Webcash Group Launches Wabooks, The Vietnamese Version Of Ai Kyungri Nara With Its Main Function Of Digitally Managing Purchase Receipts

By Author: Arina Smith
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Webcash Group, led by Chairman Seok Chang-gyu, has launched WABOOKS, the Vietnamese version of AI KYUNGRI NARA, in Vietnam. WABOOKS is an accounting solution aimed at assisting corporate customers in Vietnam, including Vietnamese branches of Korean companies, in managing their purchases and ensuring proper recognition and reporting of business expenses.

In Vietnam, accounting principles do not automatically recognize the use of corporate cards as business expenses. If tax invoices from the National Tax Service (NTS) are not matched with the applicable card receipts, corporate card expenditures may be considered part of employees' personal taxable income during year-end tax returns.

WABOOKS addresses this challenge by digitizing the matching process, enabling real-time connection with the National Tax Service. The platform is mobile-friendly, accommodating the mobile-dependent business environment in Southeast Asia, including Vietnam. Employees can use the WABOOKS mobile app to photograph and share business expense receipts in real-time, updating the main data on the WABOOKS PC version back in the office.

The ...
... real-time connection with the National Tax Service streamlines the bookkeeping process, providing accounting staff with digital receipts and tax invoices in real-time. WABOOKS also addresses language issues by allowing accounting staff with limited Vietnamese language proficiency to enter the company name in Korean, with the platform converting it into Vietnamese and/or English and retrieving the correct tax invoice information in Vietnamese from the Vietnamese government database.

WABOOKS automatically saves data from purchase tax invoices, such as company names, addresses, and TAX Codes, reducing the burden of miscellaneous work. It also offers the "Bank Account Integration" feature, allowing users to review the account balances and details of 17 major banks in Vietnam. Mobile push notifications are sent in real-time for deposits or withdrawals, and account deposit/withdrawal details can be digitally sent to designated tax agents during the VAT filing period.

Currently used by companies like ‘AJ total’, ‘DORCO VINA CO., LTD.’, and ‘SAM WOON IND CO., LTD.’ in Vietnam, WABOOKS is expected to gain high demand in the Vietnamese market. The company plans to expand WABOOKS into other global markets with a customized version for each market. Additionally, Webcash Group plans to introduce other B2B Fintech products, including ‘WeBILL365’, ‘WeTAX’, ‘WeMBA’, ‘WeGMBA’, ‘Payroll’, and ‘SALES’ to cater to various accounting and financial needs in different markets.

Lee Sil-kwon, CEO of Webcash Global, expressed excitement about the launch and the potential for WABOOKS to become a reliable assistant for small and medium-sized business owners in Vietnam.

In summary, Webcash Group has introduced WABOOKS in Vietnam, providing an accounting solution that digitally manages purchase receipts for corporate customers. The platform addresses Vietnamese accounting principles that do not automatically recognize corporate card expenses as business expenses, streamlining the matching process between tax invoices and card receipts. With real-time connection to the National Tax Service, mobile-friendly features, and language support, WABOOKS aims to be a valuable tool for businesses in Vietnam. As part of its expansion plans, Webcash Group will introduce other B2B Fintech products to cater to various accounting and financial needs globally.

https://www.techdogs.com/tech-news/business-wire/webcash-group-launches-wabooks-the-vietnamese-version-of-ai-kyungri-nara-with-its-main-function-of-digitally-managing-purchase-receipts