KUALA LUMPUR: AutoCount Dotcom Bhd (ADB) has outlined three key recommendations for the BUdget 2024 to spur digital transformation among small and medium-sized enterprises (SMEs).
The company said these recommendations align with the upcoming mandatory implementation of e-invoicing and the government’s broader goal to digitalise business operations across industries.
Firstly, ADB calls for expanding digitalisation grants to assist SMEs and micro-SMEs 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.
ADB believes that by extending digitalisation grants, the government can help smaller businesses acquire the necessary software and technology to ensure they are well-prepared for the e-invoicing mandate.
Secondly, ADB urges the government to introduce specific incentives for the adoption of e-invoicing.
These could include tax rebates or deductions for companies that integrate approved e-invoicing solutions into their operations.
ADB said such incentives encourage early adoption and help businesses transition smoothly into the new system.
“As a provider of cloud-based and on-premise accounting solutions, ADB is positioned to support this transition, ensuring that companies of all sizes can meet regulatory requirements while improving their operational efficiency,“ the company said.
Lastly, ADB suggests introducing tax deductions or subsidies for businesses investing in cloud-based software and digital infrastructure.
It said 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,“ the company said.
