As the business world continues to evolve, it is important for small and medium enterprises (SMEs) to adapt to modern practices. One such practice is digital accounting, which has become increasingly popular in recent years. With the Malaysian government mandating e-invoicing by 2024 and the implementation of LHDN regulations, it is crucial for businesses to start preparing now.
In this article, we will highlight the importance of accounting software for SMEs in Malaysia and how modern businesses are shifting towards digital accounting. We will also take a closer look at e-invoicing and its role in modern business, as well as the transition to e-invoicing in the Malaysian market.
To help SMEs choose the best option for their needs, we will provide an overview of top Malaysian accounting software that supports e-invoicing.
Finally, we will discuss the potential pros and cons of investing in an accounting software with e-invoicing support and what we can expect in 2024.
Understanding the Importance of Accounting Software for SMEs in Malaysia
Accounting software plays a crucial role in simplifying financial management for SMEs in Malaysia, allowing them to comply with regulatory requirements and maintain accurate financial records. By generating valuable insights through financial reports and analytics, accounting software empowers SMEs to efficiently manage their cash flow and inventory.
With the ability to focus on core business activities while ensuring financial stability, accounting software proves to be an invaluable tool for SMEs in Malaysia.
Why modern businesses are shifting towards digital accounting?
Modern businesses are increasingly embracing digital accounting due to its numerous benefits. It reduces manual effort, enhances productivity, and enables real-time tracking of financial transactions. With improved data accuracy and collaboration, businesses can scale and adapt easily.
The transition also facilitates outsourcing bookkeeping and working seamlessly with auditors during fiscal audits.
Understanding e-Invoicing and its Importance
E-Invoicing has become increasingly important for businesses, as it streamlines the invoicing process and eliminates errors associated with manual data entry. By automating invoice generation and delivery, e-invoicing significantly increases efficiency.
Additionally, it facilitates seamless integration with IRB Malaysia tax systems, making tax return filing more efficient and accurate. With e-invoicing, the process of tax reporting is simplified through automated data transfer from e-invoices to tax returns.
Overall, e-invoicing is a crucial tool that enhances the invoicing process for businesses and improves overall financial management.
For more information, we recommend reading our Comprehensive Guide to E-Invoicing in Malaysia for August 2024 and try out our Malaysia IRB E-Invoice Guideline – AI Chatbot.
The Role of e-Invoicing in Modern Business
E-Invoicing plays a pivotal role in modern business by facilitating seamless communication between suppliers and customers. It promotes transparency and accountability in financial transactions, ensuring that both parties have a clear understanding of the invoicing process.
Real-time tracking of invoices is made possible with e-Invoicing, minimizing the risk of late or missed payments.
Beyond its convenience, e-Invoicing supports digital transformation initiatives by digitizing manual invoicing processes. It also helps businesses comply with tax regulations and reporting obligations, simplifying the overall invoicing experience.
The Transition to e-Invoicing in the Malaysian Market
The Malaysian government’s mandate to adopt e-Invoicing by 1st August 2024 for companies with annual sales or income exceeding RM100 million. This has prompted businesses in Malaysia to embrace this digital invoicing solution latest by 1st July 2025 for all taxpayers in other categories.
UPDATED on 21/10/2023 on LHDN website on the e-Invoice implementation timeline:
| Targeted Taxpayers | Implementation Date |
| Taxpayers with an annual turnover or revenue of more than RM100 million | 1 August 2024 |
| Taxpayers with an annual turnover or revenue of more than RM25 million and up to RM100 million | 1 January 2025 |
| All taxpayers | 1 July 2025 |
UPDATED on 4th October 2024: Micro SMEs earning below RM150,000 annually exempted from e-invoicing. (Micro SMEs earning below RM150,000 annually exempted from e-invoicing, says Amir Hamzah | The Star)
The transition to e-Invoicing is driven by the goal of enhancing efficiency and reducing costs. To cater to the specific needs of Malaysian businesses, software providers are developing e-invoicing solutions.
Moreover, there is increased collaboration between software providers and government agencies to promote e-Invoicing in the Malaysian market. Embracing e-Invoicing allows businesses to comply with regulatory requirements and streamline their invoicing processes.
