THE taxation industry is slowly but surely embracing technological advancement or, in other words, catching up with the disruptive forces of fintech.
The effective blending of algorithm, artificial intelligence and big data has inspired home-grown tax solution provider iBiZZcloud Sdn Bhd to roll out an all-encompassing cloud version of tax computing software – iBiZZtax – to complement its offline version which was launched 12 years ago.
The Malaysian-made software is the first 100% cloud-based system developed in Southeast Asia.
Deemed the ultimate tax solution for various types of small and medium-sized businesses or SMEs (whether they are private limited companies or sole proprietorships), iBiZZtax is poised to lift concerns of tax professionals given the latest tax regulations will be updated automatically every time the user logs into the system.
“Unlike tax computing using the conventional Microsoft Excel method, our iBiZZtax would address the ever-changing tax rules put in place by the Inland Revenue Board of Malaysia (IRBM),” iBiZZcloud Sdn Bhd CEO Serene See Aik Lian points out.
“This aside, tax professionals can enjoy the flexibility to work on their tax data from their office, home or anywhere else 24x7 or even to perform tax filing from any internet-connected devices.”
Cost-effective Beyond that, the iBiZZtax software also allows multiple-user access, thus enabling better outsourcing options to enhance the number of users during peak periods. The issue of data loss on prior-year returns will be a thing of the past as the cloud-based tax software automatically backs up tax data on secure servers.
With high-level security protection by Microsoft Azure, tax data of iBiZZtax users is afforded full protection.
By virtue of it being cloudbased, iBiZZtax is also cost-effective as there is no need to install expensive computer equipment and servers in the office, hence reducing the cost of maintaining and managing IT systems.
“Another cost benefit that we pass down to users is the ‘pay per use’ option where users only pay for what they use,” says See, adding that as businesses grow, they are likely to scale up their usage.
The low start-up cost is evident by iBiZZtax’s RM600 start-up pack which can cater for 50 submissions or RM12 per submission
To familiarise new users with the iBiZZtax, e-tutorial classes can be accessed from the company’s website www.ibizzcloud.com where step-by-step video demonstrations are made available. Current available tax modules include Company Tax, Personal Tax, Partnership Tax, Forms E & EA, Ownership Tax (upcoming) LLP.
“Since its launch in August this year, iBiZZtax has received overwhelming response with 53 tax consultants signing up for our start-up package, This is an over 10% increase to our total client base,” enthuses See. “Moving forward, we expect more tax professionals to migrate to our userfriendly cloud-based tax computing software.”
For its significant value creation in the tax industry, the company was awarded the SME 100 Malaysia Fast Moving Company in 2010 and a year later, the Multimedia Super Corridor (MSC) status.
In 2016, the company emerged as the only entity endorsed by the IRBM for its capability to perform the e-BaS e-filing for year of assessment 2014. In August this year, the company entered into another collaboration with IRBM to replace the e-BaS e-filing with Web API integration of the e-Dts C (e-Data Transfer Service C) to iBiZZtax, undertaking the task of fully testing this e-filing portal.
Elsewhere, 2019 has been a rewarding year for the Company as it was conferred the Golden Eagle Award (Emerging Eagle category) as well as being the first runner-up in the Create@Alibaba Cloud Start-Up Contest (CACSC) Grand Final held in Kuala Lumpur. This achievement has qualified the company for the Global Final in Shenyang, China on Nov 28 where it will compete against representatives from 57 cities across 29 nations with its 100% Malaysian-made product.
“The accolades are a testament to our focus on research and development efforts in developing a time-saving, cost-effective and reliable tax computation software to benefit the tax professionals in providing their service to their clients from various SMEs,” notes See.
Moving forward, iBiZZcloud Sdn Bhd plans to roll out a premium package with a tax planning feature that can chart the growth of SMEs as well as incorporating a “what if” scenario by facilitating tax compilation on a monthly, quarterly, half-yearly and yearly basis.
The company is also gearing up to integrate its cloud-based taxation software with that of other accounting and audit software providers through the PaaS. The first accounting software that has successfully integrated with iBiZZtax is QNE Accounting Software.
As part of its overseas expansion plan, iBiZZcloud Sdn Bhd recently signed a memorandum of understanding with Edu Sinergi Indonesia PT to facilitate technology transfer of its iBiZZtax tax computing software.
“As a 100% Malaysian-made product, we hope this milestone will spur our quest to expand to other parts of the region, notably Thailand, Singapore, Vietnam and China,” adds See.