course duration is one (1) year under the Trimestral Program but can be finished within five (5) months under our Fast Track Program. Enroll now and invest in a good future in the field of finance and accounting, and discover the career opportunities that lie ahead.
Venturing into the world of Entrepreneurship this coming 2010?
Despite the country’s decline in some areas of the Prosperity Index 2009 such as economic fundamentals, democratic institutions, education, health, safety and security and governance, there are other areas wherein the Philippines has garnered relatively high marks. This includes personal freedom, entrepreneurship and innovation, based on a recent study by London-based policy and advocacy outfit Legatum Institute.
More and more Filipinos are venturing into entrepreneurship, either as an additional source of income or as a full-time job. Franchising, for example, has exponentially grown in popularity throughout the decades. According to Franchisephilippines.org, the Philippines is considered as the franchising hub of Asia. Starting with only about 50 brands in the 1980s, there are now 1,000 brands franchised in the Philippines (68 percent of them homegrown concepts), in five principal franchise sectors: fastfood; retail clothing; cafes, confectioneries and bakeshops; hospitality and wellness and food carts. Of the entire franchising sector, food brands make up 41 percent, service establishments 32 percent, and retail outlets 27 percent.
With the year 2010 just around the bend, now might be an ideal time to take a look at new income-generating opportunities. While entrepreneurship is gaining more attention for its attractive income-generating potentials, interested individuals should first be aware of the responsibilities and the step-by-step process involved. Entrepreneurs Accounting Academy will be holding a comprehensive Entrepreneurship Seminar on Dec.14, 2009, which not only guides you through the start-up stage of a business, but teaches you how to manage and maintain your business. Register now and avail of the special 50% off Christmas promo that runs until Dec. 10, 2009. Tap into your entrepreneurial potential this coming year.