Recognizing the financial burden this may impose on micro, small and medium enterprises (MSMEs), the government will provide financial assistance like the MSME Digitalisation Grant to help adopt digital solutions and technologies, including e-invoicing.
How are Malaysian Businesses Adapting to e-Invoicing?
Malaysian businesses are embracing e-Invoicing by investing in accounting software that supports this feature. They are actively participating in training programs and workshops to understand the benefits and implementation of e-Invoicing.
Integration of existing systems with e-Invoicing solutions is being done for a smooth transition, resulting in faster payments and improved cash flow. Collaboration with service providers and consultants is ensuring compliance and seamless integration.
If you need further help, feel free to contact us for assistance in evaluating, managing, or liaising with your chosen accounting software provider.
A Look at Top Accounting Softwares in Malaysia Supporting E-invoicing
Current most accounting software developer are referring to the official IRB Malaysia E-Invoice Guideline Version 2.3 PDF and IRB Malaysia E-Invoice Specific Guideline Version 2.1 PDF. While waiting for the release of IRB’s Software Development Kit (SDK), which will be available in the fourth quarter of 2023.
UPDATE: LHDN e-Invoicing SDK with API beta version launched on 9th February 2024.
Software Development Kit (SDK) for Inland Revenue Board Of Malaysia (IRBM) MyInvois System have been launched at Software Development Kit (SDK) for Inland Revenue Board Of Malaysia (IRBM) MyInvois System (hasil.gov.my).
MyInvois is the solution of the Inland Revenue Board Of Malaysia (IRBM) used by taxpayers to submit their issued documents with the Tax Authority. Generally referring to the compliance of e-invoicing. The IRBM MyInvois site contains documentation of the APIs exposed to taxpayer ERP / Accounting systems that can be used to integrate with MyInvois System to automate the document processing.
Local Malaysia accounting software developer will most likely be utilizing this SDK to update their respective accounting software to be integrated with the MyInvois API.
After our research and follow up with most of the accounting software developer and dealer, most of them will support the IRB Malaysia’s e-invoicing API (Application Programming Interface) method.
Note: The below information is based on the provided website, but it’s always recommended to visit the official website or contact the company directly for the most accurate and up-to-date details regarding their product features and unique selling points.
Update:
The government has established an accreditation system for PEPPOL Service Providers (SPs) and PEPPOL-Ready Solution Providers (PRSP). Do refer to our Choose Accredited PEPPOL Service Provider for Malaysia E-Invoicing Compliance and PEPPOL-Ready Solution Providers for Malaysia E-Invoicing articles for more detail.
AutoCount – Beyond Accounting Software
AutoCount Software is a leading developer of accounting and business management solutions designed for small and medium-sized enterprises. Founded in 1996, the company has over 27 years of experience creating innovative software to help businesses effectively manage finances and operations. Currently, over 210,000 businesses and companies across diverse industries have trusted AutoCount, which have a strong network of 250 authorised dealers who provide exceptional support and outstanding service.
The flagship product is AutoCount, an accounting platform available in desktop and cloud versions. It provides robust accounting capabilities from accounts receivable and payable to general ledger and invoicing, alongside tools to monitor business performance.
The software aims to give growing companies the power to optimize finances, collaborate across departments, and make data-driven decisions. With an intuitive interface and flexible scalability, AutoCount can be tailored to the evolving needs of any business.
The cloud version facilitates secure remote access and real-time collaboration. By leveraging AutoCount’s latest technologies, companies can streamline accounting, unlock insights, and drive growth.
Pros of AutoCount Accounting Software:
- Versatile features: Offers a wide range of functionalities, including general ledger management, inventory control, and fixed asset management, catering to diverse accounting needs.
- User-friendly interface: Intuitive interface makes it easy for users of all levels to navigate and utilize its features effectively.
- Customizable invoices: Allows businesses to create professional and personalized invoices, reflecting their brand identity and improving customer interactions.
- Multi-currency support: With built-in support for multiple currencies, enables businesses to manage transactions in different currencies effectively, facilitating international operations.
- Compliance with accounting standards: Adheres to accounting standards such as GST, VAT, and SST, ensuring compliance with local regulations and streamlining financial reporting.
