The emergence of traditional parols and the start of Simbang Gabi signal the onset of the Christmas season. Whether on the streets, parks, churches, offices or at home, the sight of glittery lights evokes a festive mood.
At the workplace, companies are normally busy with their Christmas parties, except perhaps for accountants, who are celebrating with a different mood. After all, this is the time of the year when bookkeepers make the last push before they can heave a sigh of relief as they close corporate books. Year-end inventory checks are in full swing and adjusting entries are prepared, booked and analyzed. Yes, these activities may be cyclical but a missed accounting entry with possible tax implications is a big no-no in the accounting world.
Dec 212016