Screengrab of Tax Estimator pop up
4 March 2020, Puchong, Selangor – Biztory cloud accounting software, a brand under Vectory Innovation Sdn. Bhd. today announced the introduction of Tax Estimator, a new module that provides business owners with an estimated tax payable amount, calculated based on their financial data. In addition to displaying an estimated tax amount on user’s dashboard, the new module also contains a reminder of the due date for submission of an estimated tax via the CP204 form to Lembaga Hasil Dalam Negeri (LHDN) Malaysia. The Tax Estimator module became available starting from 1 March.
After learning about their estimated tax amount, business owners who are interested in obtaining a professional consultation service on business tax matters will then be referred to Biztory’s partner, RW William PLT.
Bryan Soong, Co-Founder and CEO of Biztory said, “The release of the Tax Estimator module is much awaited. Business owners have a responsibility to comply with tax regulations. Now that our software will display the estimated tax on the dashboard, all of our users will become alert that they have a responsibility to be fulfilled.”
“When it comes to getting estimated taxes done, business owners cannot rely only on gut feelings or baseless information. With Tax Estimator calculations are done automatically in the backend and users can view their estimated tax amount as soon as they log into the Biztory software. This helps business owners manage their businesses more efficiently.”
To understand the tax situation further, Biztory will refer its customers to RW William and all consultations will be handled independently by the firm’s tax consultants. RW William, also an investor of Biztory, has been working with Biztory to develop a cloud accounting software that addresses the needs of SMEs.
Biztory hopes to look into providing an in-depth tax solution within its software in the future. This would include tax submission with one click as such offering would be able to take the burden of dealing with complicated tax calculations, off business owners, and let them focus on running their businesses instead.
Biztory has been helping SMEs digitize accounting operations since 2015. Recently in January 2020, the startup raised a total of US$255,294 (RM1,039,860), making them the first-ever successful crowdfunding project on the Mystartr platform. In 2018, it received RM300,000 from Cradle Fund’s CIP300 for commercialization. Biztory was a participant of MaGIC’s Global Accelerator Program (Cohort 2).
Founded in 2015, Biztory is an easy-to-use and secure cloud accounting software designed for small- and medium-sized enterprises (SMEs). With Biztory, business owners may monitor business metrics and cash flow at any time as long as they are connected to the Internet. The cloud software also allows users to note down their invoices, purchases, and expenses as well as do their monthly bank reconciliation. Biztory is a brand of Vectory Innovation Sdn. Bhd. based in Puchong, Selangor. Visit us at www.biztory.com.my.