ARE YOU READY FOR REGISTRATION? 
IT'S NOT AS CHEAP AND SIMPLE AS YOU THINK!

What does being registered as a business in the Philippines involve?

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IS YOUR CALENDAR READY?

Look at a calendar of submissions & payment for a hypothetical registered business:

Monthly:

1. SSS

2. Philhealth

3. HDMF

4. 1601C

5. 0619E

Quarterly:

Jan, Apr, Jul, Oct:

QAP, 1601EQ

2551Q

May, Aug, Nov:

2307

1702Q

SAWT

Annual:

January:

1604C

1604E

Alphalist

0605

2316

Business Permit

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March:

SAWT

2307

AFS-ITR

GIS

More:

Reprint Official Receipts (As needed)

Reorder Books of Accounts (As needed

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Ready?

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ONCE YOU START - YOU CAN'T STOP.

Are you ready to face all these? Once you start, you don't and can't stop.

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Q: This is the job for an Accountant, right?

A: Correct, now how do you check if your accountant is doing it right? Because if they don't- you will pay the penalties for late or wrong or missing documents.

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Q: Can you and will you hire an accountant or will you use an app?

A: What app? Have you tried it? How do you know it's working? Do you have a CPA background to judge so?

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Q: Who is going to check all these documents (or APP) for correctness?

A: If you let them be incorrect, the penalties are multiplied by the number of months you let them be wrong.  Make a mistake in Aug 2019, discover it by Aug 2020, your penalties (plural) is multiplied by 12 months.

If the CPA will create and check them, who's checking their work? You? Aren't you busy enough already?

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Q: Can you do all of these online?

A: The definition of "online" in the Philippines sometimes involves going out of your home -to a bank or a bayad center or, the main office of the government agency. There is no "pure online" for business who are registered. Some government websites still offer 1980s programs as "digital". Some use websites that are overloaded often. Some bank connections are OFFLINE MANY TIMES.

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Q: Isn't there a simple way?

A: Yes, register in another country with a simple ALL online process, like Singapore. Catch: Of course, it's expensive.

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Q: My accountant says your list is wrong.

A: Your accountant is great at spotting errors, now find out if your CPA is great at organising your files so that none of them are missing.

Also find out if your accountant is great at suggesting strategies on how to file so that you will pay lesser but legal taxes. Good accountants are inherently problem spotters, so they will all spot a problem with the above list.

However, what separates a GREAT accountant from a good one - are the other qualities I mentioned. LET THEM PROVE THAT TO YOU.

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The minimum a CPA should display is knowledge of the law. Now let them show off how ORGANIZED they are with your documents-digital and physical.

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Let them show you how GOOD they are at explaining things to a layman - non-CPA like you.

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Most CPAs fail at clearly explaining anything technical - and that's critical to YOU as a business person. Most of them will use the word "ACCRUE" without making sure that you know exactly what that means.

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Q: Is it hard to find a good accountant?

A: Try it.

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Q: In each of the above list, there's a payment attached to it, right?

A: Yes, in some instances, a LOT OF MONEY is involved in creating the document - not just a processing fee. Case in point: AFS or Annual Financial Statement - you'll need create this - and have another CPA audit it. Both need to be paid.

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Yes, some CPAs will say that AFS are 'not necessary' in some cases.

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But get this - this is the very document Rich Dad Poor Dad Author "Robert Kiyosaki" said - you should understand as a business person.

You make a decision who to believe.

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Q: Isn't this list overblown or "too much"?

A: I do welcome you to experience it yourself. I pray you have a pleasant month to month experience with this. I really do! 

But in case it's still the same way as before -at least you have been warned.

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Just look at that list though, you have to insert preparation, understanding and checking in YOUR monthly calendar just to fulfil those. In some instances, you include these things in your DAILY calendar.

All the heartaches, headaches and wallet-aches are coming if you ignore these insights from my experience.

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Q: Can you just recommend the best accountant?

A: I wish I could, but you still need knowledge because you can't pinpoint the "Best" accountant if you don't know what you're looking for. The best advise for you is to be on your guard.

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My second best recommendation, get the rest of my series on Registration below: