Webcash launches AI accounting solution Wabooks in Vietnam

South Korea's Webcash Co. Group announced on Tuesday that it recently launched Wabooks, a Vietnamese version of the AI-powered accounting solution "AI Kyungrinara," in Vietnam. The solution is designed to help South Korean and local companies in Vietnam to be recognized for their use of company expenses through the meticulous management of proof of purchase at local business sites.

Unlike in Korea, where corporate card usage is recognized as a company expense, Vietnamese companies need to make a separate request for issuing a tax invoice when using a corporate card. Failure to do so leads to the expenditure being considered personal income, which increases the tax burden at the end of the year.

Wabooks improves the purchase evidence management process by addressing the challenges faced by Vietnamese companies in handling expenses. The solution's mobile-friendly features reflect the high dependence of Southeast Asian markets on mobile devices.

Corporate managers can easily take and share receipts through the Wabooks mobile app after spending money anytime and anywhere while working outside. The information is immediately updated to the Wabooks PC version used by accounting staff in the office.

Thanks to Wabooks' real-time import of electronic tax invoices from the Vietnam National Tax Service, accounting staff can immediately verify whether updated tax invoices have been issued and process proof of purchase accordingly.

Wabooks also addresses the needs of local Korean companies not familiar with the Vietnamese language. When searching for a customer name, Wabooks retrieves registered company information from the Vietnamese government and enters it in both Vietnamese and English.

Furthermore, Wabooks provides the "financial inquiry" feature, allowing users to check the account deposit and withdrawal transaction details and balances of 17 major Vietnamese banks at once. Whenever new deposits and withdrawals occur, the mobile app sends real-time push notifications to users.

"We are very excited to launch an accounting solution specializing in the most concerning 'purchase record management' in Vietnam," said Lee Sil-Gwon, CEO of Webcash Global. "We will do our best to make Wabooks a strong partner in the management of Vietnamese SMEs."

Write to Mi-Hyun Jo at mwise@hankyung.com