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Bookkeeping and Taxation

Bookkeeping and taxation in the Philippines is a tedious task for the start-up businesses. Here are some tips and advice if you decide to venture into business and be your own boss.

• Starting a business is like starting your own family. You have to love what you are doing to endure the tasks and overcome the hindrances you might encounter in the progress of your business
• Educate yourself and learn the tricks of the trade and the market trends for your business
• Have enough capital to sustain your business or look for a partner, a group or financial institution that can fund your business
• Get support from family members and friends that can motivate you to become active and successful in your business.

The world and the economy is moving on a fast-paced environment, and businesses must cope up with the situation to be more efficient in utilizing the resources they have to become profitable.

So here are some tips to save more and utilize resources efficiently;

• Small businesses can outsource services which is more cost-effective than hiring additional staff and avoiding related costs;
• Online tools like email, chat can be maximized for communication with project field staff or employees; 
• Adopting online software like Quickbooks, Xero, Netsuite can be an effective tool to collaborate with remote contractors or consultants;
• Online collaboration with staff is an efficient way to save more time and money rather than traveling during the rush hours just to be stuck in traffic;
• Working from home or telecommuting will become the trend of the future which saves a lot in transport-related costs and office-related spending.

Some relevant quotes to ponder when starting a business;

• If you love what you do, you will never work a day in your life
• The journey of a long mile begins with a single step 
• Fall seven times and stand up eight
• They can because they think they can
• Done is better than perfect
• The best way to predict your future is to create it
• You have to work on the business first before it works for you
• Risk comes from not knowing what you're doing

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