- Cloud-based convenience: Provides the convenience of accessing accounting data from anywhere, anytime, without the need for local installations or hardware dependencies.
- Real-time collaboration: Multiple users can simultaneously work on the same accounting data, promoting teamwork, efficient collaboration, and avoiding data versioning issues.
- Automatic data backups: Automatically backs up the data on secure cloud servers, ensuring data safety, resilience against hardware failures, and simplifying disaster recovery.
- Scalability: Easily accommodate growing businesses by scaling up to handle increased data volume and additional users, adapting to evolving needs.
Unique Selling Points of AutoCount:
- Comprehensive accounting functionalities for managing various aspects of the business.
- Intuitive interface that suits both beginners and experienced users.
- Cloud-based solution providing flexibility and accessibility from anywhere.
- Enhanced collaboration and data security with real-time collaboration and automatic backups.
AutoCount Support for IRB Malaysia e-Invoicing:
- AutoCount Accounting v2 will support IRB Malaysia e-invoicing API when the IRBM SDK is available.
- AutoCount Cloud Accounting will also support the e-invoicing API, but it will be further down the line.
- This is to focus on the AutoCount Accounting v2 that have more businesses are already relying on.
- Then uses the experience to implement on the AutoCount Cloud Accounting later on that focuses more for small businesses.
UPDATED on 11/12/2024: Both AutoCount Accounting v2 and AutoCount Cloud Accounting also now support e-Invoice. (LHDN e-Invoice – Auto Count Sdn Bhd)
AutoCount Cloud Accounting FREE e-Invoicing Plan
AutoCount announced that their FREE plan, where new users can now enjoy free unlimited sales transactions. Which means user can generate and submit e-Invoices for free with NO hidden fees.
- Create UNLIMITED invoices, quotations & credit notes at no cost and with no limitations, offering a more efficient sales operations.
- Fully compliant with LHDN e-Invoice requirements.
- Easily generate standard, consolidated and self-billed* e-Invoices!
We clarified about this with the AutoCount support since the website never mentioned anything. The feedback is the FREE Plan is actually the Free Trial, which require no payment information to sign up.
The trial is forever free with the terms and conditions below:
AutoCount Contact Info:
Website: https://www.autocountsoft.com/
Email: sales@autocountsoft.com
Contact Number: +603-3000 3000
Facebook: https://www.facebook.com/autocountsoftware/
Instagram: https://www.instagram.com/autocountsoft/
Telegram: https://t.me/s/AutoCountOfficial
LinkedIn: https://www.linkedin.com/company/autocount-my/
YouTube: https://www.youtube.com/@AutoCountSoftware/
SQL Account – The Best Accounting Software
eStream Software Sdn Bhd is a Malaysia-based IT solutions provider specializing in SQL-based technologies. Since its inception in 2005, eStream has been dedicated to revolutionizing businesses’ data management practices through their comprehensive suite of products and services. With a customer-centric approach and a team of skilled professionals, eStream empowers organizations to efficiently store, retrieve, and analyze their data, enabling them to make informed decisions based on reliable insights.
One of eStream’s flagship software solutions is SQL Account, a powerful accounting system designed for businesses of all sizes. SQL Account offers a wide range of features, including comprehensive financial management, inventory control, sales analysis, and more.
With its user-friendly interface and customizable options, SQL Account helps businesses streamline their accounting processes, enhance productivity, and gain better control over their financial operations. As a trusted solution provider, eStream ensures that clients receive personalized support and optimal solutions tailored to their individual business needs, making SQL Account an indispensable tool for effective financial management.
Pros of SQL:
- Comprehensive accounting features: Offers a wide range of accounting functionalities, including general ledger, accounts receivable and payable, inventory management, sales analysis, and financial reporting. This ensures that all essential accounting tasks can be managed efficiently within the software.
- Easy-to-use interface: The software is designed with a user-friendly interface, making it accessible to users with varying levels of accounting knowledge. This facilitates quick adoption and minimizes the learning curve for users who may not have extensive accounting training.
- Customizable modules: Provides the flexibility to customize modules to suit specific business needs. Users can tailor the software to match their unique accounting requirements, ensuring that it aligns with their business processes and workflows.
