As published on CoinTelegraph.ph
MANILA, Philippines – In 2015, PricewaterhouseCoopers released a study saying that it takes 193 hours to pay 36 kinds of taxes in the Philippines. Worldwide, the Philippines has one of the longest and most tedious processes for paying taxes.
Bookbit, which recently announced its beta version app launching Sept 21, 2016 for Batangas and Baguio, provides a solution by streamlining the process of paying taxes. Its software does this by turning data into tax forms, and securely delivering them to users ready for bank payment.
By focusing on a single Tax Form (2551M) which is the most widely used form by SME’s on a recurring month end basis, BookBit’s software compiles photos using Bookbits mobile app.
An online bookkeeping team (vetted CPA’s) then accesses the cloud based software providing whiteglove service. After manual review, forms are emailed days before use. Properly filled up and ready for printing and payment to BIR accredited banks.
Thus eliminating late filing, penalties and completely saving SME’s 89% of their time and money, previously spent on painstaking tax filing.
The team has almost 50 yrs experience in Accounting, Entrepreneurship and Technology, 2 of which are Certified Public Accountants.
To date, they are looking at tapping the 80k+ registered SME’s in the country and would be completing their pilot program for its first 100 early adopters by the end of September.
“We are banking our offering thru our strong domain know how, especially the local SME market, as I myself is an SME business owner,” says Rodel Mendoza BookBit Founder and CEO, a veteran start up entrepreneur having completed different incubation programs namely Founders Institute, Alpha Startup(1337 Ventures) and MAP ASEAN @ MaGIC (Malaysian Global Innovation and Creativity Center).
In line with its mission for everyone to be able to do their own taxes, BookBit will be rolling out aggressive weekly webinar series, Q and A sessions, event sponsorship, seminars, and social media marketing.