KUALA LUMPUR: As the Inland Revenue Board (IRB) gears up to launch its e-invoice pilot project in May, Wavelet Solutions Sdn Bhd aims to position itself at the forefront of the transformative shift.
A total of 4,000 companies with incomes of more than RM100 million are targeted to be the first group involved in the implementation of IRB's e-invoice which has been scheduled for implementation on August 1 this year.
Business Times had previously reported that companies with annual incomes or sales exceeding RM25 million and up to RM100 million will start using e-invoices on Jan 1, 2025 with e-invoice system to be fully enforced on July 1 next year.
"The adoption of e-invoicing processes has many benefits for Malaysia," said Wavelet chief executive officer Vincent Lee.
It streamlines financial transactions, reduces paperwork and significantly enhances accuracy and efficiency of tax collection processes, Lee added.
He pointed out that the integration of accounting software with varied systems necessitates extensive communication between suppliers and purchasers, "making it a daunting and costly task."
"This is because the transition to e-invoicing presents significant challenges for businesses, encompassing the generation, exchange and management of electronic invoices across a diverse range of digital platforms," said Lee in a statement.
To address these e-invoicing challenges, he advocates for the adoption of a "Data Hub" model, which serves as a centralised platform to streamline the process.
"This approach allows for the integration, management and secure storage of data from diverse sources, simplifying the e-invoicing landscape significantly," said Lee.
"Data hubs not only enhance operational efficiency and compliance but also ensure improved accuracy, quicker processing times, and better visibility throughout the invoicing cycle," he added.
This simplification also allows businesses to concentrate on their core operations, fostering growth and efficiency.
Lee illustrates 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.
He said Wavelet's flagship product, BigLedger, 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.
Wavelet's technological innovations have empowered a wide range of businesses, including notable clients like TNL Hai Sern Sdn Bhd and Hello Smart Sdn Bhd.