Unique Selling Points of SQL:
- Integration capabilities: The software seamlessly integrates with other business tools and systems, such as payroll, inventory management, sales automation, and e-commerce platforms. This integration facilitates data exchange and eliminates the need for manual data entry, increasing accuracy and saving time.
- Audit trail and data security: Maintains a detailed audit trail, ensuring that all transactions and changes in financial data are recorded and traceable. Additionally, the software employs robust data security measures to protect sensitive financial information, including user access controls, data encryption, and regular backups.
- Scalability and support: The software caters to businesses of different sizes, from small enterprises to large corporations, offering scalable solutions to accommodate growth.
SQL Support for IRB Malaysia e-Invoicing:
- SQL Accounting will support IRB Malaysia e-invoicing API when the IRBM SDK is available.
UPDATED on 11/12/2024:
SQL Account software is now also supporting e-Invoice.
(E-Invoice Software | SQL Account | LHDN Compliant Software)
SQL Contact Info:
Website: https://www.sql.com.my/
Email: sales@sql.com.my
Address: 1, Jalan Setia Dagang AK U13/AK, Setia Alam, 40170 Shah Alam, Selangor, Malaysia.
Contact Number: +60378901299
YouTube: https://www.youtube.com/user/SQLeStream
QNE AI Cloud Accounting Software – No. 1 AI powered Cloud Accounting Software
QNE Software is a leading provider of business software solutions in Malaysia, offering comprehensive and user-friendly applications to streamline operations and enhance productivity. With a strong commitment to delivering innovative solutions, QNE Software has established itself as a trusted partner for businesses across various industries.
Among their flagship offerings is QNE AI Cloud Accounting Software – a cutting-edge solution that revolutionizes financial management for Micro, Small, and Medium Enterprises (MSMEs).
With its user-friendly interface, accessibility, and flexibility, QNE AI Cloud Accounting Software empowers businesses to efficiently handle their accounting tasks from anywhere, at any time.
Pros of QNE:
- User-friendly Interface: QNE offers a user-friendly interface, making it easy for MSMEs to navigate and utilize its features without extensive training or technical knowledge. The intuitive design ensures that businesses can quickly adapt to the software and maximize its potential.
- Accessibility and Flexibility: Being a cloud-based solution, QNE allows MSMEs to access their accounting data anytime, anywhere, and from any device with an internet connection. This flexibility enables businesses to stay connected and manage their finances on the go, ensuring seamless operations and real-time decision-making.
- Data Security: QNE prioritizes data security and ensures that MSMEs’ financial information is protected with advanced encryption and secure servers. With regular backups and stringent security measures, business owners can have peace of mind knowing that their sensitive data is safe and confidential.
- Scalability: QNE is designed to accommodate the growth of MSMEs. It offers scalability options, allowing businesses to easily upgrade their software and add more users or modules as their operations expand. This flexibility ensures that the software can evolve alongside the business, supporting its long-term success.
Unique Selling Points of QNE:
- Automation and Time-saving Features: QNE automates repetitive tasks, such as invoicing, inventory management, and bank reconciliation. This automation saves valuable time for MSMEs, allowing them to focus on core business activities and increase overall efficiency. With features like recurring invoices and automated payment reminders, businesses can streamline their financial processes and improve cash flow management.
- Tax Compliance with AI-driven SST Advisor: QNE is fully compliant with Malaysian tax regulations, including Sales and Service Tax (SST). It even features an AI-driven module called the SST Advisor, which provides intelligent guidance and ensures accurate tax calculations and reporting. This compliance feature saves MSMEs from potential penalties and ensures smooth tax filing processes.
- Optical Character Recognition (OCR) Module: QNE includes an innovative OCR module, also known as the Scan & Save feature. This module allows users to simply scan printed or written text from a document or image file, which is then automatically converted into editable text and seamlessly integrated into a transaction entry. This feature saves time and reduces manual data entry errors, enhancing overall efficiency.
- Comprehensive Reporting and Analytics: With QNE, MSMEs gain access to a wide range of financial reports and analytics. From balance sheets and profit & loss statements to cash flow analysis and customizable reports, businesses can gain valuable insights into their financial performance. These reports enable informed decision-making and help MSMEs identify areas for improvement and growth.
