Company Name:
Finexus International Sdn Bhd (843494-U)
Sector
Digital Finance, Islamic Digital Economy
Tech Enabler
Data Centre & Cloud, Cybersecurity
Overview:
Taxpayers often focus on compliance during e-Invoicing, neglecting reconciliation at tax time. They receive email notifications when suppliers submit e-invoices, making manual tracking burdensome. Our solution automates this by intercepting emails and querying LHDN via API to retrieve e-invoice details. This enables automatic reconciliation of income and expenses with validated e-invoices, streamlining tax compliance.
FINEXUS provided a comprehensive bank-grade solution for B2C sellers, addressing e-Invoicing challenges. By integrating Kayaaku POS and AREMA API, we enabled electronic payments, real-time e-Invoicing, and 7 years of PPID data protection. For Micro Enterprises, our Mini POS menu and voice-to-e-Invoice feature streamline SKU data capture, ensuring efficient and secure operations for all sellers and buyers.
Pain Points:
1. Manual Tracking of Notifications: Taxpayers receive email notifications when suppliers submit e-invoices to LHDN. Manually tracking these emails to ensure all invoices are accounted for can be time-consuming and prone to errors.
2. Data Management: Consolidating and managing the data from multiple e-invoices is complex, especially when dealing with large volumes of transactions. This can lead to inconsistencies and inaccuracies in financial reporting.
3. Reconciliation Complexity: Ensuring that all expenses and incomes reported during tax filing match the validated e-invoices in LHDN's system requires meticulous cross-checking, which can be labor-intensive and requires careful attention to detail.
4. Compliance Risks: Any discrepancies or missed invoices can lead to compliance issues, including potential fines or penalties from tax authorities, affecting the taxpayer's financial and legal standing.
Solution/Services:
AREMA
Key Features and Functionalities
• AREMA intercepts the e-Invoice email notifications and sends API inquiries to LHDN to retrieve detailed e-invoice data.
• By storing this information, the system automates the reconciliation process, ensuring accurate and efficient tax compliance.
Implementation:
Minimal impact to taxpayers’ source systems. AREMA fully manages the reconciliation automation.
Benefit:
• Time Efficiency: Automating the reconciliation process significantly reduces the time required to track and validate invoices, freeing up resources for other business activities.
• Accuracy: By systematically retrieving and storing e-invoice details via API integration, taxpayers can ensure that their financial records are accurate and up-to-date, minimizing errors in tax reporting.
• Compliance Assurance: Automated systems help maintain alignment with LHDN’s validated data, reducing the risk of discrepancies during tax submissions and ensuring compliance with tax regulations."