27 Mar 2013
The Power Sector Assets and Liabilities Management (PSALM) Corporation - one of the country's largest taxpayers - has adopted the New General Accounting System (NewGAS), a computerized accounting system (CAS) that streamlines PSALM's business transactions with the Bureau of Internal Revenue (BIR).
The development of PSALM's CAS, which resulted in the implementation of the NewGAS, is a collaboration between the BIR and PSALM in coordination with the Corporation's Information Systems and Technology and Budget and Property Monitoring departments. The collaboration became smoother because PSALM has been transparent in its transactions with the BIR even before its compliance with the new system.
"After a number of consultations and deliberations on the project, we have finally been cleared by the BIR to adopt and implement the NewGAS to ensure a smoother interface with the government's chief collection agent," said PSALM President and Chief Executive Officer Emmanuel R. Ledesma, Jr.
PSALM received the BIR's approval on the use and implementation of the NewGAS on 28 February 2013.
With the computerization of its systems, PSALM saves time, energy, and money in responding to and preparing the reportorial requirements of the BIR and, eventually, the reportorial requirements of other oversight agencies. The NewGAS simplifies PSALM's data management - inputting, storage, and distribution.
In 2009, the BIR mandated the adoption of a CAS for the account of PSALM which, on the average, remits over PhP5 million in taxes to the revenue agency every month.
As successor-owner of the National Power Corporation's (NPC) power and non-power assets, PSALM originally patterned the NewGAS after NPC's accounting system for easier updating and reconciling of books. The system was further modified to adjust to PSALM's other business processes. From recording accounting transactions, the NewGAS integrated PSALM's processes with other systems, such as payroll, materials management, and power account management modules, all of which were developed internally.
"The evolution of the NewGAS from a mere accounting tool into an enterprise application comes at minimal cost to the government," Ledesma pointed out. "Since this was an in-house undertaking, it is much cheaper compared to subscribing to commercially available applications."
"PSALM not only takes pride in its manpower complement, but also values transparency and innovation which are highlighted in initiatives such as this project," Ledesma said.
Strategic Communications and Partnership Division