Doing business in the Philippines is beset with problems, and managing finances is usually one of the most daunting. With your small sari-sari shop or burgeoning online venture, your bookkeeping can make all the difference between success and failure.
Therefore, what is best for your company: employing accounting software like QuickBooks or employing manual accounting procedures?
Let's examine both alternatives and determine which one would be most suitable for your company.
Understanding Manual Accounting
Manual accounting is the traditional approach to maintaining business transactions in paper notebooks or spreadsheets. It involves writing each sale, expense, and revenue by hand or inputting them one by one.
To most Filipino business owners, that method is outdated. It's simple, requires little training, and is very affordable. A calculator, some receipts, and a pen may be all you need to begin.
Pros of Manual Accounting
- Low cost: No computer or software needed.
- Simplicity: Easy to use, especially for older entrepreneurs.
- Control: Full control over your records.
Cons of Manual Accounting
- Time-consuming, especially as your business grows.
- Error-prone: A single mistake can lead to major discrepancies.
- Slow reporting: Preparing taxes or cash flow summaries takes time.
- Security risks: Paper records can be lost or destroyed.
Though hand bookkeeping may work for microbusinesses, it becomes difficult as operations expand.
Introducing QuickBooks: A Smarter Way to Handle Finances
QuickBooks Online is cloud-based accounting software that helps small to medium-sized businesses manage income, expenses, taxes, and reports in one place.
Used worldwide—including by many Filipino businesses—QuickBooks automates much of the accounting process. It connects to your bank, updates transactions in real-time, and provides ready-made reports and tax summaries.
Pros of Using QuickBooks
- Saves time: Automates tracking, invoicing, and reporting.
- Reduces errors: Built-in checks and smart calculations.
- Cloud access: Check finances anytime, anywhere.
- Easy reports: Generate P&L, cash flow, and more instantly.
- Tax-ready: Prepares BIR-compliant summaries and records.
Cons of Using QuickBooks
- Learning curve for new users.
- Monthly subscription fee.
- Needs stable internet connection.
Despite the learning curve, the benefits of QuickBooks often outweigh the drawbacks. Start small and grow your confidence over time.
Which Is Best for Philippine Businesses?
It depends on your business size, goals, and comfort with technology.
Manual accounting may work if:
- You’re a small shop with limited transactions.
- You’re just starting and want to minimize costs.
- You prefer traditional, hands-on methods.
QuickBooks is better if:
- You plan to scale your business.
- You want to reduce time spent on bookkeeping.
- You need better access to reports and tax summaries.
- You want secure and backed-up records.
As your business grows, manual systems become inefficient. That’s when it’s time to switch to something smarter—like QuickBooks.
Why Switching to QuickBooks Is a Smart Investment
Computerized accounting isn’t just about saving time—it gives you the data you need to make better decisions. You’ll be able to:
- Track profit and spending patterns.
- Budget ahead based on real-time data.
- Identify financial risks early.
No more guesswork—QuickBooks provides real insights that drive smarter business strategies.
RAC Experts IT Inc: Your Trusted Partner in Digital Accounting
You don’t have to do it all alone. RAC Experts IT Inc. is here to help businesses in the Philippines transition smoothly to QuickBooks.
As a certified QuickBooks partner, they provide setup, training, local support, and tailored solutions—whether you’re starting from scratch or upgrading your existing system.
Final Thoughts
While manual accounting may feel easier at first, it often leads to delays and mistakes down the line.
QuickBooks offers a modern, accurate, and secure way to manage your finances—especially with RAC Experts IT Inc. guiding you.
Make the smart move. Invest in better accounting and give your business the foundation for long-term success.
