Access UBS e-Invoicing
Optimize cash flow and operations using Access UBS e-invoicing, the endorsed standard by LHDN for direct invoice exchange. Transmit and receive invoices quickly, securely, and seamlessly.
Why UBS Software e-Invoice?
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 e-Invoices are stored in IRBM’s database, allowing taxpayers to view their historical e-Invoices. 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.
Save Time & Money
eInvoice ensures compliance while cutting costs and boosting efficiency. Businesses eInvoice also receive payments faster 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
Farewell to traditional paper invoices and email attachments that require manual review. Digital invoices contributing to a greener environment.
When do you need to start Access UBS e-Invoicing?
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 – eInvoice becomes mandatory for all taxpayers in Malaysia
However, businesses can voluntarily embrace e-invoicing from 1 January 2024.
What can you do to prepare for Access UBS e-Invoicing?
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
Integrate eInvoicing with Access UBS 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.
Save, Secure & Reliable
Experience peace of mind with LHDN e-Invoice – 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.
eInvoicing Software FAQs
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.
Why do I need eInvoice in Malaysia?
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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.