By Ibizz Team
Malaysia’s government has been advocating the push towards digitalisation with many initiatives. This encompasses many sectors of businesses from F&B to professionals, including even the taxation industry.
What is digitalisation?
In the past digitalisation referred to the conversion of things to a digital format, like how IRBM first introduced PDF submissions for tax instead of physical tax form submissions. Then it slowly included the change of processes to be digitised, for example, our e-Filing system which is still widely used today.
However, are you aware that IRBM has a function of “eDts C” (https://www.hasil.gov.my/en/quick-links/services/e-dts-c/) which was launched in 2019? eDts C is an API (Application Programming Interface) web service that enables submission of form C data by a tax agent firm from their taxation system to the IRBM e-Filing system. This means that your data from a tax software can now be transferred to IRBM without the need for manual entry.
What is automation for tax practice?
The Malaysian government consistently updates tax laws and new rulings are often introduced now and then. Instead of the traditional way of updating the formulas on a spreadsheet to keep up with the latest compliance, now with automation, a tax software is able to make this a breeze. It is now even possible for a cloud tax software to update all these changes automatically without the need to install a new update for offline software.
Digitalising your business
With the advancement of technology, your business can now cut down on time needed for manual work and even avoid human error which may arise from such tedious and repetitive work. When you make the change towards digitalisation, you will be able to use the time saved to focus on more valuable things such as expanding your business, engaging your clients more or providing consultation for them.
Choosing the right tools for your business
Choosing the right tax software from what is available in the Malaysian market should be a priority. Cloud systems have become a popular choice among tax professionals these days due to their flexibility and accessibility anytime. Doing the research on your company’s needs and requirements is advisable before signing up to any terms and conditions which could be a burden later. The majority of cloud services run a pay per use model which is favourable to tax firms as it is charged based on services rendered. Hence, you should find out the cost and compare it to the benefits gained. To help you get an idea of how a cloud tax software can bring wonders to your business, you can refer to iBiZZ at www.ibizztax.com.