[LayerX] After the introduction of the invoice system and electronic bookkeeping law, the work burden on tax accountants and accountants has increased by approximately 1.4 times on average
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Press release: March 18, 2024
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After the introduction of the invoice system and electronic
bookkeeping law, the work burden on tax accountants and accountants has increased by approximately 1.4 times on average
*~85.4% said they would recommend their clients to introduce an invoice system/system compatible with the Electronic Bookkeeping Act~* LayerX Co., Ltd., which aims to digitize all economic activities, conducted a survey on “business changes due to the invoice system and electronic bookkeeping law for tax accountants and accountants” targeting 151 tax accountants and certified public accountants who provide bookkeeping and tax advisory services. was carried out.
summary
* -Investigating business changes due to the invoice system and electronic bookkeeping law for tax accountants and accountants-* 1. After the invoice system started, the operational burden increased by about 1.4 times on average
2.
The top three tasks that have become particularly difficult are 1st place: “Selecting the appropriate tax category for journal
entry/bookkeeping” (35.8%), 2nd place: “Checking whether a received invoice is an invoice”, and 2nd place with a similar rating: “Transactions “Determination of whether or not a person is subject to special provisions (*1)” (33.8%)
3.
The top 3 things people do to reduce their work burden are 1st place: “Introducing the National Tax Agency’s free consultation desk/call center” (42.4%), 2nd place: “Creating and distributing FAQ collections regarding legal responses” (39.1%), and 3rd place. “Introducing the National Tax Agency’s tax consultation chatbot” (35.1%)
Four.
Due to changes in business operations after the invoice system, 21.2% have “increased” the fees for bookkeeping agents and tax advisors, 53.0% “plan to increase”, 17.9% “want to raise prices but cannot”, and 6.6% ” There are no plans to raise prices.”
Five.
The top three reasons why they were able to raise prices were 1st place: “I limited negotiations to only those areas where the man-hours were more expensive than the consulting fees” (57.1%), 2nd place: “I explained to my clients about the increased burden due to legal compliance and persuaded them of the legitimate reason for the increase in fees” (50.0%), and 3rd place was “I can tolerate a certain amount of customer attrition due to the increase in fees” (49.1%).
6.
The top three reasons for not or unable to raise prices were 1st place: “It is difficult to negotiate because the client does not understand the legitimacy of the fee increase” (43.2%), and 2nd place: “The client is unable to negotiate for a price increase.” 3rd place: “I’m concerned about losing customers due to raising fees” (18.9%)
7. 85.4% of respondents said they would recommend their clients to introduce a system to comply with the invoice system and electric book law.
(*1) A transaction for which a purchase tax credit is granted simply by keeping the books that meet certain requirements.
The survey results can be downloaded below. (free)
download
Survey overview
・Survey period: February 16, 2024 to February 23, 2024
・Survey method: Internet survey
・Survey target: 151 tax accountants/accountants
・Note: Rounding to the second decimal place
Survey results details
* -Investigating business changes due to the invoice system and electronic bookkeeping law for tax accountants and accountants-* 1. After the start of the invoice system, the operational burden increased by approximately 1.4 times on average
When we asked people working at tax accountants/accounting firms how much their work hours had changed compared to before and after the invoice system, we found that it had increased by about 1.4 times on average.
2.
The top 3 tasks that have become especially difficult are 1st place: “Selecting the appropriate tax category for journal
entry/bookkeeping” (35.8%), 2nd place: “Checking whether a received invoice is an invoice”, and 2nd place with a similar rating: “Transactions “Determining whether or not it is subject to special provisions” (33.8%)
When asked about tasks that became particularly difficult after the introduction of the “invoice system” or the “electronic bookkeeping method,” the top answer was “choosing the appropriate tax category for journal entries and bookkeeping” (35.8%), and the second place was “receiving tax classification” (35.8%). “Checking whether a bill is an invoice” (33.8%) followed by “Determining whether a transaction is subject to special regulations” (33.8%), which came in second place.
3. 83.0% answered that they were “aware” of the postage price increase, which is said to occur around fall 2024.
When asked about what they are doing to reduce their company’s operational burden after the invoice system was launched, the number one answer was “Introducing the National Tax Agency’s free
consultation counter/call center” (42.4%), and the second place was “Introducing a collection of FAQs regarding legal compliance.” “Creation and distribution” (39.1%), and third place “Information on the National Tax Agency’s tax consultation chatbot” (35.1%).
Four.
