Navigating your business in today’s market is not just hard but expensive. Aside from making sure that your business is profitable and sustainable through your product/services and customers, you have to pay taxes. As Benjamin Franklin would put it “In this world nothing can be said to be certain, except death and taxes”, therefore, the only certain in our business are taxes.
Now here comes the new BIR Revenue Regulation No. 18-2012 which prescribe a new policies and regulations in processing of Authority to Print (ATP) on Official Receipts (OR) and other commercial invoices using the new online ATP System. (Just click this PDF link to download the regulation in the BIR website)
The new regulation in effect voids out your printed manual Official Receipts (OR) and other commercial invoices that you’ve applied without using the new online ATP System, and that’s not all, you have until June 30, 2013 to apply and reprint. Now everyone is rushing to the printing press just to get queued.
Furthermore, I believe that this regulation is just an initial step to mandating all businesses to submit official receipt and other commercial invoices records via web. I applaud the BIR in its focus to eliminate manual paper friction in collecting taxes, thus businesses should not just comply but also prepare for future regulations.
So now, my take is that, instead of rushing to the printing press to reprint your manual Official Receipts (OR) and other commercial invoices, you might as well opt to buy an accredited POS. Aside from getting away from the cost of printing new Official Receipts (OR) and other commercial invoices, you are also preparing your business for future BIR regulations, most probably on electronic data submission.
Just make sure that in choosing a POS you have the option to just buy the software. Because you don’t need a POS machine (hardware), which cost so much, to print the Official Receipts (OR) and other commercial invoices, just use ordinary PC.
To assist you, here are the lists of features that you need to consider in choosing a POS software
- Separate sales and collection transactions, so that you can manage the Accounts Receivable (AR) of your business with ease. Take note also, that the POS should have a Debit and Credit Memo for the Accounts Receivable (AR) in case there are adjustments.
- Aside from the Sales record, the POS should be able to generate accurate inventory via date range, some POS will only provide you current inventory, it is important to be able to back track your inventory on a monthly basis for tax reason.
- It should have at least some accounting reports, e.g., Sales and Collection books, so that it is easier to record the sales to your business’s financial statements.