End of Year Business Checklist (for Sole Proprietorships)

Sharing this article with Sole Proprietorships and Freelancers / Professionals.

It’s almost December 31 and we’re still as busy as ever. I’m personally busy also as I need to “close” some things for my Sole Proprietorship business. As you know, I am a co-founder of Taxumo, but I have my own personal business which is registered as a Sole Proprietorship. We often hear the term “closing” from business people when it’s December, but we don’t know exactly what they mean. This is especially true if you are new in running a business or not in business at all but exploring this world (might be a plan for next year).

So I decided to write this as a guide for all Sole Proprietorships and Professionals/Freelancers, because we normally need to do the same things anyway when it comes to compliance.

The things that I will share in this article are the things that I personally do.

Collect all Pending Receivables

Receivables are funds that you need to collect from clients. So in my case, I monitor all of my collections in Trello. My handler, Niña and I then go through it and we try to contact the clients that we have to ask if they can pay before the year ends.

The reason why I do this is because I need to issue official receipts and collect 2307 (Creditable Tax Withheld) forms from these clients so that I can include it for this year.

Track and Compute the Taxes that you need to pay for January

People usually forget that you need to pay for their Percentage or VAT taxes as Sole Proprietorships in January, need to Renew their Mayor’s or Business Permits and even pay the Annual Registration Fee for the tax ministry (BIR or Bureau of Internal Revenue). Since they forget it, they usually end up not having money to pay these taxes or to even renew their businesses.

I use Taxumo so I know exactly how much I should set aside for my taxes for January and even for April’s Annual Income Tax Return (Annual ITR) tax deadline as early as now. This is how I efficiently plan my finances. It’s actually good that I collect in December, because I don’t have a problem anymore when it comes to funding these. I can sleep soundly at night.

What I do is I actually set aside these funds and place it in my ING account so it earns higher interest rate. I don’t touch it, too. 4% is huge so “yey” for me!

As for Business Permit Renewal for Sole Proprietorships, I secured the services of Taxumo for this. They have limited slots though since the government process in the LGUs is still very much MANUAL. To be honest, I’m not sure if they have slots to help you process your Mayor’s Permit / Business Renewal in your LGUs. Tauxmo Can cater to Metro Manila, Rizal, Cavite, Laguna, Tarlac, Pangasinan and Baguio clients. If you are interested to check if they have a slot, email customercare(at)taxumo(dot)com.

By the way, for Freelancers and Professionals, check your occupational tax receipts and professional tax receipts. Some of the LGUs require that you renew that on a yearly basis. You may need to go to your barangay to renew those. Some also require an NBI permit and a health certificate so that you can renew it (just a heads up!).

But, here is a checklist that you can use of what you need to compile. I’m proud to say that I’ve completed all of these things. I “printed” (shucks! super wasteful process 🙁 haay!) all of my tax filings and BIR confirmations that the Municipal Hall needs. They will need to know your gross sales for the year.

As for this, if you know someone from your Municipal Halls or work for Municipal halls, please let me know. For full disclosure, we at Taxumo have ways to help them really simplify all of these.

So going back, yes, you have to print all of these. Check out my complete files!

Sole proprietships Business Permit Renewal Documents

I’m so proud… I’m going to tear up. For some reason, I love that sense of accomplishment after completing this checklist. I feel like an adult! haha! Wait, I am one! haha!

It took me just a couple of hour printing since all of my filings (files and documents) are in Taxumo. I didn’t need to scramble through all of my files. I printed the form, BIR confirmation and the Payment record. I then signed all of the forms and used binder clips to distinguish the Income tax forms with SAWT attachments and confirmation, versus my VAT forms (I am VAT so for Non-VAT entities, you’ll have Percentage tax forms) versus the Annual Renewal fee or the 0605 form that I paid via Taxumo last January.

Update your Books

Sole Proprietorships books of accounts

So I finished updating all of my books, too. For those who are wondering, YES, I write them all by myself. Taxumo allows you to generate and print a report that’s formatted already so you just need to copy it per column. Check out the picture above. The papers on the right side are the reports from Taxumo and one of my books is the one on the left. These books of accounts reports come with any of the subscription plans of Taxumo.

So there, that’s what I do at the end of the year. I got my stuff all in order, and I feel that I can enjoy celebrations now!

How about you? What’s your “end-of-year” business process? Shout out to all Sole Proprietorships and Professionals! Share it with us. Let’s help one another.

