LHDN Compliant eInvoicing Software in Malaysia
Enhance your cash flow management and streamline business operations with electronic invoicing (eInvoicing), the newly endorsed standardised method by LHDN. Access UBS Evo further simplifies the process with its AI-powered integration, enabling you to transmit and receive invoices swiftly, securely, and effortlessly between any eInvoicing software.
eInvoicing in action
Watch how Copilot intuitively interacts with your eInvoicing queries.
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 eInvoices are stored in IRBM’s database, allowing taxpayers to view their historical eInvoices. This system simplifies the invoicing process, making it efficient and accessible for businesses of all sizes.
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 you 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 - Businesses with an annual turnover of RM500,000 to RM25 million
- 1 Jan 2026 - Businesses with an annual turnover of RM150,000 to RM500,000
Businesses with annual turnover below RM150,000 will be exempted.
What can you do to prepare for eInvoicing?
As the shift to eInvoicing approaches, here are three key steps to ensure you're prepared for a seamless transition:
Assess current invoicing processes
Evaluate your current invoicing processes for enhanced efficiency and reduced costs. Identify areas for improvement to stay ahead in the game.
Integration with Access UBS Evo
Integrate eInvoicing with Access UBS Evo to automate tasks, save time, and ensure timely, error-free payments. Streamline your financial processes effortlessly.
Team & client education
Communication is key! Educate your teams and clients about the impending changes. Ensure everyone is on board for a smooth transition into eInvoicing.
UBS Evo eInvoicing e-Learning course
Learn about the basics of eInvoicing, the required version of UBS Evo software, and the steps to set up and manage eInvoicing for your business. The content will be presented in easy-to-digest sections, incorporating interactive screens.
Safe, secure & reliable
Experience peace of mind with LHDN eInvoice – 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.
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eInvoicing Software FAQ
Need more information? Read our FAQ on Access UBS Evo eInvoicing.
Why do I need eInvoice in Malaysia?
Adopting eInvoice in Malaysia is essential for several reasons outlined in the LHDN guidelines. Firstly, eInvoice ensures compliance with the Inland Revenue Board (LHDN) regulations, helping businesses adhere to legal requirements. Secondly, it significantly reduces processing costs for each invoice, potentially up to 80%, leading to substantial savings. Moreover, eInvoice accelerates payment processes, improving cash flow and improving businesses' financial stability. Embracing eInvoice simplifies invoicing procedures and aligns seamlessly with the LHDN Malaysia regulations, making it a practical and efficient choice for businesses operating in Malaysia.
What is eInvoice?
eInvoice, per the guidelines provided by LHDN Malaysia, refers to the electronic version of traditional paper invoices. It's a digital method businesses use to create, send, receive, and manage invoices over the internet. These electronic invoices are structured data files that adhere to a standardized format, ensuring consistency and compliance with LHDN regulations. eInvoice simplifies the invoicing process, reduces paperwork, and enables secure and efficient exchange of invoices between suppliers and buyers. It is crucial in enhancing business efficiency, cutting costs, and ensuring compliance with LHDN Malaysia guidelines.
Why is eInvoice important to your business?
eInvoice is crucial for our business because it ensures compliance with the guidelines set by LHDN Malaysia. By adopting eInvoice, we streamline your invoicing process, reduce operational costs significantly, and enhance overall efficiency. This compliance saves time and money and ensures that our business operations align seamlessly with the regulations, guaranteeing smooth transactions and financial stability.
What are the benefits of eInvoice?
eInvoice eliminates the need for sellers to print paper invoices or create PDFs for mailing or emailing to buyers. Buyers no longer have to input invoice data into their accounting systems manually. This method enhances accuracy and security, speeding up processing times and payments.
In summary, the benefits of eInvoice include:
1. Reduced administrative work for both buyers and sellers.
2. Faster payments for sellers.
3. Cost savings for both buyers and sellers.
4. Fewer errors for buyers and sellers.
5. Direct and secure connections between buyers and sellers.
6. Reduced environmental impact.
How does The Access Group ensure the security of eInvoicing?
The Access Group prioritizes security by implementing necessary measures to ensure the safety and integrity of each eInvoice sent and received through customer software. Each validated eInvoice from LHDN will include a Unique Identifier Number and a QR Code for verification.
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