QNE Support for IRB Malaysia e-Invoicing:
- QNE Cloud Accounting will support IRB Malaysia e-invoicing API when the IRBM SDK is available.
- QNE Business (QNE Accounting) also will support IRB Malaysia e-invoicing API when the IRBM SDK is available.
- UPDATED 28/01/2024: LHDN API has not been released yet. Nevertheless, QNE team have already created specific functions and processes to simulate the handling of e-invoices, ensuring future compliance with LHDN e-invoice requirements. Otherwise, a full refund will be processed.
UPDATED on 11/12/2024:
QNE AI Cloud Accounting software is now also supporting e-Invoice.
(QNE AI Cloud LHDN E-Invoice Software)
QNE AI Cloud Accounting Software approach to LHDN e-Invoice Compliance
QNE have 2 very information video in term of how their LHDN E-INVOICE modules will work, and also LHDN E-Invoice Preparation with their Tax Information Collection function.
The Tax Information Collection feature allows customers and suppliers to effortlessly input or revise their details, including TIN number and company information which is crucial to e-invoicing submission to LHDN.
QNE Contact Info:
Website: https://qne.com.my/
Email: sales@qne.com.my
Contact Number: +60378901299
Facebook: https://www.facebook.com/qne.software
YouTube: https://www.youtube.com/@QnESoftwareChannel
Bukku Accounting – Top Cloud Accounting Software for Malaysia
Bukku is a homegrown cloud based accounting software designed specifically for SME business owners and accountants in Malaysia. It is own by Nukleus Ventures Sdn Bhd.
Bukku automates your tedious accounting & invoicing tasks in a few clicks. It also gives you better insights on how your business is doing in real-time, anytime, anywhere with any devices. (More details below on automations)
A comprehensive solution designed to streamline and automate accounting processes for businesses of all sizes. With its user-friendly interface, automation capabilities, and secure cloud-based infrastructure, Bukku empowers organizations to efficiently manage their financial needs.
You know they are sure one of the top cloud-based accounting software, when it is backed by more than 200 accounting firms in Malaysia. Especially when most accounting firms rely on Bukku to provide accounting outsourcing services to their own clients.
Pros of Bukku:
- Secure cloud-based infrastructure allows for easy access to financial data from anywhere, anytime.
- Subscription included maintenance, integration etc. No hidden charges. Everything is clear.
- The most user-friendly accounting software, even those without accounting background can also leave their accounting to Bukku. Their interface and intuitive navigation make complex accounting tasks seamless and efficient.
- Real-time dashboards provide at-a-glance updates on your company’s financial health.
- Automation capabilities streamline repetitive tasks, saving time and minimizing errors.
- Advanced encryption measures and regular backups ensure the security and confidentiality of financial data.
- Customizable user permissions ensure only authorized personnel have access to sensitive information.
Unique Selling Points (USP) of Bukku:
- Cloud-based infrastructure enables flexibility and accessibility, eliminating the need for manual spreadsheet calculations or desktop software installations.
- Automation capabilities free up time for more strategic business activities, ensuring accurate and up-to-date financial records.
- Digital Shoebox: Where users can just snap pics of receipts, upload to Bukku and let Bukku capture the details & amount to be recorded into the system. No more keeping piles of receipts and manually keying in one by one.
- Auto Bank Recon: Just upload bank statement and let Bukku auto reconcile for you. If you’re a Maybank user, they also have Bank Feed feature where users can establish connection between their Bukku accounts and their Maybank account, and let the transaction automatically flowing in, then directly proceed for auto bank recon.
- Fixed asset depreciation is also automated
- Invoice & statement can also be automated .
- Do have inventory feature, and also support multi-currencies.
- Free online training every week + live chat support from Bukku internal team themselves. (This is crucial especially for SMEs that usually are with high turnover of staffs. Don’t have to worry about additional training cost or effort by existing staff.)
Bukku Support for IRB Malaysia e-Invoicing:
- Bukku Cloud Accounting Software will support IRB Malaysia e-invoicing API.