Here are other articles that you might want to check out:

Quarantine in a modern sanctuary with Revolution Precrafted

Ever since the COVID-19 pandemic threw the world into a lockdown, limiting movement to the essential and effectively forcing the great many to stay in the confines of their homes, people have taken a good long  look at their abodes. Beyond the safe haven that our homes have always been to us, we now look to it as a “pod” that takes us on the telecommute to work, the virtual streaming background from where we “zoom-in” with friends and associates across the planet, and then always, the home that we retreat to, back from our quick forays to “the outside world.”

Across the world thus, people have started to rethink their ideal homes in terms of location — many choosing to transfer to less densely populated settings, and in terms of design — many choosing modern artistic themes that define and inspire more than “a new normal” but truly a new way of life.

Practical yet inspired

“People want to seize this moment, amidst pandemic to make very real and visible changes. Many see it as a chance to transform our environment, our lifestyles and our very homes. Practical yet inspired. Those values must define us today,” said Robbie Antonio, Founder and CEO of Revolution PreCrafted.

Revolution Precrafted is a fast-growing player in the real-estate industry, providing contemporary prefabricated homes designed by revolutionary designers like Lev Libeskind, Fernando Romero, Zaha Hadid and even our very own Kenneth Cobunpue. This company prides itself by democratizing access to world-class architecture and making it available to a wider market segment. In fact, a Revolution Precrafted home can be completely delivered in as fast as 60 days.

Art as ones sanctuary

According to Antonio, in the current pandemic, the demand for prefab homes has actually risen. “What we have seen is that people need a secure sanctuary to live and work from home without sacrificing their style. They are also looking for ways to live inspired amidst the reality, by turning to art. So that’s what we do – we make art that is literally your own abode,” said Antonio.

In fact, despite the pandemic, Revolution Precrafted has already 4,600 homes sold from their 5 residential projects in the Philippines alone like the Batulao Artscapes. The company will also start 2021 on a good note as they will have 300 homes to be delivered by the first quarter of the year. “This success inspires us to continue providing ground-breaking innovation in home living and design not just in the Philippines but to the rest of the world,” Antonio says.

Now the company plans to conquer North America. They are set to start on their real estate projects in key cities and destinations like New York, Arizona and Los Angeles. Antonio says, “Half of our inquiries are from the US so we are excited to finally bring our product and introduce them to the North America market. We believe that our homes designed by critically-acclaimed visionaries and offered at a better price point have a universal appeal.”

He adds that with their entry into the North America real estate market, more people will finally have the chance to live in an art-inspired living space without the high cost and long painful wait of construction.


Revolution Precrafted is a global proptech startup based in the Philippines. It has dealership and supply agreements in Asia, Europe, Middle East,North America and The Caribbean. It is the only startup company from the Philippines, valued at over $1bn dollars. For more information, log on to revolutionprecrafted.com

Human Nature Reseller: Start You Own Business with a Heart

Join the mission of Human Nature to help the nation as you help yourself succeed

2020 has been tough on all of us. Life as we know it has changed forever. And as most of us discovered, if we are to thrive, not just survive in the time of covid and recession, we need to change our mindset and evolve. We need to hustle! We need to look for additional sources of income.

There are a host of entrepreneurial options to choose from. Some have monetized their hobbies and have gone into the food business. Some took advantage of the growing plant scene and decided to cater to the needs of plantitos and plantitas. Others have discovered they can earn from their
favorite products by becoming resellers.

While there is an abundance of personal and home care products in the market, one company stands out in their product offering and in their vision.

Human Nature is a local social enterprise that has made its mission to uplift Filipinos out of poverty. To provide a good quality of life for the working poor, they have committed to dignified and living wages, a No-Firing policy, No Work on Sundays policy and business practices that put their people above profit.

Their genuinely natural range of plant-based and cruelty-free beauty, personal and home care essentials have also been specially formulated to be free from harmful chemicals that may be harmful to your body and the environment.

Human Nature believes that you can help yourself while also helping the nation by setting up your own business with a heart. They encourage you to join them and share the goodness by reselling natural, sustainable beauty, personal and home care products that care for you and for our planet.

Yes, many dealers/resellers have proven that you can earn and save a lot with Human Nature. But more than the earnings and savings, it’s about transforming lives, showing love for our country and conserving the planet. It’s about helping your family switch to a healthier lifestyle by providing them with affordable safe and natural products.

If you love Human Nature products and want to get them at great prices for you and your family, sign up to be a member. Just for a limited period until January 22, 2021, they’re giving the lowest-ever membership fee of P500 instead of P799. You can purchase P588 worth of products at SRP but pay only P500.

