Thread: Panama Business Accounting

Here is what one would need for a local business according to my research:

1. Accounting software - $300.
2. Module for accounting software so it works with fiscal printers: $450.
3. Module for employee management CSS and so on: Refused, but probably around $1000.
4. Fiscal printer starting at $850 and going up to $1250.

On top of this you would probably need consulting services to modify the accounting software so that it can comply with all the local rules.

In the US this runs you about $30 on eBay for Quickbooks or similar.

Does anyone know if a reasonable solution in Panama that works out of the box without the nasty BS? $3000 instead of $30 is a bit over the top.

Contrail

I don't run a business in Panama but I am interested in the subject as I plan to someday.

What rules would the software need to have in order to comply with Panama laws?

I used a service called Freshbooks (there are others) to handle my invoices and expenses. There are lots of add-ons, API's and configurations you can enter that may help you.

FreshBooks - Online Invoicing, Accounting & Billing Software

Would that work for you?

sjc

The accounting software or the billing software is irrelevant.

They use US standards for accounting here.

The problem is the Government and all the special rules and exceptions - that's why you need so many extra modules.

Originally Posted by sjc

Contrail

I don't run a business in Panama but I am interested in the subject as I plan to someday.

What rules would the software need to have in order to comply with Panama laws?

I used a service called Freshbooks (there are others) to handle my invoices and expenses. There are lots of add-ons, API's and configurations you can enter that may help you.

FreshBooks - Online Invoicing, Accounting & Billing Software

Would that work for you?

sjc

The accounting/billing software used is irrelevant. There are none with support for Panama. They used US accounting standards.

If you interface with customers you also need a DGI certified register that will run you another $900 or so.

In just a few months they have made Panama one of the most business unfriendly countries on Earth. $4000 to spend just to be able to deposit sales tax. What's next?

Originally Posted by sjc

Contrail

I don't run a business in Panama but I am interested in the subject as I plan to someday.

What rules would the software need to have in order to comply with Panama laws?

I used a service called Freshbooks (there are others) to handle my invoices and expenses. There are lots of add-ons, API's and configurations you can enter that may help you.

FreshBooks - Online Invoicing, Accounting & Billing Software

Would that work for you?

sjc

I just went thru two pages of results for "DGI certified register" and still don't understand what it is. Is the following link correct and its some "service" put in place by the US DEA?

CSOS certification

sjc

You are really out to lunch on this one.....

http://www.dgi.gob.pa/avisos/EF_homo...omologados.pdf

Originally Posted by sjc

I just went thru two pages of results for "DGI certified register" and still don't understand what it is. Is the following link correct and its some "service" put in place by the US DEA?

CSOS certification

sjc

i'm very interested in this information as well. the hubs and I recently opened a mexican restaurant in la chorrera and a register salesman came by telling us that we needed to buy a new register that had some sort of special chip for $1k or we would be in violation of a new law that was passed. He didn't give us a website or a single place we could verify this information. Does anyone have any documentation about this? I don't want to buy this machine out of fear for breaking some new law or not buy it and get a heavy fine for not owning and using this new machine.

Alright fellow tards.

I took care of step 1 now! I purchased Sage Peachtree Pro Accounting 2012 which appears to be some sort of standard in Panama, at least if you talk to the wrong (right) people.

As per the first post it would run me $300 + 7 % tax here, for a total of $321 (Yes, that is 321 local Balboa coins).

Don't choke on your eggnog now grandpa, but I paid $21.99 on eBay with free shipping + $5.35 from Miami with free home delivery for a grand total of $27.34.

After further investigations the plug-in to manage employees in Panama - basically a disc to CSS and handling of Decimo will run you $3,299. It's an addition for Peachtree that can handle everything in relation to the employees. Very nice morons!

We own a restaurant in La Chorrera and had to buy that DGI register. It's so dumb. This is what I understood from our certified accountant and the law that was recently passed that requires the purchase of this machine. Any company that makes, or expects to make, over $36k/year is bound by law to own this machine and use it. You must charge 7% tax on all taxable items.

Basically, there's a chip in there that keeps track of the taxes you owe to the government. At the end of the tax year, a tape will be run from the register that shows all your taxes owed. The machines come from Venezuela.

Now, when the company that sold us the machine programmed it, they programmed the name of the business and a couple other things incorrectly at the top of the receipt. We asked them to fix it. They said they can't because it is against the law to change any of that information on the register, even though they effed it up. If we want to change the info, we have to buy a new machine. Out of all the countries that require this new register (I honestly don't know which other countries require this, but our accountant and register tech guy said this), Panama is the only one that has this stupid law. All the other countries that have this register with the chip in it are allowed to get another chip installed into the register and reprogram it. These registers start at $1k after all the fees. The ads start at $500, but the lower the cost of the machine, the higher the fees are to "get you started."

Another dumb thing...we have a restaurant! Why in the heck will they not let us use our computer system with touch screen software and all the latest gadgets to keep track of seating, happy hour specials, messages to employees, clock in/out, etc.? Now we have to ring everything up in the computer system and then ring it up in that dumb register too, just for the government.

Oh, and the accountant dropped off one of those super oooooold school double entry register journals to keep track of our books. We were extremely puzzled since computers are much quicker, more efficient, and a helluva lot more accurate than writing something down in ink on paper. Another government requirement!