As Malaysia prepares for the implementation of the MyInvois e-invoicing system, businesses have a unique opportunity to enhance their data management practices. The MyInvois initiative, led by the Inland Revenue Board of Malaysia (LHDNM), aims to digitalise invoicing processes, increasing efficiency and compliance across all commercial activities in Malaysia.

Vincent Lee, CEO of BigLedger Sdn Bhd (second left in pic), encourages businesses to view MyInvois not as a challenge but as a catalyst for growth. He emphasises that leveraging data through this initiative can help build a robust platform for future development and growth.

“The implementation of MyInvois is a visionary move that will streamline tax compliance and enhance business operations through greater transparency and efficiency,” said Lee. “Integrating Data Hubs with MyInvois can significantly optimise the invoicing cycle, ensuring improved accuracy, quicker processing times and better visibility.”

Data Hubs play a crucial role in maintaining high data quality by providing tools for data cleaning, transformation and validation. This ensures that the data used for generating e-invoices is accurate and consistent, thereby minimising errors and enhancing compliance with tax regulations.

“By consolidating information from various sources into a unified repository, Data Hubs support advanced analytics and real-time decision-making, which is critical for businesses to maintain accurate financial records and improve operational efficiency,” added Lee.

Lee explained that integrating e-commerce transactions and point-of-sale (POS) systems with Data Hubs ensures that all sales data is accurately captured and synced.

“This seamless integration is vital for generating precise e-invoices, reducing administrative burdens, and fostering a more efficient invoicing process – more so if products involved are fast moving consumer goods like electronics and IT gadgets,” said Lee, citing electronic and tech outlets as businesses that continue to benefit from the BigLedger Data Hub approach.

“Furthermore, leveraging Data Hubs enables businesses to utilise advanced analytics and business intelligence tools, unlocking powerful insights for trend identification and strategy development. This data-driven approach is essential for optimising supply chain operations, managing inventory and developing targeted marketing strategies,” he added.

The integration of Data Hubs with ERP systems in turn creates a cohesive ecosystem that elevates operational coherence and agility. This modular approach allows businesses to tailor their systems to specific needs, enhancing flexibility and scalability as the volume of transactions grows.

Lee shared that BigLedger’s platform transcends traditional ERP capabilities, offering a centralised data exchange hub that epitomises flexibility and efficiency.

“This innovative approach positions BigLedger as a leader in technology-driven business optimisation, empowering companies across Malaysia and the Southeast Asian region to achieve greater operational efficiency and profitability,” said Lee.

The MyInvois initiative, which will be implemented in phases starting August 1, 2024, initially targets businesses with an annual turnover exceeding RM100 million. The phased approach aims to gradually include all businesses, with the second phase starting in January 2025 for companies with annual sales between RM25 million and RM100 million, and complete rollout by July 2025 for all remaining businesses.

That said, integrating Data Hubs with the MyInvois system is not without its challenges.

“Businesses must navigate complex integration processes, ensure data quality management and adapt to new organisational practices. However, the long-term benefits, including enhanced operational efficiency and compliance, make it a worthwhile investment,” said Lee.

“A Data Hub serves as a strategic asset, unlocking the full potential of data and driving operational excellence.”

He also emphasised that the integration approach complements enterprise resource planning (ERP) systems, creating a cohesive ecosystem that boosts operational agility.

The BigLedger modular design allows businesses to customise their systems with applets that meet specific needs, enhancing flexibility and efficiency. He further explained that by providing a unified data source for the ERP system and vice versa, businesses can create a symbiotic ecosystem that elevates operational coherence and agility.

In addition to operational efficiency, the integration of Data Hubs and MyInvois promotes transparency and compliance with tax regulations. Automating the invoicing process minimises errors and ensures that all transactions are accurately recorded and reported.

“This level of compliance reduces the risk of audits and fosters a robust and compliant economic environment,” said Lee.

“BigLedger’s technological innovations have empowered a wide range of businesses to achieve greater operational efficiency and profitability, marking us as a leader in technology-driven business optimisation across Malaysia and the Southeast Asian region.”

BigLedger has also been fully accredited by Malaysia Digital Economy Corporation (MDEC) as a Pan-European Public Procurement On-Line (PEPPOL) Service Provider in view of the government’s MyInvois initiative.

“Ultimately, the MyInvois initiative, coupled with the integration of Data Hubs, is set to revolutionise the way businesses manage their data and invoicing processes in Malaysia. By embracing this digital transformation, companies can unlock new levels of efficiency, compliance, and growth, positioning themselves for success in an increasingly data-driven world,” said Lee.

“The MyInvois initiative presents a transformative opportunity for businesses to enhance their data management practices. By embracing this digital transformation, companies can unlock new levels of efficiency, compliance and growth.”

For further information on how BigLedger can assist with the MyInvois initiative, visit their website or contact their support team at tel 016-299 1588 or email [email protected] .

This article is provided by BigLedger Sdn Bhd.

The views expressed here are those of the author/contributor and do not necessarily represent the views of Malaysiakini.

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