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MANAGEMENT ACCOUNTING STUDENTS ATTEND THE 2nd BOOKKEEPERS SUMMIT

Article/News by: Miguel Sebastian T. Liwanag, MICB
Date Posted: Nov. 28, 2017



Thirty six BSBA Management Accounting students, who are members of the Junior Philippine Association of Management Accountants, join the largest gathering of bookkeepers in the Philippines last October 21, 2017 at JY Campos Hall, Bayanihan Center, Pasig City. Accompanied by the JPAMA moderator Ms. Marilyn D. Iglesias and BSA Faculty Ms. Jeizl E. de Luna , the students listen to the five (5) speakers assembled and organized by the National Institute of Accounting Technicians that supplements the growth and development of management accounting students.

The summit started at 1:00 in the afternoon with the first speaker Mr. Joselito Cornejo, a Certified EQ Executive Coach, who tackled the importance of Emotional Intelligence for accountants. He discussed that Emotional Intelligence is a set of emotional and collective skills that collectively establish how well we perceive and express ourselves to others. He requested the audience to answer some questions on which quality has a more impact on them and on the workplace, professional skills or emotional factors, where it could be observed that majority of the audience chose emotional factors. These are the three (3) sub-scale of Emotional Intelligence, Problem Solving, Empathy and Social Responsibility, that every accountant should have according to Mr. Cornejo. He then discussed the emotional qualities that a leader should possess including the leaders attitude which is contagious if feelings can influence output & decision makings and these output and performance can be improved through Emotional Intelligence. He ended his talk by enlightening the minds of the participants through a quote: “People will forget what we Say. People will forget what we Do. People will never forget the way we make them Feel.”

The second speaker was the founder and Chief Technology Officer of Cirrolytix, Mr. Dominic Ligot. He highlighted how big data will change accounting. He stressed that technological advancements aid in the development of work and everyday living, to which he says “Technology eats Culture”. He then proceeded in discussing Data Products and how most administrative work will migrate to Data Products as time progress. Data Products have (3) uses: Bench-Marking, Prediction and Recommendations. All to which he said is the essence of development in accounting. He then discussed the Data Value Chain or the steps for a business to make Data Products. Data Producer, Data Publisher, Data Consumer and Decision Maker. These are the “need” for a business to create data products. To the question “Why make Data Products?” he stated that it is essential to businesses in order to achieve customer experience. Mr. Ligot ended his part by summarizing all of the facts he have brought to the participants.

Ms. Annalyn Sanque, Payroll Operations Manager of Prople BPO Inc., was introduced as the third speaker where she talked about the Payroll Accounting Best Practice. Starting her talk, she discussed and indicated the different parts of the payroll slip which were divided into two (2) categories namely: the TOP and BODY of the slip. She then tackled upon the two (2) types of income; the Taxable and Non-taxable. And discussed some examples of both types. Where some examples of taxable incomes are the basic salaries, overtime pay, rest day, night differential pay and holiday pay. While de minimis, clothing and laundry allowances are examples of non-taxable forms of income. She also talked about several examples of deductions in the tax payments and had personally demonstrated to the audience the overall process of computing taxes from income.

The fourth speaker of the event was the Head Advisor of Xero Philippines, Mr. Marvin Galang. He talked about the Future of Accounting Innovation. He started of by sharing information of the development Automation nowadays, stating that it is “a new wave that is upon us.” He broke down the top issues of the accounting profession: Blockchain, Keeping up with technology, Adopting to non-stop change, Ongoing staff shortages, and the evolution/revolution of the audit. He then shares some facts and performances of Xero, which is an online accounting software that has up to ten (10) million unique charts/accounts and sends machines learning models based on a one’s personal pattern of work. It aids the accounting profession for easier and accurate performance. He then ended his part by leaving the phrase “Early Adopters Always Win.”

The last speaker of the summit was Prof. Xylexferene Dela Torre, a Tax Consultant. He discussed facts that the participants should be aware of about the Tax Reform for Acceleration and Inclusion. It was said that the said program aims to redesign the Philippine tax system to be more “Simpler, Fairer and Efficient.” Discussed also was the House Bill 5636 and Senate Bill 1592 and its proposed updated tax rates for individual citizens and resident aliens. Through the proposed simplified income tax brackets, 83% of the current tax payers would said to be exempted from tax. The summit helped the Management Accounting students understand the tracking of their career and how to access available opportunities.



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