There is a saying that goes nothing is sure but death and taxes. When tax season hits, wherever you look you will see people cramming to finish filing their income tax returns.
But how many of us actually know how to file our income tax, file books, or keep track of all the taxes imposed by the government on business? Cecille Chuapoco-Remedio, a managing partner of the accounting firm Chuapoco, Remedio and De Leon, shares her insight on how you can efficiently prepare your taxes and whether you need the help of an accountant to keep track of your books.
Q: When should I hire an accountant? Would an accounting clerk or bookkeeper be enough?
A: Whom you hire will depend on your needs. You may pay an accountant to help you with financial projections, accounting policies and procedures, tax planning, operations auditing, year-end financial auditing, and tax planning. However, an accounting clerk or a bookkeeper will be enough to help you record transactions, file monthly VAT returns, SSS and withholding tax remittances, and quarterly or annual income tax returns.
Q: How do I find a competent accountant?
A: Your family and friends are your best bet for good referrals.