A Computerized Accounting System (CAS) is the integration of different component systems to produce computerized accounting books and computer-generated accounting records compliant with government requirements.
With these computer-generated documents, businesses of any size can improve their efficiency in data handling and finance procession. Through this digital system, a company’s accounting data can be made available to the required personnel, making sure that important data is always protected. This way, there are fewer risks involved that may stem from manual processing, analyzing, and reporting.
In the Philippines specifically, the Bureau of Internal Revenue (BIR) requires large taxpayers to have BIR-certified CAS. These are taxpayers who are classified under the criteria provided by Revenue Regulations No. 1-1998 and who have been duly notified by the Commissioner of Internal Revenue.
Using a BIR CAS in the Philippines allows you to do various accounting-related processes, but most importantly, it automates the process of creating accounting reports, managing business finances, and complying with the BIR’s requirements and rules.
A BIR CAS in the Philippines connects your financial reports and allows you to automate them, which provides you with streamlined, seamless processing.
With a BIR CAS in the Philippines, you can view your tax transactions anytime and anywhere, as long as you are provided access to the system.
Since having a CAS is required by the BIR, you will be conforming with their regulations and compliant with the law if you adopt this accounting system in your company.
When large taxpayers expand their businesses, managing their finances can get complicated. Fortunately, once a business has automated its accounting with BIR CAS in the Philippines, it becomes much easier to carry on until the business reaches its new growth target.
Here are some of the benefits of BIR CAS for large taxpayers in the Philippines.
With integrated accounting components, financial reports can be accessed in one place and various documents can be interconnected for better management and more accurate data.
Since accounting reports are all in one place and accessible to the same people, there will be a marked increase in efficiency when it comes to preparing financial reports, analyzing financial data, and reporting to the BIR.
Tax reporting becomes much simpler with BIR CAS in the Philippines since online documents can simply be submitted to the BIR via secure portals and connections. This also reduces the time spent searching and waiting for reports and information from different people.
Since the data used in automated financial reports are taken directly from source files and documents, there is less risk of errors when it comes to reporting the final results. This entails less human error and more time saved.
Analysis of financial reports can be done by business owners manually, but with BIR CAS in the Philippines, they don’t have to. Analysis of the financial data can be done via automation, and the owners can make decisions more accurate and intelligent decisions based on these results.
Overall, the aforementioned benefits will result in better revenue for the business, since there will be fewer human errors, more time spent implementing business decisions and strategies, and a cheaper way of complying with the BIR.
Once you have been notified by the BIR (usually via a letter) regarding your status as a large taxpayer, there is a deadline by which you will be required to implement BIR CAS in the Philippines.
The best course of action will be to partner with someone who has the appropriate knowledge and skills to help you. Here at DynamIQ, you can trust us to help you implement your BIR CAS in the Philippines from preparing your requirements to installing the program for your business.
We’re here to guide you through the process of doing the following:
At the beginning of the application process, you'll need to prepare and submit the following documents:
These must be filed in the revenue district office that has jurisdiction over your head office. A demonstration of the CAS system will then be conducted. A permit will be given to you after the Computerized System Evaluation Team of the BIR has evaluated and recommended you for approval.
A business must also seek the approval of a system enhancement and modification of their BIR CAS in the Philippines. To do this, you must provide them with the following requirements:
DynamIQ is a gold-accredited partner of SAP Business One. This pioneering software is the perfect start for optimizing your accounting system. We are the ideal partner for your implementation of BIR CAS in the Philippines. Here’s why:
With our experience with dealing with accounting software, DynamIQ is prepared to help you with the application and processing of your BIR CAS in the Philippines. We’re here to guide you through the whole process until the demonstration with the BIR.
As providers of SAP software, our team is experienced and knowledgeable about its different system applications. We’ve helped several companies in the Philippines implement and maintain their software for their own business needs.
We will guide you through the whole implementation process, as well as make the necessary adjustments to your team and your system. If needed, we can provide training to your employees on how to use the system, and guide you through its process to empower you further.
DynamIQ is the leading software provider for SAP Business One and SAP BIR CAS in the Philippines, both of which are developed by the world’s leading software developer SAP.
With DynamIQ as your partner in optimizing your business’ accounting and financial management, not only are you complying with the BIR, but you’re also empowering your employees and business owners for the better. Partner with us today for your SAP BIR CAS implementation!