Bigledger praises LHDN for ‘visionary’ MyInvois initiative

KUALA LUMPUR: Bigledger Sdn Bhd, a leading local cloud solutions provider, has commended the Inland Revenue Department (LHDN) for its ‘visionary’ e-invoicing initiative, MyInvois.

Its Founder and CEO Vincent Lee said that Malaysia stands to significantly benefit from the MyInvois system. 

“The implementation of MyInvois is a visionary and forward-thinking move that will not only streamline tax compliance but also enhance business operations by creating greater transparency and efficiency,” said Vincent.

“By adopting this digital transformation, businesses can expect reduced administrative burdens and improved accuracy in their financial reporting, ultimately leading to a more robust and compliant economic environment in due course.”

He added that, for organisations, they stood to benefit immensely from the streamlined processes and reduced operational costs associated with e-invoicing. 

“The MyInvois initiative is poised to transform how businesses handle their invoicing and tax reporting, offering a seamless, automated solution that minimises errors and accelerates transactions. This would then enhance compliance and reduce the risk of audits while freeing up valuable resources that can be redirected towards growth and innovation.”

Vincent was speaking at the 4th Malaysia Tax Policy Forum entitled ‘Bridging the Taxation Divide: Building a Sustainable Future for Malaysia’ organised by the International Strategic Institute (ISI) which was officially launched by Deputy Finance Minister Puan Lim Hui Ying accompanied by ISI Organising Chairman Dato’ Sri Dr Mohd Nizom Sairi yesterday in Putrajaya. He was a panellist at the session entitled ‘Embracing E-Invoicing: Catalysing Malaysia’s Digital Tax Revolution’.

Also present at the session was LHDN’s Deputy CEO (Tax Operations) Tuan Shaharrudy bin Othman (left in pic) who had brilliantly and eloquently shared about the various aspects of MyInvois and how the system stands to benefit organisations.

It was moderated by Dato’ Edward Jules Esquire Savarimuthu who is the Strategic Advisor to the Malaysia Exports Association (MEXPA), together with Founder of Syntax Technologies Bryan Cheong.

According to Bigledger’s Vincent, one of the most crucial aspects for organisations set to implement MyInvois is comprehensive integration. “For businesses to fully leverage the benefits of e-invoicing, it is imperative that their point-of-sale (POS) terminals are seamlessly connected,” he emphasised.

Vincent then highlighted the necessity of integrating e-commerce orders with POS systems for accurate and efficient accounting. “By ensuring that e-commerce transactions automatically sync with POS systems, businesses can maintain accurate financial records and improve their overall operational efficiency,” he explained, citing Bigledger’s numerous clients involved in the retail industry.

Additionally, Vincent stressed the importance of having a centralised data hub or ‘data lake’ to serve as an integration hub for various systems. 

“A data lake allows for the consolidation of data from different sources, creating a unified repository that supports advanced analytics and real-time decision-making. This integration hub is vital for organisations to achieve a holistic view of their operations and enhance their responsiveness to market dynamics,” he said.

“This approach allows for the integration, management, and secure storage of data from diverse sources, simplifying the e-invoicing landscape significantly,” added Vincent. “Data hubs not only enhance operational efficiency and compliance but also ensure improved accuracy, quicker processing times, and better visibility throughout the invoicing cycle.”

This simplification allows businesses to concentrate on their core operations, fostering growth and efficiency. Furthermore, Vincent illustrated how a data hub can complement an enterprise resource planning (ERP) system, enhancing organisational efficiency and decision-making. 

“By providing a unified data source for the ERP system and vice versa, we create a symbiotic ecosystem that elevates operational coherence and agility,” he explained.

At its end, the Bigledger platform transcends the conventional ERP framework, offering a centralised data exchange hub that epitomises flexibility and efficiency. Its modular approach allows businesses to tailor their systems with applets that meet specific needs, moving beyond traditional ERP capabilities.

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

For Vincent, though, the arrival of MyInvois also presents numerous opportunities for businesses.

“Businesses could implement a customer portal, allowing their customers to download e-invoice digital signatures, request cancellations, and access other related services,” he said.

In addition, connecting POS systems to a central portal not only streamlines operations but also opens up various avenues for enhancing customer satisfaction and driving sales growth.

“By integrating POS systems with the central portal, businesses can leverage the data for customer relationship management (CRM) purposes,” added Vincent.

“This integration provides valuable insights into customer behaviour, allowing businesses to develop targeted marketing strategies and personalised experiences. The data collected can be used to cross-sell or upsell products, thereby increasing revenue and customer loyalty.”

Moreover, the centralised data can help businesses identify purchasing patterns, manage inventory more efficiently, and optimise supply chain operations. This not only reduces costs but also ensures that businesses can meet customer demand more effectively.

“In addition to these benefits, the MyInvois initiative promotes a higher level of transparency and compliance with tax regulations. By automating the invoicing process, businesses can minimise errors and reduce the risk of audits, ensuring that all transactions are accurately recorded and reported,” Vincent further said.

Ultimately, the MyInvois initiative is more than just a compliance tool; it is a catalyst for digital transformation, offering businesses the opportunity to innovate and grow. 

“LHDN’s e-invoicing initiative empowers businesses to harness the power of data, improve operational efficiency, and deliver exceptional value to their customers,” Vincent concluded.

The MyInvois initiative is set to run in phases starting August 1, 2024. The implementation will initially target businesses with an annual turnover exceeding RM100 million. This 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​.

For further information or inquiries about how Bigledger can assist with the MyInvois initiative, please contact [email protected] or call 016-299 1588.

This article was 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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