In a strategic move aimed at easing Metro Manila’s notorious traffic congestion, the Metro Manila Council (MMC) has approved a resolution to adjust the working hours of local government units (LGUs) across the National Capital Region (NCR).   Effective April 15, 2024, government offices within Metro Manila will adopt a new working hour scheme from 7 AM to 4 PM, replacing the current 8 AM to 5 PM schedule. This change is expected to alleviate peak-hour traffic by staggering commuting times for employees. The decision, as outlined by the Metropolitan Manila Development Authority (MMDA ..read more

Embarking on the journey of accounting is like mastering a symphony of numbers, rules, and regulations. Traditionally, the spotlight has always shone on the technical brilliance and compliance capabilities that accountants wield.  However, in today’s bustling world, where competition is the norm and technology like accounting software is shaking things up, accountants are finding themselves at a crossroads. Clients are no longer just seeking number crunchers; they want partners equipped with a different set of skills – soft skills. Unraveling the Soft Skills Tapestry Soft skills, thos ..read more

If you find yourself in the world of accounting and finance, you’re no stranger to the relentless pace of the industry. The constant whirlwind of tasks like deadlines and client queries can make delivering quality work seem like a Herculean task. When you couple that with distractions, it may seem as if hitting your goals is an impossibility. In such a dynamic environment, effective time management becomes your beacon of sanity. Let’s explore some practical tips, tailored for accountants, to help you not just survive but thrive. 1. Pick Your Priorities In the bustling world of finance, eve ..read more

Every company, regardless of its nature, encounters unique busy seasons—whether driven by tax compliance obligations, audit commitments, or extensive projects demanding undivided attention. Successfully navigating these periods demands strategic planning and a sincere focus on the well-being of your workforce. This comprehensive guide provides a roadmap not just for enduring but thriving during the most demanding times in your life. By following these tips, you can attain work-life balance, and hopefully be a little less frazzled by your responsibilities:  1. Strategize Your Calendar a ..read more

In recent times, the realm of Philippine taxation has witnessed a dynamic metamorphosis fueled by groundbreaking legislation. Examples of these revolutionary tax changes are the Tax Reform for Acceleration and Inclusion (TRAIN) Law and the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.    Now, on the horizon, the Ease of Paying Taxes (EOPT) Act, encapsulated in the most recent Senate Bill 2224, promises to revolutionize the taxation landscape. Since this is set to be signed into a new law, it promises to foster a more business-friendly environment for both loca ..read more

Launching and managing a startup is akin to embarking on a thrilling adventure, with the business founders navigating through uncharted territories. Among the numerous challenges, tax management emerges as a pivotal aspect, demanding careful planning and strategic foresight. In this article, let us delve into effective tax strategies tailored for startups in the Philippines, exploring ways to maximize deductions and credits while ensuring tax compliance. The Founder's Odyssey: A Taxing Endeavor Whether you are already at the helm of your startup or on the brink of its inception, the weight ..read more

A monumental decision was made in The Philippine Congress to pave the way for a new era of employment opportunities. Republic Act No. 11261, better known as the “First Time Jobseekers Assistance Act,” was born on the 23rd day of July, two thousand eighteen. This game-changing legislation aims to waive government fees and charges associated with obtaining crucial employment documents for first-time job seekers.      Professional accounting services in the Philippines attest that waiving fees for this group makes a lot of sense because, for starters, new graduates don ..read more

If you’ve ever scratched your head at the mention of Documentary Stamp Tax (DST) during your transactions, you’re not alone. Let’s break it down in simple terms. DST is a tax imposed on various documents, loan agreements, and papers providing proof of acceptance, assignment, sales, and transfer of obligations, rights, or property. DST: Tax on Flexing Your Rights Think of DST as the tax on flexing your rights. It applies when you exercise specific rights, and the documents formalizing these exercises become subject to taxation. In simple terms, a stamp certifies that an agreement is subject ..read more

Terminating an employee is different from resignation. It’s a more nuanced process that demands both legal precision and a compassionate approach. In the Philippines, this process is governed by the Labor Code, which outlines the procedures and criteria that must be followed. In this comprehensive guide, we will walk you through each step, ensuring compliance with the law while prioritizing fairness and empathy. 1. Understanding the Employment Contract Type The first crucial step is to identify the type of employment contract your staff is under. There are three primary categories: Trial ..read more

In the realm of taxation and financial compliance, the Bureau of Internal Revenue (BIR) in the Philippines requires all registered taxpayers, whether engaged in a profession, business, or self-employment, to maintain meticulous accounting records of their financial transactions. These records are collectively known as the “books of accounts.” Complying with this essential aspect of taxation is crucial for meeting BIR requirements.   The Books of Accounts encompass the General Ledger and General Journal as primary components, with the option to maintain Subsidiary Ledgers or Special Jour ..read more