FinESS (Financial Electronic Storage System)

FinESS (Financial Electronic Storage System)

THE FINANCIAL ARCHIVING CHALLENGE
As a business grows, the volume of vital documents also grows. In particular, the Bureau of Internal Revenue (BIR) requires books of accounts, including subsidiary books and other accounting records to be kept for a period of ten years. Storing hard copies of all these documents is impractical and can be costly. Older documents also have the tendency to be lost or misplaced.

And whenever a document needs to be taken out, say for a tax audit, physical search and retrieval can take time and translate to administrative costs. Keeping older documents in good physical and readable condition can also be difficult especially for some documents such as Official Receipts printed on thermal paper or vouchers that are lightly printed on thin paper.

With the BIR issued Revenue Regulations (RR) No. 5-2014, companies now have the option to preserve only electronic copy of documents older than 5 years as long as there is an Electronic Storage System (ESS) in place that meets BIR’s criteria. This is where FinESS comes in.

MANAGE YOUR FINANCIAL DOCUMENTS WITH FINESS
Declutter your office space and cut your physical storage requirements by half. With FinESS, companies no longer need to store physical copies of financial documents older than five years and still comply with BIR’s ten-year retention period requirement. Instead, documents can be kept electronically where the original readability of documents is preserved. At the same time, security measures are in place to ensure integrity, accuracy and reliability of the system.

Finding documents becomes as easy as a few taps on the keyboard. Even generating reports and summaries of expenses, revenues and P&L are also made easily available in FinESS. These facilities increase efficiency and thus contribute to productivity.

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