- Bukku will support government updates (including E-Invoice) without any upgrade charges, ensuring compliance without any extra charges.
- Bukku is in progress of getting the MDEC’s PEPPOL-Ready Solution Providers accreditation. And they are also in progress of getting the PEPPOL Service Provider.
Updated on 16 July 2024:
Now Bukku users can already start to update their company profile, contact and products with all the information required for E-Invoice submission.
As for the function allowing users to submit E-Invoice to LHDN, it will be launched somewhere around mid / late July. But it’ll definitely be ready by August 2024.
UPDATED on 11/12/2024:
BUKKU Cloud Accounting software is now also supporting e-Invoice.
(Cloud Accounting Software Malaysia | Bukku)
Bukku’s FREE E-Invoicing Solutions:
Bukku actually has a to-be LHDN compliant permanently FREE e-invoicing only plan call Launch Plan currently.
Image credit to: Pricing Plans | Bukku
Bukku Contact Info:
Website: https://bukku.my/
Email: hello@bukku.my
Contact Number: +60192151510
Facebook: https://www.facebook.com/bukku.my
LinkedIn: https://www.linkedin.com/company/bukku-accounting/
YouTube: https://www.youtube.com/c/BukkuAccounting
Request for Demo:
We have partnered with Bukku to bring our managed software solutions & services to our client. Do check out our Bukku – e-Invoice Cloud Accounting Software page to request for a free demo, and also on how we can assist you with Bukku e-Invoice implementation.
Xero – Online Accounting Software – Do Beautiful Business
Founded in 2006, Xero now has 3.7 million subscribers and is a leader in cloud accounting across New Zealand, Australia and the United Kingdom. Xero is a leading cloud-based accounting platform that revolutionizes the way businesses manage their finances.
With a user-friendly interface and powerful features, Xero Online Accounting Software simplifies complex financial tasks, allowing businesses to streamline their operations and make informed decisions. From invoicing and bank reconciliation to payroll and expense tracking, Xero provides a comprehensive solution that empowers businesses of all sizes to stay on top of their financial health effortlessly.
Pros of Xero:
- User-friendly interface: Xero offers a clean and intuitive interface that is easy to navigate, making it accessible for users of all skill levels.
- Cloud-based platform: Being a cloud-based software, Xero allows users to access their financial data from anywhere, anytime, and on any device with an internet connection. This promotes collaboration and flexibility.
- Automation features: Xero automates several accounting tasks, such as bank reconciliations, invoice generation, and expense tracking, saving time and reducing manual errors.
- Real-time financial insights: With Xero, you can view your financial data in real-time, enabling you to make informed decisions based on up-to-date information.
- Integration capabilities: Xero integrates with a wide range of third-party apps and services, such as payment gateways, payroll systems, and CRM software, allowing for seamless data transfer and streamlining workflows.
- Bank Connection: Bank transactions automatically flow into Xero, for easy reconcile of bank transactions daily to see an up-to-date picture of cash flow.
Unique selling points of Xero:
- Multi-currency support: Xero supports over 160 currencies, making it suitable for businesses operating internationally or dealing with foreign clients or suppliers.
- Inventory management: Xero offers robust inventory management features, allowing businesses to track stock levels, manage purchase orders, and automate inventory updates.
- Payroll functionality: Xero provides comprehensive payroll functionality, including automated calculations, tax filing, and employee self-service portals, simplifying the payroll process for businesses.
- Collaboration tools: Xero enables easy collaboration with your accountant or bookkeeper, facilitating real-time communication, document sharing, and financial data access.
- Reporting and analytics: Xero offers a variety of customizable reports and analytics tools, giving businesses insights into their financial performance, cash flow, and profitability.
- Mobile app: Xero’s mobile app allows users to manage their finances on the go, providing access to key features and data from their smartphones or tablets.
- Security and data protection: Xero employs advanced security measures to protect your financial data, including data encryption, regular backups, and secure data centers.
Xero Support for IRB Malaysia e-Invoicing:
- Xero Online Accounting Software most likely will support IRB Malaysia e-invoicing API when the IRBM SDK is available.
- Since they already do have e-invoicing for Singapore based on the Peppol Framework.
