We found this guide in starting up a small business and we want to share it with you. These guidelines were written with a US setting in mind but can also be applicable in the Philippine setting.  At Omega BCI, we help businesses grow, starters, small-medium enterprise. Take time to review this guidelines, this will surely help.

Take us with you as you start your new business! Watch out for Accounting System Philippines Online and run your business like a Pro!

“Setting up a business entails completing certain steps and following particular requirements. Some requirements are mandated by state or federal regulations and others are essential to the formation of a business. There are many resources available for potential business owners attempting to establish a fully operational business, such as websites designed to help new business owners and local government offices.

Industry Research

There are a variety of business opportunities in many industries. A business opportunity begins with a concept, and a potential business owner must study the industry to determine her niche in that market. Researching the industry also gives an aspiring business owner an understanding of how her business concept connects to the market. As technology continues to change, marketing strategies will change and staying abreast of industry changes helps a business owner remain competitive.

Business Structure

Establishing the business structure is an important step when starting a business. Many small businesses begin as a sole proprietorship, some start as a partnership while other business owners may decide to incorporate. A partnership begins when two or more individuals agree to enter into a business for profit. To establish a corporation, a business needs to create a charter and file it with the secretary of state.

Business Plan

The business plan is the overall outline of the business, and it essentially specifies the description of the business, products and services and business strategies. This plan also details the executive summary and the financial analysis. There are many websites that provide helpful tips about how to structure and implement a business plan, such as bplans.com and entrepreneur.com.

Start-up Expenses

Every business requires start-up expenses, which may be low or high depending on the business. For instance, the start-up expenses for a home-based business may require less capital than the expenses for the purchase or lease of a commercial structure. In general, most start-up expenses include utilities, office space, communication systems and office equipment. In addition, some businesses require licenses, permits and business insurance.

Licenses and Permits

Federal or state licenses and permits are required to legally operate some businesses. The Small Business Administration (sba.gov) provides information regarding the prerequisite government licenses and permits for businesses. Other sources for local business regulation information can be found at the state and local level. Additionally, local government offices offer information on zoning laws and other restrictions for certain businesses and their locations.”

About the Author

Luciana Hobdy has been writing since 2002. As a legal and business writer, her articles appear on eHow and Answerbag. She also provides travel-related content for LIVESTRONG.COM. She has a Bachelor of Science in business administration from Wayne State University and a Juris Doctor from Thomas M. Cooley Law School.

References: Entrepreneur: Business Structure Basics. Bplans:A Standard Business Plan Outline, Small Business Administration: Get Licenses and Permits.

Learn more about our products and services, visit us Accounting System Philippines.

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     Does your accounting system promote superior efficiency to its users, additional productivity for your business or faster growth for your company? When you already know that your existing software is no longer satisfying your needs, it’s about time to replace your old system and take your business to a higher level.  
     
     Several accounting systems are available in the market; they are designed to help businesses of different levels. Choose a solution that is tailor-fit to your industry but before you begin looking for a replacement, have a vision of what accounting software is ideal for your company. You need to identify and know exactly what’s missing in your current system. Evaluate its performance from key in of information to reports generation. It would be easy to decide what level of integration you will need in your new solution when you put together a list of the features and capabilities you need.
     For many business owners, price is their primary decisive factor when replacing your current system. Make sure you allocate the right budget that will cover the software, implementation, customization and training.  Remember that functionality and efficiency may be far more significant than affordability. Once you’ve completed these internal reviews, it’s time to check potential vendors. Consider how long they have been in the business and their patrons. Make sure that they can demonstrate their methodologies in such a way that users will easily understand. It is important that an accounting system recognizes the unique demands of your business and will be ready to give you support in training users and for future growth.

To learn more, please visit System Implementation Guide Section on our website www.omegabci.com.

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For years, spreadsheet software has been a great tool for starters and small businesses. Accountants rely on Excel sheets to track business transactions, for accounting, inventory and clients database. There are a lot more ways to make business owners' lives easier, let me cite scenarios which are common among businesses and clear indications that you need an accounting system.

1. You're the owner and wants to see how your business is doing. You want a comprehensive report done right away. Yes your current system can track your income and expenses but it takes hours or even days (depending on your business) to generate reports that you need.

Here's how can an accounting system help you:

It gives you a real-time and bird's eye view of your finances, your gross profit from each client and/or total balances, companies expenses, inventory status from previous transactions, the value of your net worth over a specific period of time and withholding or wage information. In just one click, the system generates reports about work you've already done and transactions you've made.

2. One of your clients requested for a copy of an invoice issued few years ago. What's your next step? If you do not have an accounting system, you would probably go to excel, start sorting information such as business names, addresses etc. just to be able to retrieve information about a transaction done few years ago or worst you would go straight to your filing cabinet and start searching for that old file manually.

Here's the good news, accounting system is designed to organize your records for all your business transactions. All the information you need about your clients are readily available in just one program. It offers prebuilt template/forms for documents such as invoices, official receipts and sales orders. You can always customize them by adding your company logo. Processing and retrieval of all accountability forms can be done in just a snap. No more lead time required to prepare and produce a copy of these documents. Once you complete filling out these forms, you can email them right away. Accounting system makes paperless accounting possible.

3. You have multiple businesses in different locations and want to keep an eye on every detail of the business.

Accounting system keeps you on track of your profitability per profit center. You wouldn't have to worry about running back and forth to different office/business locations. Data capturing made easy through accounting system. You can view status of your business easily, anytime anywhere with its fully web based feature. Dashboard notifies you for deadlines, past due accounts and inventory status. One of it's special features is the full security and accounting control. This allows you to assign roles to it's users and define what changes can be made to the system. There is also an audit trail that will help you see these changes and the persons who made them.

Above scenarios are just a few of a hundred more reasons for employing a web-based business solution.  To find out more about what our company can offer, please click Accounting System Philippines.

Dennis M. Hilario

Client Services

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Omega BCI's new website has just been launched as first-ever Philippines' Accounting System provider. I personally thank our website consultant/designer and to our dev team for a job well done.

The new website features our primary product Omega Financial Suite and our wide-array of front-end solutions. We have the News/Blogs section as well that highlights what's happening within our organization. Just don't forget to visit our About Us which features our full company profile, our facebook and twitter pages.

Expect exciting updates and info on a regular basis.

Dennis M. Hilario

General Manager

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DS Windows and Walls (Blinds Philippines), the premium supplier of window blinds, carpets, wallpapers and other interior products signed up for Omega Financial Suite (OFS).  With various transactions from all over Metro Manila and other areas such as Cavite, Laguna, Batangas and Quezon, OFS - an accounting software developed by Omega BCI will help DS Windows and other businesses capture real-time transactions, track receivables, payables and margins.

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