Navigating through e-invoicing initiatives can be confusing for businesses, especially small businesses that just started to have increased volumes of transactions. Naturally, they would want to find the best e-invoicing software to handle the processes as manually upload transactions into the portal is too time-consuming and potentially increase mistakes.
Learn More: Guide to Navigate Through e-Invoicing in Malaysia
From the Inland Revenue Board of Malaysia (IRBM) side, they offer two options for e-invoicing which are MyInvois Portal and Application Programming Interface (API) integration.
1. MyInvois Portal
Upload transactions individually or multiple in batches through spreadsheets into the portal. Suitable for businesses with low transaction volumes.
2. Application Programming Interface (API)
Ideal for businesses with high transaction volume to utilise the API as middleware to process and submit transactions that were captured in your e-invoicing system to LHDN servers.
How to Choose the Best E-Invoicing Software For Your Business?
E-invoicing software is the best solution to avoid mistakes and save time. Integrating the API will be simple with the existing guide on LHDN’s website but what should you look for in a software?
1. System Compatibility
Make sure the e-invoicing software integrates seamlessly with your current invoicing or ERP systems. This integration is crucial for effective invoice creation, management, and data flow.
2. LHDN Approved
Remember to ensure that your selected solution fully complies with LHDN e-Invoicing regulations in Malaysia. This includes accurate invoice formatting and secure data transmission.
3. Scalability
As your business grows, your e-invoicing requirements will evolve. Select a versatile solution capable of adapting to increasing transaction volumes and future needs.
4. Security Features
Make sure to prioritise the protection of sensitive financial information. Seek out options that provide robust security features like encryption and safe storage of data.
5. User-Friendly Interface
The software should be easy to use with intuitive navigation for effortless creation, organization, and monitoring of invoices, requiring minimal training.
6. Cost-Effectiveness
Assess the pricing framework to ensure it aligns with your budget while delivering value through its features and effectiveness.
7. Software Provider Reputation
Be sure to research the reputation and past performance of potential vendors. Consider those with a proven track record of successfully implementing digital transformation solutions in Malaysia.
How To Implement The E-Invoicing Software Seamlessly?
1. Assess Your Business Needs
Assess your current invoicing procedures and identify areas for improvement. Consider transaction volume and integration with your existing accounting and billing software.
2. Research and Shortlist Providers
Seek reliable e-invoicing software providers in Malaysia and evaluate options that comply with the latest LHDN standards by receiving regular updates.
3. Request Demonstrations
Arrange with the vendors on our shortlist to conduct demonstrations of their e-invoicing system.
4. Evaluate The Process
Discuss the timeline and process for integrating with potential vendors. Ensure that the solution seamlessly integrates with your current accounting software to generate e-Invoices.
5. Make Your Decision
After analysing your needs, choose the e-invoicing solution that best fits your business requirements and budget.
Choosing the right software provider for your business can be a big decision, especially when it comes to keeping compliant with the changing tax laws. By evaluating every provider you can find based on their features and demonstrations, rest assured that you can make a sound decision for your business.
While Exploring Your Options, Consider Info-Tech’s E-invoicing Software.
As a peppol-ready solution provider, our software is ready to be integrated with the e-invoicing API from IRBM for automated processes and error-free submissions. Approved by LHDN, Info-Tech can ensure you stay compliant with their laws.
For further details or demonstrations, contact us at [email protected] or +603 6050 0333.