KUALA LUMPUR, June 30: Advisirs Plus, an accounting-services company, recently crowdfunded a total of RM499,000 and launched a cloud platform to provide more efficient accounting services.
Speaking at the launch here, Hong Lim, founder of Advisirs Plus, said the ever-changing business landscape meant that the best way forward for entrepreneurs to run their businesses is to have adaptation in their thinking.
With the advent of the digital age, he said entrepreneurs should embrace digital thinking, especially in conjunction with the implementation of the e-invoicing system as announced in the national 2023 Budget.
On May 23, 2023, the Inland Revenue Board (IRB) announced that it is targeting 4,000 businesses for the first stage of the new electronic invoicing (e-invoice) system from June 2024. This mandatory enforcement is for businesses that reach a sales threshold of RM100 million annually.
It is believed that e-invoicing will become mandatory for all businesses regardless of the sales threshold from January 2027. As such, businesses are expected to start anticipating this migration so that they do not face problems when the new system is eventually implemented.
“It is imperative to go digital,” he said, adding that Advisirs Plus had also caught up with this change and would be developing the first AI Tax Chatbot in Malaysia.
Saying that the AI Tax Chatbot is also his research topic for his PhD course, Hong Lim added: “The seeds of digital thinking have sprouted and taken root in my heart since I started my business. Until I came into contact with the concept of equity crowdfunding, especially after meeting people from the Dream Factory (a crowdfunding entity related to MyStartr), I began to think about how to deal with the arrival of AI technology, especially for traditional industries.
“Our accounting operations, for example, have taken this opportunity to launch an online cloud platform and successfully moved the entire accounting business from offline to online. I believe AI will enhance the value and efficiency of tax accountants.”
Keith Leow, a co-founder of Advisirs Plus, said changes in IT technology would also affect the business world and by being aware of the situation and impending changes, Advisirs Plus has established 53 service centres which allowed its accountants to share office resources and technology on a common online space.
Jacky Chan, an advisor at the company, said Advisirs Plus is grateful for the help from Dream Factory and MyStartr, and professional partners from Perlis, Kedah, Perak, Selangor, Pahang, Malacca and Kuala Lumpur. To succeed, he said “entrepreneurs who have dreams must speak of their dreams, and they will come true.”
Goh Boon Peng, founder of MyStartr, a crowdfunding company in Malaysia, said many people often have a stereotyped impression of the accounting industry. But with the world moving towards digitalisation, which has brought about greater convenience and efficiency far beyond one’s imagination, he said companies that moved with current trends have better chances to be more efficient and succeed.
Hong Lim said Advisirs Plus hoped to establish 100 service centres by the end of the year, especially by developing Peninsula Malaysia’s East Coast market. In the future, he said Advisirs Plus planned to do more for the accounting industry, including a taxation course for entrepreneurs, a practical accounting course, an SVDP2.0 roving lecture tour to bring professional accounting knowledge and information to more entrepreneurs.
Advisirs Plus, he said, also looked forward to partnering with universities to develop the Digital Firm Incubator (DFI) project, which will provide more job opportunities for tertiary level students and effect more corporate social responsibility programmes.
Officials present at the launch were Hong Lim, founder, Advisors Plus; Keith Leow, co-founder, Advisirs Plus; Jacky Chan, advisor, Advisirs Plus,; Goh Boon Peng, founder, MyStartr; William Lien, co-founder, MyStartr; Daniel Dea, founder, Weitizen Sdn Bhd; Alvin Lai, partner, Wong & Co; Marcus Lee, partner Wong & Co; Jessie Ng, mentor, Dream Factory; Sten Ho, mentor, Dream Factory; Bunz Yeoh, mentor, Dream Factory; Kengy, co-founder, Entrevestor); Jolynna Leong, general partner, Aspiration Capital; Alice Hoo, CEO, M&M Success Group, and Fan Kah Seong, strategic tax advisor).
For more information: www.advisirsplus.com and www.digital.advisirsplus.com
Activity Handbook: https://www.flipsnack.
The above is a sponsored article.