Assessing Sales Invoice Issuance Compliance Among SMEs in Bokod, Benguet

Abstract ―​

This study systematically reviews the compliance of small and medium enterprises (SMEs) in Bokod, Benguet, with sales invoice issuance regulations. Sales invoicing is crucial for maintaining transparency, accurate financial records, and adherence to tax laws. Despite its importance, many small and medium enterprises, especially in rural areas, face significant challenges in compliance, such as limited resources, administrative burdens, and a lack of awareness regarding regulatory requirements. This review identifies key factors affecting compliance, including business size, access to external support, and the use of digital invoicing systems. Findings reveal that small and medium enterprises with better knowledge of regulations and access to technological solutions exhibit higher compliance rates. The study also highlights the positive impacts of compliance, such as improved financial transparency, enhanced business credibility, and easier access to financial services. Additionally, it explores the obstacles that hinder small and medium enterprises from adhering to invoicing rules, including cost constraints and limited administrative capacity. The review concludes with recommendations for government-led training programs, promotion of digital invoicing systems, and financial incentives to support small and medium enterprises in enhancing compliance. By addressing these challenges, the study suggests that improving sales invoice issuance compliance can lead to more sustainable business operations and contribute to the economic growth of Bokod, Benguet.