Here's how to get it right with e-invoicing. The digital transformation of invoicing is no longer a future concept. It’s happening now! The Malaysian government has already started implementing e-invoicing in phases, making it mandatory for businesses to transition to digital invoicing.
Phase 1: Starting on 1 August 2024, targeting companies with revenues over RM100 million.
Phase 2: Beginning 1 January 2025, targeting businesses with revenues above RM25 million.
For businesses still relying on traditional invoicing methods, the shift can feel overwhelming. Are you certain that your current invoicing process is accurate, compliant, and efficient? If not, failing to make the switch could lead to penalties, financial errors and missed opportunities for growth.
But don’t worry! Boss Boleh has got you covered! With the Boss Boleh e-Invoice software, which is fully compliant with LHDN regulations, you can transition smoothly and effortlessly to e-invoicing. Here’s a simple 3 steps guide to help you start your e-invoicing journey and future-proof your business in Malaysia.
Step 1: Explore and Test the Platform
Before fully implementing e-invoicing in your business, take advantage of the MyInvois platform’s testing environment provided by IRBM. This allows you to try out the system, familiarise yourself with its features, and address any potential issues early on. Hands-on experience will help you feel confident using the platform when the time comes for full adoption.
Step 2: Choose the Right Accounting Software
Selecting the right accounting or ERP software that supports e-invoicing is crucial. Look for software that integrates seamlessly with the MyInvois system and fits your business needs. The right software will ensure a smooth invoicing process, from generating invoices to submitting them, while also reducing errors and eliminating double work.
Step 3: Get Trained and Prepare Your Team
Understanding the benefits of e-invoicing is key. Attend webinars to gain insights on reducing errors and improving compliance. Make sure your team is well-trained in using the system, from generating standard e-invoices to handling complex documents like credit notes. Proper training ensures smooth daily operations and minimizes mistakes.
Switching to e-invoicing doesn’t need to be overwhelming. By following these 3 simple steps: exploring and testing the platform, choosing the right accounting software, and training your team, You will be well on your way to a successful e-invoicing transition.
By now, you’ve seen how important it is to understand e-invoicing and prepare your team for a successful implementation. To make this transition even smoother, we invite you to join a FREE online webinar hosted by industry experts.
Ready to dive deeper into e-invoicing and ensure your business is fully prepared for the changes ahead? Join a FREE e-Invoicing Webinar, hosted by Boss Boleh Online Company Secretary, where industry experts will guide you through every aspect of e-invoicing implementation, compliance and best practice.
Register FREE e-Invoicing Webinar Here Now!
Let’s make invoicing simple and efficient together!
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