Due to changes in business operations after the invoice system, 21.2% have “increased” the fees of bookkeeping agents and tax advisors, 53.0% “plan to increase”, 17.9% “want to increase but cannot”, and 6.6% ” There are no plans to raise prices.”
When asked about plans to increase fees for bookkeeping agents and tax advisors in line with actual business conditions after the invoice system was launched, 21.2% said they would “increase fees” for bookkeeping agents and tax advisors, and 53.0% said they would “increase fees.” A total of 74.2% of respondents said they planned to raise prices. Next, 17.9% said they would like to raise prices but cannot, and 6.6% said they have no plans to raise prices.
Five.
The top three reasons why they were able to increase prices were 1st place: “I limited negotiations to only those areas where the amount of man-hours was more expensive compared to the consulting fee” (57.1%), 2nd place: “I explained to my clients about the increased burden due to legal compliance and persuaded them of the legitimate reason for the increase in fees” (50.0%), and 3rd place was “I can tolerate a certain amount of customer attrition due to the increase in fees” (49.1%).
When we asked those who answered that they would increase the fees of bookkeeping agents and tax advisors in line with the actual business conditions after the invoice system started, what measures they had taken when raising the fees and why they were able to do so, we found that the number one answer was ” “I limited negotiations to only those cases where the number of man-hours was significantly higher than the consulting fees.” (57.1%) 2nd place: “I explained to my clients the increased burden due to legal compliance and persuaded them of the legitimate reason for the increase in fees.” (50.0%), and 3rd place was “Because I can tolerate a certain amount of customer attrition due to increase in remuneration” (49.1%).
6.
The top three reasons for not or unable to raise prices were 1st place: “Negotiations are difficult because the client does not understand the legitimacy of the fee increase” (43.2%), 2nd place: “The client is unable to negotiate for a price increase.” 3rd place: “I’m concerned about losing customers due to raising fees” (18.9%) After the start of the invoice system, we asked those who answered that they would not or could not increase the fees of bookkeeping agents and tax advisors about the reason, and the number one answer was “Because the client does not understand the legitimacy of the fee increase.” “Negotiations are difficult” (43.2%), 2nd place: “My client is not someone I can negotiate price increases with” (32.4%), 3rd place: “I’m concerned about losing customers if I raise my fees.” (18.9%).
7. 85.4% of respondents said they would recommend their clients to introduce a system to comply with the invoice system and electric book law.
When asked whether they would recommend the introduction of a system to their clients in order to comply with the invoice system and electric book law, 29.1% said they were “actively recommending it and have actually introduced it,” and 33.8% were “active.” 22.5% said, “I would like to actively recommend it, but I have not yet
implemented it,” and a total of 85.4% said “I would recommend installing the system.”
The survey results can be downloaded below. (free)
download
About the project to improve corporate invoice response capabilities LayerX Co., Ltd. and tax accountants and accounting firms nationwide are working together to help companies across Japan respond
appropriately to the invoice system (qualified invoice storage system) that started on October 1, 2023. This is a joint project.
We will support you in improving your “invoice handling ability” by providing a verification kit that allows you to experience operations after the invoice system starts, explanatory materials to help you understand the system, etc.
https://bakuraku.jp/invoice-bootcamp/
What is Bakraku?
Bakaku is a service that smoothly unifies expense management such as invoice processing, expense settlement, approval application, corporate card, etc. It also supports the Electronic Bookkeeping Act and the invoice system, achieving both operational efficiency and legal compliance.
https://bakuraku.jp/
LayerX Co., Ltd. Overview
LayerX is a SaaS+FinTech startup whose mission is to “digitize all economic activities.”
Mitsui & Co. Digital Asset Management, a joint venture that aims to become a digitally native asset management company centered on the corporate expenditure management service “Bakurak,” utilizes large-scale language modeling (LLM) related technology to improve operational efficiency and efficiency in companies and governments. We develop and operate “AI/LLM businesses” that support data utilization.
Established: August 2018
Representative: Representative Director and CEO Yoshinori Fukushima / Representative Director and CTO Yuki Matsumoto
Location: 2nd floor, Ningyocho PREX, 1-9-8 Nihonbashihoridomecho, Chuo-ku, Tokyo Capital (including reserves): 13.26 billion yen
Corporate site: https://layerx.co.jp/
Recruitment site: https://jobs.layerx.co.jp/
Contact: https://layerx.co.jp/contact
Business site:
・Bakuraku: https://bakuraku.jp/
・Mitsui & Co. Digital Asset Management: https://corp.mitsui-x.com/ ・ALTERNA: https://alterna-z.com/
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