Why eInvoicing ?
eInvoice, mandated by the Inland Revenue Board (LHDN) of Malaysia, aims to enhance business efficiency and curb tax evasion. The implementation will occur gradually, starting in August 2024.
The eInvoice workflow begins with a sale or transaction. Suppliers issue eInvoices through the MyInvois Portal or API. Validated e-Invoices are stored in IRBM’s database, allowing taxpayers to view their historical e-Invoices. This system simplifies the invoicing process, making it efficient and accessible for businesses of all sizes.
Enhance your cash flow management and streamline business operations through electronic invoicing (e-invoice), the recently endorsed standardised method by the LHDN for exchanging invoices directly between suppliers' and buyers' software. Transmit and receive invoices swiftly, securely, and effortlessly, regardless of whether both parties use Access software.
Take back control
Say goodbye to misplaced invoices and uncertainties about payment statuses. Easily monitor when your invoices are received, approved, and processed. Track your invoices seamlessly from initiation to completion.
Save time & money
eInvoice ensures compliance with regulations while cutting costs and boosting efficiency. According to LHDN guidelines, switching to eInvoicing can reduce processing costs by up to 80%. Businesses adopting eInvoice also receive payments faster, improving cash flow and financial stability.
Secure & Compliant
Seamless system integration ensures accurate tax reporting and aligns financial processes with digital industry standards, enhancing efficiency.
Good for the planet
Bid farewell to traditional paper invoices and email attachments in PDF format that require printing and manual review. Embracing digital invoices reduces paper usage, contributing to a greener environment – a feature everyone can support.
When do i need to start eInvoicing ?
The implementation will occur gradually, starting in August 2024 as below:
1 Aug 2024 For businesses with an annual turnover of RM100 million or more
1 Jan 2025 Businesses with an annual turnover of RM25 million to RM100 million
1 Jul 2025 eInvoice becomes mandatory for all taxpayers in Malaysia
However, businesses can voluntarily embrace e-invoicing from 1 January 2024
Safe, secure & reliable
Experience peace of mind with LHDN e-Invoice – it's safe, secure, and utterly reliable. Your data seamlessly integrates into your accounting software with just a click, streamlining your financial processes effortlessly.
Minimize errors and increase efficiency
By eliminating manual tasks such as sorting, printing, and data entry, eInvoice significantly reduce the chances of human error. This streamlined process removes the potential for mistakes and saves valuable time that would otherwise be spent on invoice processing. The technology relies on standardized data, ensuring validation before the invoice reaches your accounting software and is automatically processed, guaranteeing accuracy in your financial records.
Get ready for eInvoicing - a faster, error-free solution that streamlines cash flow management and reduces business admin hassles. Plus, ensure the longevity of your systems with our consistently updated UBS software tailored to your evolving accounting and inventory needs.
It's imperative to reactivate your UBS license today and future-proof it, ensuring our ongoing support for your present and future requirements.