To comply to the regulation of the Philippines’ local tax management body, the Bureau of Internal Revenue (BIR), which aims to optimize its collection of taxes from its payers - preventing tax evasion, in parallel, businesses are mandated to adopt Financials and Accounting Solution that are BIR-Accredited. NetSuite is a BIR Accredited Accounting Software that is fully compliant to the regulations of the Philippine government tax policies.
From the businesses' stand-point, this mandate by the Philippine government's tax body proves in alignment to the adoption of Philippine companies of automation tools that will ignite their businesses’ bottomline, in terms of optimized transaction processing in digital speed.
BIR requires specific report templates and parameters from its business taxpayers' BIR-accredited Computerized Accounting System. This means, that Philippine businesses should be able to send out these financial statements directly from their system, for the purpose of the government body’s reference and audit.
Numerous Financials and Accounting Systems have been in place for the past years that have already been accredited by the BIR. However, only a few can be deemed with superior functionalities and flexibility to, not only comply to local tax policies, but also incorporate the tax policies of other geographic locations - which in effect helps businesses go and grow global, faster.
Forward-minded businesses in the Philippines use NetSuite’s BIR Accredited Financials Accounting Software to comply to the Philippine Government’s Tax Management Policies and to maximize their investment with system features that add value to business operations.