According to BIR’s Revenue Regulation (RR) No. 09-2009 issued last January 2010, all large taxpayers of the Philippines are required to maintain electronic systems or Computerized Accounting Systems (CAS) to document and maintain their records and book of accounts. Large taxpayers are classified by a criterion consolidated in RR No. 17-2010 and are those directly notified by the BIR. CAS are highly essential to corporations and enterprises who are automatically classified as large taxpayers.
So, what are Computerized Accounting Systems exactly? Computerized Accounting Systems (CAS) are information technology developments that aid complex accounting transaction processes by automatically executing accounting procedures in a computer. Derived from the manual management of accounting transactions, CAS has modernized and simplified people’s work to data encoding. Other than practicality, CAS also enhance company management. Accounting journals and books and even Excel spreadsheets have been made obsolete by CAS’ abilities to create and maintain reliable and standardized records as well as provide mobile and high-speed reporting. Its technology also features improved accuracy and productivity, tighter internal control system, and convenient records back up and restoration. Today, many companies such as ABM Global Solutions have become providers of CAS and other related services.