As Malaysia advances towards digitalisation, the Inland Revenue Board of Malaysia (IRBM) is introducing e-Invoicing in stages to enhance tax compliance and reduce tax fraud.

Together with the implementation of MyInvois Portal, IRBM aims to make invoice submission and validation simpler for businesses. Now, let’s look at the benefits of e-Invoicing in Malaysia.

1. Reduce human errors and manual processes
MyInvois Portal automates the invoicing process, minimising the risk of human error. As the MyInvois Portal has predefined rules on required fields, businesses are less likely to miss out information when submitting invoices to IRBM. However, while businesses still need to do manual data entry into the MyInvois Portal, these processes can be automated with the help of accounting software, such as AutoCount Accounting and Cloud Accounting, through API connections to MyInvois Portal.

AutoCount’s software also comes with Intelligent Onboarding which automates customer information collection by sharing a unique link. This eliminates redundant manual data input, ensures data accuracy, and maintains customer information securely within the system.

2. Facilitate efficient tax filing
The seamless integration of MyInvois Portal with accounting systems simplifies tax filing. All invoices are electronically recorded and submitted to IRBM through the portal for validation. This eliminates the need for businesses to consolidate their tax data manually, ensuring that tax reports are more accurate, reliable and always up-to-date.

Furthermore, integrating with software solutions allow businesses to capitalise functionalities that the software offers to further enhance their tax filing experience. For instance, businesses might have concerns about how to handle situations such as when IRBM’s server goes offline. However, this is easily handled by AutoCount’s Intelligent Submission feature, which automatically queues businesses invoice submissions and resends it when the server is online again—this reduces any hassles and ensures businesses can track and resubmit invoices easily.

3. Improved operational efficiency
e-Invoicing reduces the time spent on repetitive tasks such as generating, approving, and submitting invoices as suppliers and buyers can swiftly validate invoices—all via the MyInvois Portal.

In a traditional system, invoices are manually prepared and printed whether in written format, or through softwares such as Microsoft Excel. Additionally, data is manually entered, which makes it more prone to human errors. These invoice copies are manually stored in files or folders, which can take up significant space and could be subject to damage or loss.

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Additionally, creating invoices to submit to MyInvois Portal takes time as businesses often need to retype certain information such as customer information, product information, etc. However, with a software solution such as AutoCount Accounting, it enhances the user friendliness and experience when operating with billing matters.

Moreover, repeated information such as customer data is often saved as a profile and the person that keys in the invoice just need to select the particular customer. After selecting the customer, other required information is then auto-populated and captured immediately, avoiding the need to rekey repeated information. Additionally, businesses are also able to track invoice submission statuses in real-time and avoid workflow bottlenecks.

4. Enhanced security and compliance with IRBM’s standards
With growing concerns over data security, IRBM has implemented several measures to protect sensitive information on the MyInvois Portal. Businesses must appoint authorised representatives who access the portal using secure logins. This ensures that only assigned personnel can handle invoice submissions, reducing the likelihood of fraud.

As for API integrations, a Digital Signature and Client Secret mechanism are implemented where only the owner or company representative can create or access invoice submissions. It is important that these authorised individuals avoid sharing such information to avoid data leaks.

5. Digitalisation of tax and financial reporting
e-Invoicing via the MyInvois Portal facilitates the generation of real-time financial reports, helping businesses align with IRBM’s regulations. This means eliminating the need to manually pull data into Microsoft Excel spreadsheets, as well as writing formulas, macros, etc.

In fact, features in AutoCount’s software, such as Multi-Dimensional Sales Reporting, allow businesses to view financial data in various formats for deeper analysis without manual data consolidation.

By adopting this technology, businesses can reduce manual processes, improve transparency, and enhance their financial performance. MyInvois Portal also enables access to digital reports for better traceability and compliance with Malaysia’s evolving tax framework.

A positive step towards digitalisation in Malaysia
The adoption of e-Invoicing through MyInvois Portal empowers businesses to comply with tax regulations while reducing operational costs and improving productivity. Integrated software solutions, such as AutoCount, allow businesses to manage their invoicing process comfortably, minimising errors and ensuring smooth tax filing.

As e-Invoicing becomes mandatory, Malaysian businesses are well-positioned to benefit from this technological advancement, ensuring smoother financial operations and improved relationships with buyers and suppliers.

This e-Invoice News series is an collaboration with AutoCount.

The views expressed here are those of the author/contributor and do not necessarily represent the views of Malaysiakini.