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e-Invoicing is becoming a mandatory requirement as Malaysia moves toward digital transformation,t, starting with large corporations from 2024. At Firm Care Management Services Sdn Bhd, we provide customized E-Invoicing Solutions to help your business meet compliance standards set by Lembaga Hasil Dalam Negeri (LHDN).
As Malaysia moves toward digital transformation, e-Invoicing is becoming a mandatory requirement, starting with large corporations from 2024.
It allows businesses to create, send, and process invoices electronically in a structured format, ensuring transactions are faster and more efficient. e-Invoicing reduces manual errors and simplifies compliance, helping businesses streamline operations.”
Malaysia’s e-invoicing system applies to various transaction types, ensuring transparency and compliance across all business activities.
The transactions covered include:
Business-to-Business (B2B):
Transactions between two registered businesses.
Business-to-Consumer (B2C):
Transactions where businesses sell goods or services directly to consumers.
Business-to-Government (B2G):
Transactions involving businesses providing goods or services to government entities.
The e-invoicing rollout will happen in stages, starting with larger companies and eventually including all businesses. Preparing early will help ensure a smooth transition and keep your operations running without disruption.
Taxpayers with an annual turnover or revenue of more than RM100 million
Taxpayers with an annual turnover or revenue of more than RM25 million and up to RM100 million
ALL TAXPAYERS
Based on audited financial statements or tax filings for the 2022 fiscal year.
When complying with LHDN’s e-invoicing mandate, businesses can choose between several integration options based on their invoicing needs and business complexity.
Here are the available methods:
1. MyInvois Portal
2. API Integration
For businesses looking for a more automated and efficient e-invoicing process, API integration provides better control and flexibility.
There are two types of API integration available:
– Direct API Integration
– Middleware API Integration
The MyInvois Portal is a basic solution offered by LHDN. While it works for smaller businesses, it requires manual input and doesn’t integrate well with complex systems, which can lead to inefficiencies.
Firm Care Management Sdn Bhd can help streamline the process and ensure that your invoicing remains compliant, saving you time and reducing the risk of errors.
With direct API integration, businesses can link their existing ERP or accounting systems directly to LHDN’s MyInvois System. This method automates the transmission of high volumes of e-invoices, making it suitable for large companies or those with complex invoicing needs.
Firm Care Management Sdn Bhd ensures the integration is smooth, helping you set up the system while keeping everything compliant.
For businesses without the infrastructure for direct integration or those looking for a flexible solution, middleware API serves as an intermediary between your current system and LHDN’s MyInvois System. This option requires fewer changes to your existing systems while still ensuring compliance.
Firm Care Management Sdn Bhd supports you in integrating middleware efficiently, offering a tailored solution for your needs.
We conduct a thorough gap analysis to assess your current invoicing systems and identify areas for improvement. Additionally, we help you choose the best e-Invoicing intergration tailored to your business needs.
Whether through API integration or middleware, we ensure that your invoicing system connects smoothly to LHDN, allowing for real-time processing and reducing errors and manual efforts.
We recognize that every industry has its own requirements. Whether you’re in manufacturing, services, or retail, we provide tailored solutions to meet the specific LHDN guidelines, helping you stay compliant while maintaining operational efficiency.
We manage the entire e-invoicing process for you. From initial system assessments to post-implementation support, our project management services ensure your transition is seamless, allowing you to focus on your core business.
Our team offers comprehensive training for your staff, ensuring they fully understand the new e-invoicing system. Additionally, we provide ongoing support to ensure your system continues running smoothly and remains compliant.
Firm Care Management Services Sdn Bhd takes the complexity out of e-invoicing, ensuring full compliance and easy integration. Connect with us to make the switch today
Outsourcing your accounting services to Firm Care Management Services offers several advantages, allowing you to focus on growing your business while we handle the complexities of financial management.
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