Record Management is an important practice in any organization which more often than not are treated as a minor task that requires little focus or attention. Often handled by Human Resources (HR) or the finance/accounting department, Record Management ensures that any and all information and documents of a company is up to date, accurate and is compliant to all laws and regulations of the Philippines.
Below are some of the most common records that a company must regularly manage, classify, coordinate and update:
- Employee 201 file (Personal Employment Record). All companies have 201 file per employee that contains personal information of an employee (medical history, leaves and absences, merits and violations, trainings and seminars attended, rank, and salary, etc.).
Companies that fail to organize and manage their employee’s 201 files are at risk of mixing employee performance evaluations, grievance forms, clearance forms, job titles, department heads, etc.
- BIR/ITR Filing and Payment. Anyone subject for internal revenue taxes are required to obtain a Taxpayer Identifications Number (TIN), register, and keep books of account. It is the role of employers to annually submit the income tax returns of all their employees and must keep good record keeping of all tax payments.
Failure to file tax returns, supplying accurate information, or attempting to evade tax payments will incur financial penalties, litigation and imprisonment.
- DTI Regulatory Compliance. An individual may choose to operate a business as the sole beneficial owner of the business, with partners, or as a corporation. In order to operate a business, potential businessman must register their business in the local government and must renew it every year. Corresponding penalty is charged for late renewals.
Companies unable to comply to the rules and regulations of the DTI and the laws of the Philippines will lead to administrative proceedings which cost company time, money and brand equity.
- SEC Compliance. The Securities and Exchange Commission (SEC) requires stock corporations with a particular amount of paid capital, including branches of foreign corporations to file the report of an independent certified public accountant (CPA) on their financial statements. Also, it sets a deadline annually as to when projected financial statements are to be filed.
By law, companies must submit and keep record of their General Information Sheet (GIS) affidavit of non-holding of annual meeting (ANHM), Affidavit of non-operation (ANO), Financial Statements (FS), Stock and Transfer Book (STB) or Membership Book (MB).
- SSS/GIS Schedule. The Social Security System (SSS) gives protection for private employees and their families from disability, sickness, and death. The Government Service Insurance System (GSIS) is an equivalent system for Philippine government employees. Required filled out forms are to be submitted along with other basic requirements.
Companies that do not file their employee’s remittances are prone to labor problems and legal actions as these contributions are mandatory under the Philippine law.
- PhilHealth Schedule. PhilHealth is administered by the Philippine National Health Corporation, which is designed to provide employees with a practical way of paying for adequate medical care in the Philippines. Companies also contribute to PhilHealth in addition to their employee’s contribution.
- Pag-IBIG Remittance. Pag-IBIG is a provident savings system providing housing loans to private and Philippine government employees, and to self-employed persons who elect to join the Pag-IBIG Fund. Refusal or failure to remit Pag-IBIG contributions is a punishable offense by a fine or imprisonment. It is the company who bares this responsibility for its employees.
- Insurance Policy Remittance. Insurance policies vary depending on your provider. So, there are different payment deadlines, contracts, and paperwork requirements according to your insurance company. Keeping track of your documents on your insurance coverage, policies, and contracts will ensure your insurance remains updated.
It is important to keep your payments and contracts for your insurance policies up to date and organized because missing payments may lead to cancellation of the insurance policy or additional payments.
Paperless Trail Inc., the Philippines based system integrator/application developer specializing in document management, document imaging, digital mapping and GIS applications, provides a simple and efficient system to manage, organize, index, archive and secure all your documents and records.
Archive One is a document management system designed to help document administrators classify, store & secure, search for and retrieve essential company records.
With its advanced search features, Archive One makes searching for all documents (old & new) fast and simple.
A centralized document repository helps save time, reduce costs, improve operational efficiency and provide security for physical and electronic documents.
Paperless Trail is a member of Quadra Alliance – the premier full service IT solutions provider in the Philippines.
For more information on Archive One – Document Management Systems:
Email us: email@example.com
Tel No: (+632) 893-5951