REASONS TO CONSIDER OUTSOURCING (ACCOUNTING)

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  1. MOTIVATED BY WIN-WIN RELATIONSHIP (PRACTITIONER AND CLIENT)
  •  As the practitioner takes care of its credibility, it coincides with taking care of the needs of your company while maintaining independence.
  • Professional expertise is executed with proper diligence and higher quality, since it is specialized.
  • Efficiencies in focusing solely on operations by the client; while the outsourced accountants and auditors were focusing on financial reporting aspect of your operations and statutory compliance.

2. THE PRACTITIONER MAINTAINS ITS ELIGIBILITY TO PRACTICE

  •  As a professional practitioner we maintain the highest form of ideals and integrity.
  • We act and execute our brand in the most legitimate bureaucracy so as to preserve our value.
  • We believe that legitimate way of doing our job, would not only uplift our name in the profession but also legit costing is always cheaper and underrated  due to old traditions of the statutory compliance system.
  • Maintaining eligibility to engage in public practice is like maintaining a car you have to tend the basic needs of it in order to avoid the worst trouble shooting it can get. On the contrary, competitive outsourced accountants and financial auditors keep themselves updated and works towards the most idealistic Code of Ethics in order to perform and avoid any unfavorable situation that would discredit the profession.
  • We will not be responsible for any illegitimate way of getting the statutory compliances completed just to meet the requirements needed. We are vigilantly avoiding any acts that would decrease our marketability or the revoke of our license.
  • We do not believe in short cut, we believe in the right process.

3. BEING A MEMBER OF PHILIPPINE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANT (PICPA) IN GOOD STANDING

  •  We are obliged to attend and update the necessary CPD (Continuing Professional Development) as a requirement for BOA (Board of Accountancy) accreditation, being so the latest issuances of accounting standards, taxation, SEC, soft skills etc. make us more competitive and reliant; not only limited to recording of books, filing Income tax returns, processing affidavits, filing audited financial statements to BIR and SEC.

4. WE HAVE SPECIALIZED PUBLIC PRACTICE AND CLAIMING AS AN EXPERTS.

  •  We are not just “some accountants”, we know how to meet your needs from constructing accounting cycle, statutory compliance (BIR, DTI, SEC),Book keeping, Accounting for internal reporting,external reporting, payroll accounting, managing BIR open cases. Financial auditing, internal auditing, corporate secretary, tax planning, accounting services “per se” whether assurance or non assurance services.

5. WE KNOW HOW THE TECHNOLOGY WORKS

  •  EFPS filings, Social Media, computerized accounting, etc. are the rapid changes that the modern and competitive accountants should meet in order to become more valuable in the present generation.
  • Technology makes life easier; we can send you the data that you need even when we are not inside your company premise.

6. THERE IS ALWAYS SOMEONE TO BLAME

  •  Outsourced personnel or professional would take any accountability for any mistake that has been made in financial operations.
  • We are definitely independent of your operations and want only what is the best for our relationship.
  • Credibility is our investment.

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AFFIDAVIT ON HOW RATES OF SERVICES ARE COMPUTED REQUIRED BY BIR (FOR SELF-EMPLOYED PROFESSIONALS)

BASIS: REVENUE REGULATIONS 4-2014 SUBJECT    :  Guidelines and Policies for the Monitoring of Service fees of Professionals

What is the RR 4-2014 all about?

The BIR is imposing a new policy regarding the additional requirements in filing the Income tax return for self-employed professionals. They wanted the self-employed professionals to submit an affidavit(written statement or in words) showing their rates, how they are billing their clients and the factors that they consider in determining their professional fees.

The simple guidelines are as follows: “Policies and Guidelines (excerpts from RR 4-2014) 

1. Self-employed professionals shall register and pay the annual registration fee (ARF) with the RDO/LTDO having jurisdiction over them. In addition to the requirements for annual registration, all self-employed professionals shall submit an affidavit indicating the rates, manner of billings and the factors they consider in determining their service fees upon registration and every year thereafter on or before January 31. 

