The government’s push towards e-invoicing is a testament to its commitment to digitise and streamline the nation’s financial ecosystem.
Wavelet CEO Vincent Lee (pic) said that e-invoicing brings about a myriad of benefits, including streamlining business processes and fundamentally changing how businesses manage their financial transactions.
“As Malaysia embraces this change, businesses are provided with a unique opportunity to harness the power of digital solutions, setting the stage for greater innovation and growth in the coming years,” said Lee in a statement.
“This e-invoicing initiative is akin to being a ‘leap towards greater financial modernisation for Malaysia’.”
The Inland Revenue Board (IRB) recently announced the pilot phase of their new electronic invoicing (e-invoice) system, set to be launched on June 1 next year.
Starting with 4,000 companies boasting revenues exceeding RM100 million, this initial phase is open to all entities prepared for the digital shift. IRB CEO Datuk Dr Mohd Nizom Sairi reportedly said that the intention behind the e-invoice initiative is to enhance tax administration efficiency and simplify financial record-keeping for taxpayers.
By January 2025, companies generating more than RM50 million annually will be mandated to adopt the system, and by 2026, those with revenues above RM25 million. The plan is to mandate e-invoicing across all businesses by 2027, subsequently extending to the business-to-consumer (B2C) segment.
On these upcoming developments, Lee said that e-invoicing promises enhanced agility and efficiency for both public and private sectors: “Invoicing delays can impede cash flow and profitability. E-invoicing addresses this, guaranteeing a steady financial stream.”
He added that the digital nature of e-invoicing ensures a higher level of transparency, which leads to improved trust between businesses and their stakeholders.
Lee also said that various countries worldwide, from Chile to South Korea, are already reaping the benefits of e-invoicing. “Malaysia, with its robust IT infrastructure and digital-first approach, is well-poised to not just adopt but excel in this domain.”
At its end, Wavelet will also be launching its own e-invoicing platform to support Malaysia’s digitisation efforts.
“Our soon-to-be-launched state-of-the-art platform, built with a keen understanding of contemporary business needs, offers a seamless and intuitive user experience. It promises robust security and is crafted for scalability, catering to SMEs and large enterprises alike,” said Lee.
“As industry trends shift towards cloud-based solutions, companies like Wavelet are strategically positioned to lead the charge. The significance of e-invoicing and its subsequent integration into cloud platforms is an essential evolution in the technological landscape,” said Lee.
“E-invoicing, when integrated into comprehensive industry cloud platforms, can offer businesses not just operational efficiency but also data-driven insights to optimise their processes.”
By leveraging robust cloud platforms like Amazon Web Services (AWS), Wavelet plans to unify various business functions – from invoicing, inventory management, to customer relationship management – all under one digital umbrella. This holistic approach ensures continuity of business operations, offering stakeholders from various departments a singular, coherent view of their enterprise.
“The embrace of industry cloud platforms not only benefits businesses but also complements governmental initiatives like Malaysia’s digitalisation goals. This synergy between private and public sectors will undoubtedly catalyse a new era of financial and technological prowess for Malaysia,” said Lee.
Wavelet was also recently recognised as AWS Software Partner of the Year 2023 for ASEAN.
“Our synergy with AWS has been pivotal in devising superior solutions for our end-users,” said Lee. (Pic – Lee receiving the prestigious ASEAN Software Partner of the Year 2023 from AWS Head of Digital Native and Software Segment (Southeast Asia) Patrick Kelly.]
Since its inception in 2003, Wavelet has become a beacon for technological empowerment, especially for SMEs.
“We aim to democratise sophisticated technology for SMEs, levelling the playing field,” said Lee, adding that the company’s expansive clientele encompasses diverse sectors like retail chains, trading, and pharmacies.
The company’s flagship product, ‘BigLedger,’ is making waves in the industry. This cloud-native platform offers unparalleled scalability and compatibility across devices, ensuring streamlined integration and centralised data storage.
“BigLedger eliminates cumbersome integration and ensures real-time data updates. Its serverless design auto-scales based on usage, adhering to a ‘pay-as-you-use’ model.” BigLedger’s omnichannel capabilities bridge online and offline operations, offering businesses a holistic view that boosts sales and customer loyalty,” said Lee.
“Our aim is to drive not only technological advancement but also to contribute to Malaysia’s digital renaissance, fostering growth and innovation across the nation,” concluded Lee.