SophiaTX Blockchain Startup Proudly Announces New E-XBRL Product for Business Finance Reporting
One of the SAP blockchain technology platforms together with the market place, the SophiaTX, has just gone ahead to announce their official launch. It is the launch for the first product plus the very first application that is of the SophiaTX blockchain.
The solution has been designed to ensure it is able to simplify and even automate the financial reporting and be able to operate in line with the newly introduced SSM, which is the Companies Commission of Malaysia requirements. The requirements have been designed for both the private and public companies within the market to ensure they are able to file their annual financial statements digitally, all this being done through the Malaysian Business Reporting System, the MBRS.
The move they have gotten into makes a good step towards succeeding in this market. This has all been said well by Choo Kok Weng, who is the APA C Director of SophiaTX.
“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 is SophiaTX Platform Expected to Work
The company has designed an E-XBRL solution that will be able to focus on improving plus accelerating the current accuracy of the financial reporting process that people undergo, this is by enabling the different users to be able to bypass some of the cumbersome plus costly procedures that are associated with manual data entry.
All this will be made possible by auto-generating some of the submission-ready-reports straight from the data input and into the MBRS master template that has been developed by the E-XBRL.
The reports that have been generated for the MBRS through the E-XBRL have been made to be permanently recorded and also encrypted straight into the SophiaTX blockchain. Thus this will allow for adequate immutable sharing to take place within the financial data supply chain, while also safeguarding all the data that has been collected from tampering or even any unauthorized revisions to take place.
As a result, the data sharing process that would take place on the E-XBRL has been able to be consistent, transparent, and also accurate, as compared to pushing the data through the paper-based process, which in turns has proved to slow down the level of productivity.
The trial phase for this new system with the Chen and Co which started in November last year has proved to be very successful. As a result, the platform has been commended by very many users as it has shown to be very reliable and offer an exceptional level of completeness when it comes to a business reporting solution.