2. .Self-employed professionals are obligated to register the books of accounts and official appointment books of their practice of profession /occupation/calling before using the same. The official appointment books shall contain only the names of the client and the date/time of the meeting. They are likewise obligated to register their sales invoices and official receipts (VAT or non-VAT) before using them in any transactions.

 3. In cases when no professional fees are charged by the professional and paid by client, a BIR registered receipt, duly acknowledged by the latter, shall be issued showing a discount of 100% as substantiation of the ** “pro-bono’ service. “

*”pro-bono ” defined as doing something voluntarily; work donated for the common good

 Special Note: There is a TRO (Temporary restraining order for LAWYERS ONLY)

TRO

 ” The Supreme Court issued yesterday (April 22) a temporary restraining order (TRO) that stopped the Department of Finance (DOF) and the Bureau of Internal Revenue (BIR) from implementing Revenue Regulations No. 4-2014 that requires self-employed professionals to submit a notarized affidavit of their fixed service rates. However, said TRO was issued only as against LAWYERS. “

(excerpts from “Tax Management Association of the Philippines”)

 

 

 

 

WAIVER OF PENALTIES IMPOSED FOR eFPS FILED APRIL 16,2014

EFPS

 BASIS:( REVENUE MEMORANDUM CIRCULAR NO. 28-2014  )

SUBJECT: WAIVER OF PENALTIES FOR ELECTRONIC FILING AND PAYMENT SYSTEM (EFPS)

What is RMC No. 28-2014 all about?

There is a waiver of late penalties imposed on the ITR being filed, during the taxable year ended December 31, 2013 and quarter ended March 31, 2014. These are for those who use the eFPS system of the BIR and filed dated April 16, 2014.

Why there is a waiver?

There was a system downtime yesterday April 15, 2014, due to the volume of the tax payers/filing thru eFPS.

Exceptions and resolution:

The eFPS filers who are enrolled and have manually filed and paid their income tax due for above taxable periods will not be imposed of penalties, and are advice to file again using eFPS until April 25, 2014.

15 Things You Should Stop Doing If You Want a Better Life (by fitzvilafuerte.com excerpts reblogged)

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Henry Ford once said, “If you always do what you’ve always done, you’ll always get what you’ve always got.

Makes sense, right?

That’s why I find people who constantly complain that nothing’s happening in their life, a bit crazy.

Even Albert Einstein would agree, because he defines insanity as “doing the same thing over and over again and expecting different results.

So, if you really want your life to change, then you’ve got to start doing things differently.

And to help you with that, here are 15 things you can (and should) stop doing if you want a better life.

1. Stop making excuses. Take full responsibility of your life and stop blaming others, the economy, the weather and your zodiac sign for your bad luck.

2. Stop wasting time watching television, surfing on the internet, and playing games on your smartphone. It’s okay to relax and be entertained for awhile, but it’s a different story already if that’s all you do on your free time.

3. Stop procrastinating. Remember that the opposite of success is not failure, but inaction. Stop putting things off and get it done already.

4. Stop doing just the easy stuff. Allow yourself to be uncomfortable. Challenge yourself and I guarantee that you’ll go beyond what you thought was your limit.

5. Stop spending time with people who have no dreams. They’ll just slow you down and drag you into inertia. Instead, spend more time with people that inspire you.

6. Stop running away from your problems, because they have legs and they’ll catch up with you sooner or later. Don’t try to drown them either because they know how to swim – believe me, I know.

7. Stop comparing yourself to others. There will always be people who are better than you, and that’s okay. Don’t be hard on yourself. Remember that each one of us is unique, and we all have the ability to make a difference in this world.

8. Stop holding on to your past. We all make mistakes. We all failed at one point in our lives. We all have those “I-wish-I-could-turn-back-time” moments. Learn the lesson and just let go.

9. Stop being scared of failure. Mistakes are part of life, and success isn’t complete if you haven’t failed at least once.

10. Stop finding happiness in material things. Moreover, stop relying on others for your happiness. The best person that can make you happy is yourself. Remember that happiness (and contentment) is a personal state of mind.

11. Stop feeling sorry for yourself. We all experience tough times, and hitting one doesn’t mean you’re unlucky, untalented nor undeserving of success.

