Revolutionizing accounting in PH | The Final Word

Summary

Michael Aguirre, founder of Babylon 2K, discusses his innovative online marketplace for accounting services on 'The Final Word'. Launched in 2014, Babylon 2K aims to revolutionize the auditing and accounting industry by connecting clients with a network of specialized accountants across the Philippines. The platform offers a convenient, efficient solution for freelancers, social media influencers, and sole proprietors, providing access to certified public accountants (CPAs) and non-CPAs alike. Aguirre emphasizes the platform's user-friendly interface, where clients can book an accountant like a taxi service, ensuring timely and professional financial assistance.

Takeaways

• 😀 Babylon 2K is an online marketplace for accounting assistance, accessible 24/7.
• 🏢 Founded by Michael Aguirre, Babylon 2K aims to revolutionize the auditing and accounting industry.
• 🌐 The concept of Babylon 2K was inspired by Aguirre's travel experiences and the need for a different approach to accounting services.
• 📚 Aguirre is a practicing accountant in the Philippines and part of UHY MLA Gear and Company.
• 🚫 The firm faced rejection from international networks due to its small size, which motivated the creation of Babylon 2K.
• 🔍 Babylon 2K caters to freelancers, social media influencers, and sole proprietorships who need accounting support.
• 📍 The platform has accountants located in various key areas in the Philippines, including Metro Manila, Baguio, Cebu, and Davao.
• 🔗 Users can access Babylon 2K by visiting babylon2k.org and 'booking' an accountant similar to how one would book a taxi.
• 📋 For those unfamiliar with accounting, Babylon 2K provides assistance with income tax returns and financial statements.
• 💼 The platform's accountants are either CPAs or non-CPAs with experience, and they undergo a selection and training process.
• 💰 Babylon 2K's services are priced reasonably, with the aim of providing efficient and cost-effective accounting solutions.

Q & A

What is Babylon 2K and what does it offer to its users?

Babylon 2K is an online marketplace that provides 24/7 access to accounting assistance. It is designed for individuals and businesses looking for accounting and auditing services, offering a network of specialized accountants across the Philippines.

Who is Michael Aguirre and what is his role in Babylon 2K?

Michael Aguirre is the founder of Babylon 2K. He is a practicing accountant in the Philippines and was inspired to create Babylon 2K to offer a different and accessible approach to accounting services.

What was the motivation behind the creation of Babylon 2K?

Michael Aguirre started Babylon 2K as a response to the challenges he faced as a small accounting outfit being rejected from international networks. He aimed to create a system that would make his services stand out and be accessible to a wider audience.

How did the concept of Babylon 2K originate?

The concept of Babylon 2K originated during Aguirre's travels and studies abroad in 2014. He wanted to devise a system that would distinguish his accounting services and make them more accessible.

What services can freelancers and social media influencers expect from Babylon 2K?

Freelancers and social media influencers can expect to find specialized accountants who can provide both online and on-site assistance for their accounting needs through Babylon 2K.

How can users access the services of accountants from Babylon 2K?

Users can access the services by visiting babylon2k.org, where they can book an accountant similar to how one would book a taxi, with the accountant coming to them either online or offline.

What kind of support does Babylon 2K offer for individual taxpayers who are not familiar with accounting?

Babylon 2K offers support for individual taxpayers by providing access to accountants who can assist with tasks such as filing income tax returns, even if they are not well-versed in accounting.

What is the process for users to sign up and start using Babylon 2K's services?

Users can sign up by visiting the Babylon 2K website, where they can book an accountant and receive assistance with their accounting needs, whether it's through a DIY approach or by requesting a customized solution.

Are all the accountants on Babylon 2K certified public accountants (CPAs)?

While many of the accountants on Babylon 2K are CPAs, the platform also includes non-CPAs with relevant experience. There is a selection and accreditation process in place to ensure the quality of the accountants.

How does Babylon 2K ensure the quality of the accounting services provided?

Babylon 2K has an admin team that conducts quality checks on the reports and outputs submitted by the accountants. This ensures that the services provided meet the platform's standards.

What is the pricing range for the accounting services offered by Babylon 2K?

The pricing for Babylon 2K's services is not explicitly stated in the script, but Aguirre mentions that the services are efficient and cost-effective, avoiding unnecessary travel and accommodation expenses.

Outlines

00:00

📈 Introduction to Babylon 2K Accounting Services

In this segment, the founder of Babylon 2K, Michael Aguirre, discusses the inception and purpose of his company. Babylon 2K is described as a 24/7 accessible platform for businesses and individuals seeking accounting assistance. Aguirre explains the motivation behind creating Babylon 2K, which stems from his personal experiences as a practicing accountant and the need for a system that could differentiate his services. The platform aims to provide access to accountants across the Philippines, including remote areas, offering both online and on-site assistance. The discussion also touches on the convenience of accessing Babylon 2K's services for various clients, such as freelancers and social media influencers, who may not have their own in-house accountants.

