Philippines Expat Forum

jzh2005
Joined 2009
Posts: 1

14 years ago

Mistakes in business – avoid this!! (philippines)

14 years ago

Hi,

Just want to share some suggestions/comments as to the mistakes that some expat business owners commit when they start a business.

Many expats have done creative legal ways of establishing business in another country like the Philippines. However, despite that proper accounting is integral in any business, most often, business owners failed on this area. Expats start a business, incorporate it, their business becomes operational, and they try their best to make it grow but appropriate accounting was left without.

many expats tend to ignore its importance and fell to the trap of having problems with regard to managing their costs since their transactions’ records are in disarray.

Aside from that, there are many expats who have problem with their Philippine Bureau of Internal Revenue (BIR) filings/requirements, since they are not given due importance to it, in the initial stage of their business. or they have entrusted it to an Accountant who is not good enough to really know what the BIR rules are.

Decisions whether to expand or stop the business also depends on whether the company is profitable or not, whether the return on investment is good. And all those information will be taken from the financial statements, duly prepared by a professional accountant. So accurate and complete bookkeeping of all the transactions are important.

I’ve worked with various expats and it is heartwarming to know that I know of good Philippine CPAs who have helped them.

have a trusted CPA who will really address your needs, so that at the end of the day, you know that the financial side of your business, and your compliance to government regulations, most specially to that of the BIR, is being taken cared of very well. It would be very costly paying penalties, if you have been found not to be incompliance with the BIR.

Let’s all grow from being traditional business players, into well-equipped knowledgeable business players!

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