- Xero e-invoicing will be handled by Tickstar.
Xero E Invoicing Malaysia Update (11/12/2024):
We believe that Xero Malaysia will be compliance with Malaysia LHDN’s e-invoicing. There has been a lot of users wondering will Xero support the new e-Invoicing or not, since there’s no official announcement yet.
However, during 2021 Xero actually acquire Tickstar, which provides e-invoicing infrastructure and expertise to governments and businesses around the world. Referring to Tickstar own Malaysia region website, they will also be Malaysia’s Peppol Service Provider for e-Invoicing compliance.
They also publicly announced that they are in progress to be officially MDEC accredited Peppol Service Provider. Which from our Choose Accredited PEPPOL Service Provider for Malaysia E-Invoicing Compliance article, they are indeed in MDEC list of SP.
We also have reached out to Tickstar, on how Malaysia Xero users for e-invoicing compliant through their services or platform. Will update their responses here when we heard back from Tickstar.
Updated on 16th May 2024, we have response as quoted below from Tickstar’s Perry Liolios (Business Developement Lead for APAC region) regarding Xero implementation of Malaysia e-invoicing. Generally, it means Xero’s e-invoicing features won’t be launch during the 1st phase of the mandated implementation and will only maybe on 2nd or 3rd phase where that’s where most of the Xero users would most likely starting with.
I wanted to let you know that we are working for the Xero solution to be compliant with the LHDN E-Invoicing requirements in time for the later phases of the mandate. Currently there is no opt-in functionality available.
We will look to communicate this functionality and how to register closer to it becoming available within the Xero solution.
Perry Liolios (Business Development Lead APAC)
Response received on 16th May 2024 7:41am by Email.
Updated on 23/10/2024:
UPDATED on 11/12/2024:
Xero Accounting software is now also supporting e-Invoice.
(Register and send an e-Invoice – Xero Central)
Xero Contact Info:
Website: https://www.xero.com/my/
Facebook: https://www.facebook.com/xero
LinkedIn: https://www.linkedin.com/company/xero/
YouTube: https://www.youtube.com/user/XeroOnlineAccounting
Biztory – Cloud Based Accounting Software in Malaysia
Biztory wholly owned by Biztory Cloud Sdn. Bhd. (Formerly Known As Vectory Innovation Sdn. Bhd.) with the idea started in 2014. Biztory is a cloud accounting software that designed for SME’s company. It is a full-set accounting system that helps you to issue the invoice, collect a payment, and update tax situation hassle-free.
Pros of Biztory:
- Accessibility: Allows users to handle their daily accounting tasks with flexibility, providing access whenever and wherever they are.
- Accountability: The accounting system is recognized by accountants and backed by 128-bit SSL data security, ensuring the safety and integrity of sensitive financial information.
- Affordability: Offers competitive pricing plans, starting as low as RM390/year, making it an affordable option for businesses of all sizes.
Unique Selling Proposition (USP) of Biztory:
- Simplified Daily Accounting: Simplifies and accelerates daily accounting tasks, eliminating the need for manual paperwork and cross-checking.
Cost Optimization and Data Security: Biztory is confident in its ability to optimize business costs while ensuring secure data storage, providing peace of mind to users.
Comprehensive Accounting Services: Offers a wide range of features, including sales and invoice management, cash flow tracking, inventory management, and accounting and tax management, catering to the diverse needs of businesses.
Biztory Support for IRB Malaysia e-Invoicing:
- Biztory confirm to us that they are APi ready and will have support for IRB Malaysia e-invoicing API when the IRBM SDK is available.
UPDATED on 11/12/2024:
Biztory is now also supporting e-Invoice.
(E-invoice – Biztory Cloud Accounting)
Biztory Contact Info:
Website: https://www.biztory.com.my/
Email: ask@biztory.com.my
Address: IOI Boulevard, B-3A-3, Jalan Kenari 5, Bandar Puchong Jaya, 47100 Puchong, Selangor
Facebook: https://www.facebook.com/biztory.com.my
Financio – Online Cloud Accounting Software in Malaysia
Developed by ABSS (Asian Business Software Solutions) formerly known as MYOB South Asia, Financio is a game-changing cloud solution for small business owners who want to streamline their accounting, payroll, and tax processes. Available in Malaysia, Singapore and beyond, Financio is the ultimate tool for automating tedious financial tasks and taking your business to the next level.
