SophiaTX has launched its first product and first application of the SophiaTX Blockchain in business – E-XBRL. The solution is designed to simplify and automate financial reporting and operates in line with the recently introduced Companies Commission of Malaysia (SSM) requirement for all public and private companies to digitally file their annual financial statements via the Malaysian Business Reporting System (MBRS) platform.
Choo Kok Weng, SophiaTX APAC regional director, stated, “While the transition from paper to MBRS marks a huge step forward, it largely remains a manual process that involves a considerable amount of time and manpower to complete, often shifting business priorities to meet the annual filing deadline. With E-XBRL, we aim to alleviate the administrative burden on businesses when reporting financial information by automating the process and limiting manual intervention, which in turn significantly improves the accuracy and integrity of data.”
The E-XBRL solution focuses on accelerating and improving the accuracy of the financial reporting process by enabling users to bypass the cumbersome and costly process of manual data entry by auto-generating submission-ready reports from data input into the MBRS-ready master template developed for E-XBRL.
MBRS reports generated through E-XBRL are permanently recorded and encrypted on the SophiaTX Blockchain, allowing for the immutable sharing of data across the financial data supply chain while impeding data tampering and unauthorised revisions. Thus, data shared on E-XBRL is more accurate, consistent, and transparent than when pushed through paper-based processes which slow down productivity.
The E-XBRL trial phase with Cheng & Co – a leading South East Asian accounting and outsourcing services company – starting November last year has proven successful, and the platform has been commended by many users for its reliability and completeness as a business reporting solution. “We are pleased to be an early adopter of E-XBRL and are impressed by the design and development of this solution as it complies exhaustively with the MBRS filing requirements. With E-XBRL, companies can significantly save cost, time and resources when reporting financial information to SSM as there is less manual intervention,” said CEO of Cheng & Co, Tom Wong.
“As the rapid adoption of disruptive technologies dominate the business stage both nationwide and beyond, we look forward to continuously adapt to and evolve with today’s ever-changing digital economy through innovation and transformation,” he added.