- BIR approval marks successful integration of all internally developed systems into Finacle
- Approval comes after four months of hard work and preparation by CitySavings TMs
Last December 18, 2014, February 12 and April 8, 2015, CitySavings invited the Computer System Evaluation Team (CSET) and the Large Taxpayers Division Office (LTDO) of the Bureau of Internal Revenue (BIR) to its Corporate Head Office for a demonstration of all its systems with the goal of acquiring a permit to use a full Computerized Accounting System (CAS).
CAS refers to the integration of different component systems to produce computerized books of accounts and computer-generated accounting records and documents.
The BIR has mandated its large taxpayers to maintain and/or adopt a CAS for keeping records, books of accounts, and other sources of information. The government agency has put certain measures into play to check the accuracy and relevance of the computerized books of accounts and accounting records or computer generated accounting records. New permits are required in case certain components of the CAS whether in the head office or branches, are modified or changed.
It was with great relief and accomplishment that accomplishment that after four months of preparation, hardwork and the BIR’s gruelling questioning and voluminous documentary requirements, the permit to use a full CAS was granted to the Bank.
The BIR approval was a huge milestone for the Bank as it is a clear proof that City Savings Bank has successfully integrated all of its internally developed systems into its core banking system, the Finacle.