05:02

🔍 Babylon 2K's Accountant Selection and Pricing

This paragraph delves into the process of selecting and training accountants for Babylon 2K. Aguirre highlights the platform's rigorous accreditation and selection process, ensuring that the accountants are either Certified Public Accountants (CPAs) or have significant experience in the field. The conversation also addresses the pricing of Babylon 2K's services, with Aguirre emphasizing the efficiency and cost-effectiveness of their offerings. He mentions the elimination of travel and accommodation costs by providing online services, which is a significant advantage for clients. Additionally, Aguirre assures the quality of the service by mentioning the internal quality checks that Babylon 2K has in place to ensure the accuracy and reliability of their reports.

Keywords

💡Babylon 2K

Babylon 2K is the name of the firm discussed in the video, which offers a marketplace for accounting assistance. It is a platform that connects people seeking accounting help with professionals who can provide it. The name is inspired by the book 'The Richest Man in Babylon,' suggesting a focus on wealth and financial wisdom. In the script, Babylon 2K is presented as a solution for those who need accounting services but may not have direct access to accountants.

💡Accounting Assistance

Accounting assistance refers to the help provided to individuals or businesses in managing their financial records and transactions. In the context of the video, Babylon 2K offers this service by making a network of accountants available to those who need it. The script emphasizes the convenience of accessing these services, particularly for freelancers, social media influencers, and sole proprietorships.

💡Auditing

Auditing is the process of examining and verifying an organization's or individual's financial statements to ensure accuracy and compliance with legal standards. In the script, Babylon 2K is described as a platform that can provide auditing services, which is crucial for tax compliance and financial transparency.

💡Financial Transactions

Financial transactions are the economic exchanges involving the transfer of assets or liabilities between parties. The video script mentions the need for help in recording and balancing these transactions, which is a core service offered by Babylon 2K to ensure proper financial management.

💡Freelancers

Freelancers are self-employed individuals who offer services to clients on a flexible and temporary basis. The script highlights that Babylon 2K is a suitable platform for freelancers who may not have a deep understanding of accounting and need professional assistance to manage their finances.

💡Social Media Influencers

Social media influencers are individuals who have a significant following on social media platforms and can influence the purchasing decisions of their audience. The video script points out that these influencers may also require accounting services, and Babylon 2K can cater to their needs.

💡Sole Proprietorships

A sole proprietorship is a type of business owned and run by one individual who is solely responsible for its profits and losses. The script mentions that sole proprietors can benefit from the accounting services provided by Babylon 2K, which can help them manage their business finances effectively.

💡Income Tax Returns

Income tax returns are the documents that individuals or businesses file with tax authorities to report their income, calculate taxes owed, and determine any refunds or payments due. The script discusses the importance of filing these returns and how Babylon 2K can assist in this process.

💡Certified Public Accountants (CPAs)

Certified Public Accountants are professionals who have met specific educational, experience, and ethical requirements and have passed a rigorous examination to obtain their certification. In the script, it is mentioned that many of the accountants on Babylon 2K's platform are CPAs, indicating a high level of expertise and reliability.

💡Online Services

Online services refer to the provision of assistance or products over the internet. The script emphasizes that Babylon 2K offers online accounting services, which allow clients to access professional help without the need for physical meetings, thus saving time and travel costs.

💡Quality Check

A quality check is a process used to ensure that a product or service meets certain standards of quality. In the context of the video, Babylon 2K has an admin team that performs quality checks on the accounting services provided, ensuring accuracy and reliability in their work.

Highlights

Babylon 2K offers an all-day accessible marketplace for accounting assistance.

Founder Michael Aguirre discusses the innovative concept of Babylon 2K.

The idea for Babylon 2K originated during Aguirre's travels and studies abroad in 2014.

Aguirre is a practicing accountant in the Philippines with UHY MLA Gear and Company.

Babylon 2K aims to provide a system that makes accounting services different and accessible.

The platform was created to address the rejection of small firms from international networks.

Babylon 2K is designed for freelancers, social media influencers, and sole proprietorships.

The platform connects users with accountants across the Philippines, including remote areas.

Users can access Babylon 2K services by visiting babylon2k.org.

Accountants on Babylon 2K are ready to assist both online and on-site.

Individual taxpayers can find help with income tax returns through Babylon 2K.

The platform offers a booking system similar to a taxi service for accountants.

Babylon 2K's services are efficient, saving users travel, hotel, and accommodation costs.

The platform has a quality check system to ensure the accuracy of reports.

Accountants on Babylon 2K are classified and trained based on their experience and qualifications.

