Webcash Group Launches WABOOKS in Vietnam

Webcash Group (Chairman Seok Chang-gyu) announced that it has launched WABOOKS, the Vietnamese version of AI KYUNGRI NARA, in Vietnam.

WABOOKS is an accounting solution that helps corporate customers in Vietnam, including Vietnamese branches of Korean companies to keep track of their purchases to ensure that business expenses are duly recognized and reported.

According to the Vietnamese accounting principles, the use of corporate cards is not automatically recognized as business expenses. If tax invoices from NTS are not matched with the applicable card receipts, the corporate card expenditures will be considered part of employees’ personal taxable income at the year-end tax returns.

To settle the difficulties of manually matching business expense receipts with tax invoices, WABOOKS has digitalized the matching process by real-time connecting the National Tax Service. WABOOKS is also a mobile-friendly solution that effectively embraces the mobile-dependent business environment of Southeast Asia, including Vietnam.

This mobile-friendly feature of WABOOKS attracts many Vietnamese workers. While working outside of the office, employees can photograph and share business expense receipts in real-time using WABOOKS mobile app. This data sharing via WABOOKS mobile will immediately update the main data on the WABOOKS PC version back in the office.

Real-time connection with the National Tax Service of Vietnam is a key feature of WABOOKS. The accounting staff of a company can be provided with the receipts and the tax invoices digitally in real time via WABOOKS, which streamlines the bookkeeping process.

WABOOKS came into being by carefully listening to the voice of Korean companies who were having difficulties in working with their Vietnamese business partners. When retrieving a tax invoice for a Vietnamese business partner, an accounting staff whose Vietnamese is not good enough can type the company name in Korean, in which case WABOOKS can change the company name into Vietnamese and/or English. The correct tax invoice will be retrieved in Vietnamese along with all formal information on the partner company registered in the Vietnamese government. This is why WABOOKS is appealing to many Korean companies who are struggling with language issues.

When a purchase tax invoice is shared on WABOOKS, WABOOKS automatically saves all data on the tax invoice such as the name, address, and TAX Code of the company, relieving the burden of miscellaneous work.

The “Bank Account Integration” feature of AI KYUNGRI NARA is also available in WABOOKS. This integrated bank account inquiry service has been loved by 60,000+ AI KYUNGRI NARA customers in Korea. This feature enables users to review the account balances and deposit/withdrawal details of 17 major banks in Vietnam.

Furthermore, in the event of a deposit or a withdrawal, mobile push notifications are given to the specified user(s) in real-time. The account deposit/withdrawal details recorded on WABOOKS can also be sent to a designated tax agent digitally during the VAT filing period. With WABOOKS, any type of separate documentation for the VAT filing is not necessary.

In Vietnam, WABOOKS is currently used by ‘AJ total’, ‘DORCO VINA CO., LTD.’ and ‘SAM WOON IND CO., LTD.’, ‘BORNGA’ Ho Chi Minh Vincom Landmark 81 place has newly signed up for WABOOKS just recently. Starting from these achievements in the Vietnamese market, WABOOKS will also expand into other global markets with a globalized WABOOKS customized for each market.

Following the launch of ‘WABOOKS’, other Webcash Group B2B Fintech products are also scheduled to roll out in other global markets. Those are ‘WeBILL365’, a billing & receipt solution, ‘WeTAX’, an electronic tax invoice issuance solution, ‘WeMBA’, a solution for integrating bank accounts for medium/large-sized enterprises, and ‘WeGMBA’, a solution for integrating global bank accounts.

‘Payroll’, a solution for calculating and reporting payroll under the Vietnamese tax system and ‘SALES’, a solution for managing and reporting sales will also be available soon.

Lee Sil-kwon, CEO of Webcash Global, said, “We are all very excited to release an accounting solution that has been customized to fit for the Vietnamese accounting environment. This solution will provide a streamlined process for the purchase receipt/tax invoice management of a company. A high demand is expected in the Vietnamese market. We will do our best to ensure that WABOOKS positions itself as a reliable assistant for small and medium-sized business owners in Vietnam.”

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