Another year has just flown by and without realising, 2019 is right around the corner. We hope that you’ve had an eventful 2018. Especially those who own businesses or those who are moving forward in their careers. It’s not easy to juggle so many things at once.
With the release of the MBRS earlier in 2018, a lot of companies started sending their teams to workshops to learn more about the reporting tool as it will become mandatory all around Malaysia soon enough.
The question now is that, are you ready for 2019? Have you sent your teams in for MBRS training? If you have not or rather if you’ve not heard about MBRS and what it is or what it does – we have you covered!
What Is MBRS?
For those of you who do not know, MBRS is the Malaysian Business Reporting System. It is a tool developed by the Malaysian government together with SSM to help companies in Malaysia with all things business submissions. Submissions like annual returns and financial returns will be submitted to SSM via this tool.
This is basically a tool to help streamline the whole process and reduce clutter and confusion.
What Are The Benefits of MBRS?
Having a system that is made specifically for reporting will come with its own benefits and we wanted to highlight some of them here.
- It reduces the time and cost of gathering financial and nonfinancial information. This saves time on data entry efforts or conversion of data formatting because now you have a machine to do it for you!
- The information is also capable of being translated to multiple languages.
- It also enhances data integrity and reliability. The tool will include validity check and automated calculations to sooner or later eliminate errors.
- It also facilitates the analysis of financial reporting for better decision making by stakeholders or allows for aid in compliance matters or investigative processes.
- It also enhances corporate compliance processes because now all accounts would have to be presented according to accounting standards.
- Lastly, it would allow for an improved data analysis and quality.
Who Should Attend These Workshops?
Since it’s a tool that helps with financial reports and annual returns, the first few people that should learn how to use the system are :
- Finance Executives
- Finance Officers
- Company Secretaries
- HR Managers
Since SSM has made in compulsory to attend workshops to ensure that everyone gets used to the new MBRS tool, we strongly advise you to start sending your teams in to complete these workshops to help them with tax season in 2019.
Every workshop will be conducted by speakers who have been vetted and approved by SSM. All the training materials are also approved by SSM. Rest assured that every OMESTI workshop for MBRS will bring about a comprehensive and understandable guide for all businesses.