At Hoang Ngan’s hardware store in Viet Hung Ward, Hanoi, managing the business now fits into one smartphone. Goods are categorized, and revenue and cash flow are displayed in real-time, replacing the disorganized record-keeping of the past.
Ngan shared that just a few months ago, her family's business operations relied entirely on memory and bulky ledgers. Selling prices were kept in her head, and regular customers' debts were scribbled down with many cross-outs. Handwritten delivery notes were loosely clipped, with each new shipment adding another piece of paper, making data compilation and reconciliation time-consuming and prone to errors.
"Since the new tax regulations, I was compelled to learn how to use digital management applications. I found it challenging at first, but after BIDV bank staff guided me on using the MyShop Pro app on my phone, I found it much simpler," Ngan explained.
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BIDV staff assist household businesses in using MyShop Pro. Photo: BIDV |
Meanwhile, An Nhien Cafe, a chain of 10 coffee shops in TP HCM, proactively implemented this transition early. Sinh Pham, Founder of An Nhien Cafe, stated that their accounting and internal management systems were already established, allowing for tight control over inventory, revenue, cost of goods sold, and daily incoming and outgoing stock. "This stems from the core need for accurate figures for daily management," Sinh Pham emphasized.
As taxation shifted to a declaration-based system, along with changes in taxable revenue thresholds and legal forms, An Nhien Cafe proactively updated its information and sought management support tools. However, according to Sinh Pham, many household businesses still face difficulty in choosing suitable solutions for their scale and operating model, especially as implementation guidelines continue to be refined.
Recognizing this need, bank staff, including those from BIDV, have directly approached many household businesses to guide them in familiarizing themselves with new management methods and compliance obligations. In parallel, the bank launched support programs such as "60-day peak transition from presumptive tax to declaration-based tax" and "Accompanying household businesses and individual business owners in tax law compliance," starting on 1/1.
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BIDV deploys many campaigns, directly assisting household businesses. Photo: BIDV |
Le Thi Thanh Yen, Deputy Director of BIDV’s Retail Products Department, stated that the bank has integrated the MyShop Pro feature into its BIDV SmartBanking digital banking application. This supports household businesses in tracking income and expenses, revenue, accounts receivable, and connecting electronic invoices all on one platform. Notably, MyShop Pro’s smart AI feature allows scanning of incoming invoices, automatically recognizing and updating data into the management system.
Product catalogs, cost of goods sold, selling prices, and cash flow are digitized and compiled into reports for internal management and tax declarations. This makes issuing electronic invoices and tracking accounts receivable more convenient, reducing instances of lost or inaccurate data.
"This feature acts as a 24/7 'financial assistant' supporting household businesses and individual business owners, facilitating a seamless connection between the bank, tax authorities, and business owners," Yen explained.
BIDV currently holds the market-leading position in total assets, exceeding 3 quadrillion VND. It serves over 24 million individual customers and acts as a strategic partner for more than 500,000 organizations and businesses. The bank anticipates that this suite of solutions will become an invaluable aid, helping household businesses declare and pay taxes correctly, standardize cash flow and records, and thus confidently expand operations, scale up, and contribute to socioeconomic development.
Minh Ngoc
