SophiaTX, an SAP blockchain technology platform and marketplace, has announced the official launch of its first product and the 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).
“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.”
How it works:
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 unauthorized 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 South East Asian accounting and outsourcing services company – starting in November last year was proven successful, and the platform 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. 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.”
E-XBRL is now offering a 7-day free trial which allows testers to get a sense of the solution’s performance and capabilities.