Located in the ASEAN region, the heart of the world’s fastest-growing economies is the Philippines. An archipelago with over 73.9 million internet users contributing to the country’s internet economy worth US$ 7.5 billion.
When the Philippines was hit by Covid-19, the adoption of digital technologies has accelerated to mitigate the effects of the pandemic to local and foreign companies. This led to the increasing demand for e-commerce businesses pushing the use of digital payments in the country.
Because of this, the Philippine government is at the forefront of fast-tracking the country’s digitization programs through the implementation of the Digital Transformation Strategies 2022.
To be rolled out in January 2022, one of the primary programs is to mandate the issuance of electronic invoices or ‘e-invoices’ as part of the digital transformation in tax administration of the Bureau of Internal Revenue (BIR) providing convenience and transparency service to taxpayers. Large taxpayers, exporters, and businesses engaged in e-commerce are expected to participate in the pilot rollout of the program next year.
BIR is also encouraging all businesses affected by these changes to start issuing e-invoices to customers to prevent any loss or damage of invoices and receipts, increase productivity on issuing and managing invoices, and increase convenience during value-added (VAT) filing.
As one of Kernel Tools’ key markets, we’re constantly keeping ourselves up-to-date on the Philippines’ invoicing system developing software that adapts easily to any local regulatory and business requirements thus helping our users prepare.
Kernel Tools is an all-in-one invoicing solution designed for all types of businesses that enables our Filipino users ― mostly e-commerce entrepreneurs, to simplify and automate their process of creating and sending invoices to their customers eliminating the hustle of preparing tax returns.
It also allows them to manage and organize their customers’ information as well as sales reports in one space, accessible to their staff through an invite from our team collaboration feature. Moreover, our simple analytics help them keep track of their revenues and cash flows.