12. Stop waiting for the right time. Things will never be perfect, so just ship out to the open seas and simply adjust your sails along the way. Fire now, and aim later.

13. Stop thinking about the things that might go wrong. Instead, focus and believe that things will go right. Optimism, positivity and visual reinforcement often becomes a self-fulfilling prophecy.

14. Stop pleasing everyone. As they say, “Haters gonna hate” – so just ignore them. What other people say and think is not as important as providing and caring for the people that actually matter in your life.

15. Stop changing the things you can’t change. There’s usually a fine line between the things that you can and cannot control. Grant yourself the serenity to accept those you can’t, and take on the courage to change those that you can.

Can you think of more things that people should stop doing to make their life better? Please share them below and let’s make this list grow further.

 

BOA Accreditation Requirements(for initial applicant only)

 

REQUIREMENTS FOR REGISTRATION OF INDIVIDUAL CPA/FIRMS/PARTNERSHIPS IN ACCORDANCE WITH IMPLEMENTING RULES AND REGULATIONS (RES. NO. 71) REPUBLIC ACT NO 9298 OTHERWISE KNOWN AS THE PHILIPPINE ACCOUNTANCY ACT OF 2004 

  1. BACC Form No. 02, duly accomplished in three (3) copies and properly notarized (Please affix metered documentary stamp to the original copy)
  2. Photocopy of CPA Board Certificate(s) of individual CPA, sole proprietor, partners and staff member(s).
  3. Photocopy of current professional identification card(s) of individual CPA, sole proprietor, partners and staff member(s)
  4. Code of Good Governance of the Individual CPA, Firm or Partnerships (signed by the Individual CPA, sole proprietor of the Firms and managing partner of the Partnership)
  5. Copy of Internal quality review procedures being implemented to ensure compliance with the professional ethical and technical standards required of the practice of public accountancy.
  6. Certified copies of all business permits/current PTR issued by the local and/or national government.
  7. Sworn statement by the individual CPA, sole proprietor of the Firm and managing partner of the Partnership stating that the individual CPA and staff member(s), the sole proprietor and staff member(s) of the Firm, and all the partners and staff member(s) of the Partnership, as the case maybe,: (Please notarize and affix metered documentary stamp to the original copy)
  • Had a meaningful participation of their respective internal quality review process.
  • Had undergone adequate and effective training (from organizations duly accredited by the Board or by its duly authorized representatives) on all the current accounting and auditing standards, code of ethics, laws and their implementing rules and regulations, circulars, memoranda, their respective codes of good governance and other related documents that are required in the practice of public accountancy to ensure professional, ethical and technical standards.
  • Are all of good moral character
  • He/she or they had not been found guilty by a competent court and/or administrative body of any case involving moral turpitude and/or unethical practices and that neither any of them is a defendant in any case of similar nature pending before any competent court and/or administrative agencies.
  • Has(have) at least three(3) years meaningful experience in any of the areas of public practice including taxation as defined in Section 4 Rule 4 of the IRR.

8. For government employee only:

Original copy of authority to practice profession issued by employer, printed in the official letter head of the institution/agency.

Supporting documents to be attached to the sworn statements:

9Certified copies of accredited certificate(s) of attendance or any proof of meaningful participation in, and proof of adequacy and effectiveness of such training for the immediate past three years.

For years 2013 – Seminars/trainings from 2010 onwards

2014 – Seminars/trainings from 2011 onwards

Thereafter

 

TOPICS

THEMATIC AREA

REQUIRED CREDIT UNITS

Enabling Laws, Rules and Regulations

1

6 CU

Standards Applicable to Professional Practice

2

24 CU

Ethical, Governance, and Quality Principles

3

10 CU

Environment of the Practice

4

10 CU

Development of the Person as Professional

5

10 CU

TOTAL

60 CU

 

10. Current certificate of clearance issued by the proper court and/or National Bureau of Investigation (NBI) clearance for the individual CPA, sole practitioner & the partners/principals of the partnerships.

