SophiaTX’s E-XBRL Brings Mobile Payments Technology Blockchain to Financial Reporting
For those out there getting their taxes around, you know that financial reporting can be pretty tough on a small business. It can be pretty tough all over, because even large corporations with the resources to bring in several people to do the job often have that much more to account for. In Malaysia, meanwhile, the job is about to get a little easier thanks to a new release from SophiaTX—who tipped us off about it—called E-XBRL.
E-XBRL turns to that new yet growing technology commonly associated with the latest mobile payments technology cryptocurrency known as blockchain. It represents the first official application of SophiaTX’s own blockchain system, and works to circumvent the tedious process of manual data entry by allowing automatically-generated reports to be made directly from previously-input data.
The E-XBRL system currently works with the requirements put in place by the Companies Commission of Malaysia (SSM), and will work for any company, public or private, looking to file annual financial statements by the Malaysian Business Reporting System (MBRS). It launched a trial phase with Cheng & Co—one of the leaders in accounting and outsourcing services in Southeast Asia—and reports note the trials went quite smoothly, producing excellent results.
Since the reports generated are both permanently recorded and encrypted to the blockchain, they become readily shared, yet difficult to steal. The resulting data is more accurate and more accessible, making both more useful and more usable, which should have some knock-on effects for things like analytics.
That’s a point that should make E-XRBL particularly attractive to businesses. Being able to not only save money on records production, but also being able to better put data to use should be a real draw to get users in the door. The growth of analytics use has created dozens of test cases that show its value, and should be sparking a rush to emulate those successes.
It’s downright amazing that this is built on the same technology as a mobile payments platform, but there it is. We’ll likely see a lot more use for blockchain technology as we go along, but for now, SophiaTX’s E-XRBL should prove a welcome addition to doing business in Malaysia.