Pros of Financio:
- Accounting Automation: Reduces human errors and generates bookkeeping entries and tax records automatically.
- Online/Cloud Based: Access data from anywhere using any connected device.
- Bank Integration: Sync transactions and make payments directly from Financio to suppliers, simplifying reconciliation.
- Local Tax Compliance: Helps manage and submit SST returns in just a few clicks, staying on top of tax obligations.
- User-Friendly Interface: Modern tabbed-view and spacious workspace for faster and more flexible work.
- Multi-Users Collaboration: Invite unlimited users to collaborate in real-time, reducing workload and empowering teams.
- Highly Secure: Deploys banking-level security for data stored on servers and during transfer, ensuring data safety.
Unique Selling Points of Financio:
- Financio Connect: Connects businesses on Financio for seamless transactions, messages, file sharing, and updates.
- Recurring Invoice: Automates sending repetitive invoices at specified intervals, saving time and effort.
- Multi-Language Interface: Supports English, Chinese, and Bahasa Melayu, catering to a multi-cultural community.
- Live Backup: Provides live and daily backups, ensuring data is never lost.
- Integrated Apps: Offers integration with various platforms like RHB, UOB, JomPAY, Kakitangan, Lazada, and more, expanding functionality and streamlining processes.
Financio Support for IRB Malaysia e-Invoicing:
- Financio most likely will support IRB Malaysia e-invoicing API when the IRBM SDK is available since their relevant team is currently working on this.
UPDATED on 11/12/2024:
Financio is now also supporting e-Invoice.
(LHDN E-Invoice | Financio Malaysia)
Financio Contact Info:
Website: https://financio.co/malaysia/
Facebook: https://www.facebook.com/financio.co
YouTube: https://www.youtube.com/channel/UCul2vgwuzuG4shKciPaKYRg
What can we expect in 2024?
In 2024, we can expect e-invoicing to become mandatory for companies with annual sales exceeding RM100 million. By 2025, it is anticipated that e-invoicing will be fully implemented across all sectors in Malaysia.
Additionally, we can anticipate increased integration between accounting software with POS (Point of Sales) and other e-invoicing platforms, as well as the development of more advanced features to enhance the e-invoicing experience.
Is Investing in an Accounting Software with E-invoicing Support Worth it?
Yes, it is worth it. Imagine without any accounting software, when e-invoicing is being enforced, All billing have to go through MyInvois Portal manually, and this is causing delays and also prone to human errors. It will then cause some issue with the IRB tax filling later on too.
Therefore, we highly recommend investing in cloud accounting software that suppose the IRB e-invoicing API, where everything can be streamline and automated since it is integrated closely.
Which Accounting Software in Malaysia currently support e-invoicing?
Most local accounting software in Malaysia are expected to support e-invoicing, although many are still in the development stage. This is due to the IRB e-invoicing SDK is not being launched yet.
UPDATED on 11/12/2024:
Most local cloud accounting software have already support e-invoicing.
However, not all business existing operations suitable for cloud accounting software. Hence there’s other solutions like e-Invoicing Middleware available, know more about them at E-Invoicing Solutions in Malaysia: e-Invoice Malaysia for SMEs.
Conclusion
In conclusion, investing in accounting software that supports e-invoicing is becoming increasingly important for businesses in Malaysia. The shift towards digital accounting is evident, as modern businesses recognize the efficiency and convenience it brings. E-invoicing plays a crucial role in streamlining processes and reducing manual errors, making it an integral part of modern business operations.
As the Malaysian market transitions to e-invoicing, businesses are adapting to this change and embracing the benefits it offers. While these accounting software solutions have their pros and cons, they all aim to simplify financial management and improve productivity.
Overall, investing in an accounting software with e-invoicing support is definitely worth it, as it can save time, reduce costs, and enhance overall efficiency in financial management.
So, make the smart choice for your business and embrace the digital transformation in accounting.
Need help with LHDN e-Invoice compliance? Check out our e-Invoice services – we’ve got you covered!
