ENTREP 4TH

• Single Proprietorship and Partnership


  Register with DTI or Department of Trade and Industry
• Corporation


  Register with SEC or Securities of Exchange Commission
• Requirements to start your business

  • BIR registration
  • DTI or SEC registration
  • SSS, PHILhealth, HDM F,PAG-IBIG registration
  • Barangay, Municipal Permit
• Insurance

  protects your business in the event of litigation and unpredictable circumstances
• Objective


  Should be clear and specifically spelled out since it will be used as building block for the rest of the implementation plan
• Debit


  Refer to what you have received
• Credit


  Refer to what you have given
• Income Statement


  A detailed report that shows all the income or earnings, expenses, and the resulting profits or losses of a business for a given accounting period
• Net Profit


  A financial term that reflects the profit of a business after all taxes have already been paid
• Cost of Goods Sold


  The direct costs associated with producing all of the products and/or services
• Expenses < Gross Profit

  Net Profit
• Expenses > Gross Profit

  Net Loss
• Record keeping


  Orderly and disciplined practice of storing business records
• Record keeping


  • Ranges from simple (manila folder) to complex (online electronic filing)
  • Provides fast retrieval of records
  • Updated on an ongoing basis
• Importance of record keeping

  • Business operations
  • Tracking details, Customer records, Sales records, Correspondence, Inventory
  • Planning
  • Legal, Contracts, Licenses and permits
  • Payroll and personnel
  • Federal, State, and Local Taxes
• Record keeping


  1. Identify detail records you already keep

  2. Identify planning records you already keep

  3. Identify legal records you already keep

  4. Identify tax records you already keep

  5. Think more about your record-keeping
• Record keeping tools


  • Simple "paper tools"
  • "Tickler" system
  • Computer systems
  • Cloud computing
  • Accounting
  • File hosting
• Simple "paper tools"


  • File folder, Hanging folder, Cabinet storage, Accordion folder
• "Tickler" system


  Use a tickler system to remind you of upcoming events such as: Quarterly taxes, License renewals, Insurance reviews and renewals, Upcoming bills, Call-backs
• Computer systems


  • Takes less space than paper
  • Faster and easier – Internet transmission
  • Many businesses and government agencies allow use of Internet
  • Learn and grow into computer systems over time
  • Be sure to BACK UP files daily
• Cloud computing


  Use the Internet to store, manage, and process data (vs. your own personal computer)
• Accounting (cloud computing)


  • Offered by accounting software companies
  • No need to buy software upgrades
  • No loss of data when computer crashes
  • Access data from anywhere
• File hosting (cloud computing)

  • Share with colleagues or clients
  • Share large files
  • No loss of files when computer crashes
  • Accessible from anywhere
  • Free and fee-based options
• Business software


  • Communicate with clients, employees, suppliers, vendors, contractors, etc.
  • Track information such as clients, inventory, sales, employee time sheets, etc.
  • Track business financial records such as sales, expenses, inventory, and assets