For many business owners in Cambodia, the choice when it comes to filing taxes usually leads to an accountant. It can often seem that The Kingdom has the highest per capita rate of accountants anywhere in the world when you look at how many students currently study this subject. Though, of course, many of them choose banking as a career when they graduate.
The advantages of using an accountant are that it removes the stress from your shoulders and that you have someone who both speaks the language (in case of any issues) and knows the system. The disadvantage is that you have another monthly cost that you sometimes simply cannot afford.
But when a business owner looks to self-file, the tasks they face can often seem daunting to the inexperienced. The main form – TRS 01 – involves tallying sales, converting units of measure, checking exchange rates, etc. etc. In fact, when our own accountant did this process, we have seen them create an 8-sheet Excel document in order to complete our monthly TRS 01 filing requirement.
And as well as the TRS-01, you also need to keep up to date with a record of all purchases in the Purchase Day Book, a record of all sales in the Sales Day Book, all your employee salary records in the Salary Day Book, and not forgetting the P101 (the form you use to pay due taxes to the General Department of Taxation via the bank). Phew! You can see why we said it can all be a very daunting process!
But with potential penalties of up to $500 for not submitting taxes (or not submitting them on time), this is not something you can avoid without losing out in the long run. Getting into a routine of submitting the form and then paying any due monies is as essential as paying your suppliers and your staff on time.
So what is the solution? Paying an accountant can be costly. Doing taxes yourself can be time-consuming, complicated, and very, very stressful. That is the question we asked ourselves and the answer was obvious; create an easy to use online system that anyone – and we mean anyone – can use without spending a lot of time or getting stressed out.
Our TaxKH.pro system is a fully secure online programme that absolutely anyone can use after one simple lesson. You can choose to do it yourself or train a staff member on how to use it.
Simply set up all your basic information then add all relevant data such as sales and purchases and you are good to go! You can even add all your staff’s information so that you can calculate salary tax. And once all input and calculations are complete, you can just print required forms straight from the programme.
Our TaxKH.pro system is specifically designed for small taxpayers, SMEs, and sole proprietors. We also designed TaxKH.pro to save you time and money. And if you want to save even more money, we are currently offering a limited amount of free sign-ups, so it could be a win-win for you. If you want to sign-up with us, or if you want to know more information, why not get in touch with us today?
Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice.