Author: Mark Virgil Lofranco

Many Cebu entrepreneurs start their businesses with passion and purpose—but often, bookkeeping and tax filing fall to the bottom of their priorities. After all, why worry about receipts and reports when sales are coming in? However, what many don’t realize is that neglecting bookkeeping and tax compliance can cost far more than they think—financially, legally,…

Every Cebu entrepreneur dreams of building a successful and legitimate business. Yet, one of the most overlooked foundations of compliance and sustainability is proper bookkeeping. Under the National Internal Revenue Code of the Philippines, all registered businesses are required to maintain accurate books of accounts and file correct tax returns. For the Bureau of Internal…

Starting a new business in Cebu is an exciting venture—but it also comes with serious legal and financial responsibilities. One of the most common mistakes new entrepreneurs make is overlooking bookkeeping and tax filing. These two areas may not be as glamorous as marketing or operations, but they are crucial to keeping your business compliant,…

Bookkeeping may seem like a routine administrative task, but in reality, it forms the backbone of every Cebu entrepreneur’s tax compliance. The Tax Code of the Philippines requires businesses to maintain accurate books of accounts, which the Bureau of Internal Revenue (BIR) relies on for verifying tax returns. When bookkeeping errors occur, they do not…

For many entrepreneurs in Cebu, the thought of handling bookkeeping and tax filing is daunting. Between managing sales, operations, and employees, keeping financial records often falls to the bottom of the list. Yet, under the Tax Code of the Philippines, businesses are legally required to maintain proper books of accounts and file accurate tax returns…

Starting and running a business in Cebu is exciting, but every entrepreneur must face a serious responsibility: keeping proper books of accounts and filing taxes correctly. These tasks are not just best practices—they are legal obligations under the Tax Code of the Philippines and the regulations of the Bureau of Internal Revenue (BIR). To help…

Running a small or medium-sized enterprise (SME) in Cebu is no small feat. Business owners often juggle sales, operations, and customer service, leaving little time for one critical area—financial management. While some entrepreneurs try to handle bookkeeping and tax compliance themselves, the truth is clear: professional services are not a luxury but a necessity. 1.…

For entrepreneurs in Cebu, tax filing often feels like a complex and stressful process. Many business owners scramble during deadlines, trying to reconcile receipts, expenses, and sales reports. The truth, however, is that tax filing does not have to be overwhelming—if proper bookkeeping is in place. 1. Bookkeeping as the Legal Foundation of Tax Filing…

For many Cebu entrepreneurs, bookkeeping and tax filing are often seen as two separate tasks—one is about keeping records, and the other is about complying with the Bureau of Internal Revenue (BIR). But in truth, the two are inseparably linked. Without proper bookkeeping, accurate tax filing is nearly impossible. 1. Why Bookkeeping Matters in Tax…

In today’s digital age, tax compliance has moved beyond traditional paper filing. The Bureau of Internal Revenue (BIR) has introduced the Electronic Filing and Payment System (eFPS) to streamline tax filing and payment for businesses. For Cebu entrepreneurs, understanding how eFPS works is not only a matter of convenience—it is a legal requirement for many…