Improving Efficiency through MBRS Automation: Tools and Solutions for the Financial Sector

The Companies Commission of Malaysia (Suruhanjaya Syarikat Malaysia, or SSM) introduced MBRS (Malaysian Business Reporting System), a digital financial reporting system. The term “MBRS automation” refers to leveraging the MBRS platform to automate financial reporting and compliance procedures. MBRS XBRL allows the submission of the following documents to the Companies Commission of Malaysia (CCM):

• Financial statements and reports (FS)

• Annual returns (AR)

• Exemption applications (EA) related to FS and AR

MBRS Tools and Solutions

MBRS consists of many robust tools and solutions that are proving to be highly beneficial for financial and business organisations in Malaysia. The use of these tools and solutions helps in: 

• Quick Reporting:

  Businesses can rapidly produce and submit financial reports thanks to automation. This speed enables businesses to concentrate on other strategic pursuits while achieving regulatory deadlines.

• Automated Reporting:

  Automation reduces the potential for human mistakes that come with manual data entering and computation. As a result, there are fewer chances of compliance problems and audit discrepancies, and financial reports are more accurate.

• Cost and Time-Efficiency:

  The manual labour, paper, and postal costs associated with conventional reporting techniques are reduced through automation. Businesses can cut costs as a result of this.

• Real-time Data Updates:

  Automation technologies integrate real-time data with accounting and financial systems. As a result, financial information is updated and offers more significant insights for making decisions.

• Standardised Data:

  Data standardisation and uniformity in reporting are enforced through MBRS automation. This facilitates regulatory agencies’ analysis and comparison of financial data from various companies.

• Documentation and Validation:

  Real-time data validation checks can be performed by automation technologies, alerting users to any errors or discrepancies in their reports. Automation systems frequently include an audit trail that records alterations and actions made throughout the reporting process. These records may be helpful for audits and compliance examinations.

DataTracks – Adding Accuracy and Efficiency to MBRS 

The intricate knowledge of MBRS tools and solutions is vital to make the most of them. Despite its automated processes, scalability and accessibility, many people get tangled in the web of inaccurate and late reporting.

This is where we at DataTracks come to your rescue. Our team has worked dedicatedly in this field for over 18 years. With extensive experience in more than 26 countries, we take great pride in being the force behind 348,000 reports and 23,400 + clients. 

If you are looking for a company that enables you to make the most of MBRS, then we at DataTracks are the right destination. Our experts develop reports that are high in accuracy, efficiency and in sync with regulatory compliance. Contact DataTracks at +60- 392126125 or email us at enquiry@datatracks.my.