IN anticipation of Budget 2025 tabling this Oct 18, AutoCount Dotcom Bhd, Malaysia’s leading provider of accounting and business software solutions, has outlined three key recommendations that it believes will spur digital transformation among small and medium enterprises (SMEs) in the country.
These recommendations align with the upcoming mandatory implementation of e-invoicing and the government’s broader goal to digitalise business operations across industries.
Firstly, AutoCount calls for the expansion of digitalisation grants to assist SMEs and MSMEs in adopting digital financial management systems.
With e-invoicing set to become compulsory in 2025, many micro-SMEs and small enterprises may face challenges in modernising their financial operations.
“AutoCount believes that by extending digitalisation grants, the government can help smaller businesses acquire the necessary software and technology, ensuring they are well-prepared for the e-invoicing mandate,” the ACE Market company pointed out in a statement.
Secondly, AutoCount urges the government to introduce specific incentives for e-invoicing adoption.
These could include tax rebates or deductions for companies that integrate approved e-invoicing solutions into their operations.
Such incentives would encourage early adoption and help businesses transition smoothly into the new system.
“As a provider of cloud-based and on-premise accounting solutions, AutoCount is positioned to support this transition while ensuring that companies of all sizes can meet regulatory requirements while improving their operational efficiency,’ shared the group.
Lastly, AutoCount suggests the introduction of tax deductions or subsidies for businesses investing in cloud-based software and digital infrastructure.
As cloud solutions become integral to business competitiveness, offering tax breaks for companies adopting cloud-native accounting, payroll and point-of-sale (POS) systems would reduce the financial burden of digital transformation.
“This initiative would allow more SMEs to upgrade their infrastructure, increase productivity, and improve data accessibility,” envisages AutoCount.
At the close of today’s trading, AutoCount was up 5.5 sen or 5.64% to RM1.03 with 3 million shares traded, thus valuing the company at RM567 mil. – Oct 8, 2024