11. Detailed description of such work experience of the individual CPA, sole proprietorship of the Firm and all the partners of the Partnership (data should include name of company, position, duties and responsibilities and date of employment)

Additional Requirements for Partnerships:

12. Certified copy of the Certificate of Registration issued by the SEC

13.Certified copy of current Articles of Partnership (Should tally with the application form BACC Form No. 02)

14. Certified copy of the documents showing the correspondent relationship, membership or business dealings with foreign CPA firm(s) if any, including complete address & postal address, telephone number and facsimile numbers, e-mail address and website.

15.Sworn statement stating that: (Please notarize and affix metered documentary to the original copy)

  • The copy of the document showing the correspondent relationship membership, or business dealings with the foreign CPA is the faithful reproduction of its original copy.
  • The foreign CPA is not directly or indirectly (through the Filipino CPA) engaged in the practice of public accountancy in the Philippines, except the authorized foreign CPAs under Section 34 and 35 of R.A. No. 9298
  • The rights and obligation of the parties in specific terms.

Other Requirements

16.Payment of registration fee (in Cash, Postal Money Order, Manager’s Check or Bank Draft payable to the Professional Regulation Commission)

  • Single Proprietorship – P 1,500
  • Partnership – P 2,500

17.Short Brown Envelope for the Certificate of Registration

18. One (1) set of paper fastener for the application.

19.One set of metered documentary stamp worth Twenty-One Pesos (P 21.00) to be affixed to the Certificate of Registration.

ALL NOTARIZED DOCUMENTS SHOULD HAVE METERED DOCUMENTARY STAMPS WORTH TWENTY-ONE PESOS (P21.00)

APPLICATIONS WITH INCOMPLETE DOCUMENTS WILL NOT BE ACCEPTED METERED DOCUMENTARY STAMP IS AVAILABLE AT PRC CUSTOMER SERVICE COUNTERS AND PRC REGIONAL OFFICES

Note: Representative/s filling and claiming the Certificate of Registration/Accreditation in behalf of the professional must present Special Power of Attorney and valid identification of the professional and the representative.

 

Sworn Statement

SWORN STATEMENT FOR ACCREDITATION REQUIREMENT OF RA 9298 (Sample)

I, (name of person), single practitioner or Chairman / Managing Partner of (name of the partnership), single/married/separated, of legal age and residing at (address of the affiant), having been duly sworn in accordance with law, depose and say:

That, I, as a single practitioner or Chairman / Managing Partner and all my / our staff members both CPAs and non-CPAs and partners (in case of a partnership), have:

1. I / we had three (3) years of meaningful experience in the scope of work covered in the practice of public accountancy (detailed description of work experience to be attached to the sworn statement);

2. I / we had a meaningful participation of our respective internal quality review process;

3. I / we had undergone adequate and effective training from organizations duly accredited by the Board of Accountancy or its duly authorized representatives on all current accounting and auditing standards, Code of Ethics, laws and its implementing rules and regulations, circulars, memoranda, their respective codes of good governance and other related documents that are required in the practice of public accountancy to ensure professional, ethical and technical standards;

4. I / we are all of good moral character; and,

5. I / we had not been found guilty by a competent court and / or administrative body of any case involving moral turpitude and / or unethical practices and that neither I / any of us is a defendant in any case of similar nature pending before any competent court and / or administrative agencies.

That, this affidavit is in compliance with requirement No. 8 of the amended list of requirement issued by the PRC / BOA for accreditation to practice public accountancy;

That, I, as a single practitioner or Chairman / Managing Partner of (name of the partnership), am executing this affidavit in support to my / our application to practice public accountancy in the Philippines;

That, I, as a single practitioner or Chairman / Managing Partner of (name of the partnership), know fully well that any false statement in this affidavit will lead to the cancellation of the accreditation being sought for and / or the filing of charges against me / the partnership.

 

WITNESS MY HAND on this _____ day of _______________, 20__ in

____________________, Philippines.

                    AFFIANT

 SIGNED IN THE PRESENCE OF:

____________________________

____________________________

 

SUBSCRIBED AND SWORN tome before this _____________________, 20__, the affiant exhibited to me his Community Tax No. ______________ issued on _______.

NOTARY PUBLIC

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