As a Human Nature member, you get:
● 15% discount guaranteed for the first six months
● Member-exclusive promos and freebies
● Complete assortment of genuinely natural products

If you want to earn from a social business that makes a positive impact on the poor, the Philippines and the environment, become a dealer/reseller, or even become a Community Ambassador in your village/subdivision! You just have to buy P2,665 worth of products at SRP but pay only P1,999. You also get their cult-classic product for free — the Sunflower Beauty Oil 50ml — until January 22, 2021.

Human Nature Reseller

As a Human Nature dealer/reseller, you get:
● 25% starting discount guaranteed for the first six months
● Dealer-exclusive promos and freebies
● Earn up to 30% discount when you increase your sales
● Earn up to 12.5% on your referred friends’ purchases

Signing up is easy. Register and fill out the membership/dealer application form and submit requirements at any Human Nature branch or through their website. Then choose your own membership or dealer/reseller starter product kits.

Join the Human Nature community now and earn a good living while being part of the mission to care for the poor, the Philippines and the environment today!

Human Nature Products

Share your thoughts on social media! Don’t forget to follow them on Facebook and Instagram at @humanheartnature and use the hashtag #HumanNatureGoodness.

Human Nature products are available in Human Nature branches nationwide, at our Human Nature website, from Human Nature dealers and Community Ambassadors, and major retailers like Robinsons Supermarket, The Marketplace by Rustans and Shopwise.

Website: humanheartnature.com
Branches: bit.ly/HNOpenBranches
Dealers & Community Ambassadors: bit.ly/HNDealerDirectory
Retail Partners: bit.ly/HNRetailPartners
Lazada (COD Available): https://c.lazada.com.ph/t/c.0JTiPe

b.box formally Launches in the Philippines

One of the things that I’ve been trying to figure out is how to encourage Zeeka to eat properly, and not to forget to take care of herself even while at home. The frequent reminders from me, her dad and ate are still there (but these reminders sound like frequent “nagging” already; they’re not effective anymore). When you have a kid, you know that they are easily distracted by minute things. When Zeeka and the other kids were still going physically to school, school bells and hanging out with their classmates while doing things together were fun. Now, at home, during lunch or breaks, Zeeka gets easily distracted, so she ends up not finishing her food. She also forgets to drink while listening during her online class. But recently, I just had an “AHA” moment when I attended the b.box launch in the Philippines.

For those who don’t know what b.box is, b.box is Australia’s No. 1 brand of baby and kids products.  Since b.box launched in 2009, it has redefined the industry, bringing to market products parents and kids love and industry leaders applaud.  They have won more than 60 product and consumer awards, but what gives b.box the biggest buzz is seeing a parent and child using and loving their b.box product.

How b.box started?

Just to share, b.box was started by Dannielle Michaels in 2007 who was struggling to change her three-week-old infant’s nappy in a crammed airplane bathroom. Dannielle started a business from this pain with her best friend, Monique. Their first product was the nappy wallet, an all-in-one box that has built in wipes, a changing pad and storage for two diapers and a change of clothes. 

Fast forward to today, they’ve built a multi-million dollar business with a successful track record in 45 countries, and growing!  The b.box sippy cup   is consistently the No. 1 selling sippy cup in Australia year on year. 

Aside from these two products, they also have the b.box drink bottle, the b.box bowl and straw cup, and this other product, which I actually have at home, is the b.box Whole Foods Bento Box.

During the b.box launch in the Philippines…

We met the founders of b.box during the online launch in the Philippines. Zeeka and I enjoyed the games and the science activity led by Kids Interactive Club. We used the materials that were inside the b.box Whole Foods Bento Box.

Changing times…

With the changing times and kids staying at home most of the time, these b.box products are great gifts and great purchases. How I use the b.box Whole Foods Bento Box now is really to make lunchtime and snack time fun for her. She feel excited whenever she opens her b.box for lunch! The b.box drink bottle is also great for keeping them hydrated all throughout the day. It keeps them also from spilling liquids on their school books, notebooks and other materials.

I love the design of all b.box products. I think this is what makes them standout since they really know how kids use the prducts.

Do check out b.box products in the links below!

b.box products are distributed by TickledBabies.com and their official stores on Shopee and Lazada . They are also available at Mothercare, Rustans, and baby specialty stores nationwide.  

Follow @bbox.ph on Instagram.