Babylon 2K provides a reasonable pricing structure for its accounting services.

The platform's name is inspired by the book 'The Richest Man in Babylon'.

Babylon 2K aims to help clients become financially successful through its services.

Transcripts

so do you need help in recording and

balancing the financial transactions of

your business well this firm offers an

all-day accessible Marketplace for

people looking for accounting assistance

Babylon 2K founder Michael Aguirre joins

us tonight on the final word thank you

so much for joining us Mike thank you

thank you Rico thank you my privilege

having here tell us why did you organize

Babylon 2K which a lot of people are

saying is the grab of auditing and

accounting

thank you for asking that Rico

uh before I answer that let me thank you

your show for inviting me

how did they come up with Babylon 2K I

would say

this is a product of my

running

and what they call the default mode

Network

I've been traveling and I've been

running

and I this concept was started it

started in long time ago 2014 when I was

studying abroad and while traveling

from one place to another like

Philippines like to San Francisco that

was like 13 hours

I tried to come up I tried to come up

with

A system that would make us different so

just for everyone's knowledge I am a

practicing accountant in the Philippines

under our outfit uhy MLA gear and

Company

and I try to be different

and aside from being different

there's a lot of projections so they as

they say

necessity it's the matter of inventions

and I proved that

because the rejection at the time when

we started our firm in 2006

we were applying for an international

networks and they were

rejecting us because we were

a small outfit and you know what my

accounting and auditing is now a

necessity three weeks before the filing

of the income tax returns on uh April

15. so how can they basically gain

access to Babylon 2K I know a lot of big

companies have their own accountants but

for Freelancers

for uh social media influencers for sole

proprietorships is this the venue for

them to gain access to accountants

across the country

pretty much Rico Babylon 2K is the right

venue for them

we have Specialists or accountants no as

we call them

all over the Philippines

especially if you have needs from one

place to another not only in the center

like in Metro Manila but we have

accountants like in Baguio in panai area

in Cebu and Davao and all other key

locations so if they have if they have

if they need a a an assistance

whether it's online or on site we have a

ready accountant for them which is

actually the reason why Babylon 2K is

made for you know uh Mike a lot of our

individual taxpayers social media

influencers I mentioned

um Freelancers are not really into

accounting some of them are lost

how will I find my income tax returns

if they sign up with Babylon 2K

how can they gain access to these

accountants from Luzon visayas and

Mindanao or wherever they are in the

country

thank you for that Rico

just type in babylon2k.org and they will

leave you or are users or our potential

users wherever they are we have

accountants it's like grab a taxi so you

book a taxi taxi will come to you right

here you book an accountant accountants

will come to you again wherever they're

located whether it's online or offline

so it's never too late right now uh for

individuals to file their income tax

returns three weeks before what do they

need to submit once they sign up what

kind of documents it's never too late at

all Rico because taxes as you know is

the light blood light blood over our you

know government of course the ideal time

is post December 31 or post their

accounting year no but if they feel if

they have not complied yet their filing

of ITR and financial statements they can

book a service use a DYI or a refuge the

request for a code or system or I admin

people will be ready to help them at any

time because so basically tell us Mike

how were you able to pull all of these

accountants around the country and are

all of these accountants CPAs certified

public accountants thank you for that

question again Rico you know Babylon the

name is Babylon 2k comes from the book

the richest man in Babylon and

clients or accountants if they sign up

here they could be one of the richest in

the country Rico

right

um well they can what they can do is

they can

um again with the accountant

um they can link up not with any

accountants in in the country and why

what happened to this Specialists or

accountants most of them are actually

CPAs

or non-cpas but we have our betting

process now we have our our selection

process we accredit them and the system

itself actually we have accountants who

are classified under f up to AA F if you

are non-cpa but you have experience e if

you are CPAs or CPAs with no experience

or with a little bit of experience and

then then we train them after after the

time that they reach the higher Echelon

of the higher if they sign up with

Babylon 2K how much is the accounting

service

it's time for me to code to give them a

price right the price range a ballpark

figure Mike well I would say I would

answer that that our price is quite

reasonable the reason why Babylon 2K is

there is they actually the service is

quite efficient for example if you're

based in Cebu you don't have to travel

to Cebu because we have a service for

you so you avoid Hotel you avoid travel

costs you avoid accommodation costs you

avoid food for some for some matters and

everything is done online everything is

done online but we have our admin people

who can

Quality quality check no good quality

check the outputs no every report that

we submit we go well thank you so much

for sharing with us Babylon 2k's uh

auditing and accounting services thank

you so much for joining us on the final

word Michael Aguirre the founder of

Babylon 2K

God bless you Rico and thank you for

giving us the opportunity to promote

Babylon 2K