The implementation of e-Invoicing by companies with more than RM100 million – Phase 1 has started on 1 August 2024!
Taxpayers with revenue of more than RM25 million will start in 4 months, on 1 January 2025 – Phase 2.
Do you want to start implementing e-Invoicing but unsure where to start? Don't worry, we've got you covered! Here are five steps to help you get started and ensure a smooth transition to e-Invoicing.
Step 1: Get to Know
e-Invoice
Before diving into e-Invoicing, it’s important to understand what it’s all about. Start by attending classes, seminars, and webinars on e-Invoicing. These sessions will give you a clear idea of how e-Invoicing work and how they
can benefit your business. Remember, knowledge is power, and the more you know, the better prepared you’ll be!
Step 2: Stay Updated with HASiL Guidelines
The Inland Revenue Board (HASiL) will keep updating its guidelines on e-Invoicing from time to time. Make sure you’re always in the loop. Follow their updates, check their website regularly, and subscribe to newsletters. Staying updated means you’ll always know the latest rules and can keep your business compliant.
Step 3: Explore and Test the Platform
Before you fully commit to the e-Invoice system, take some time to explore and test it. HASiL offers
a testing environment where you can try out the platform. This hands-on experience will help you understand how it works and spot any issues early. Plus, you can give feedback to HASiL to help improve the system too!
Step 4: Choose the Right Accounting Software
Choose the right Enterprise Resource Planning (ERP) or accounting software that supports e-Invoicing for your business. Look for software that integrates well with the e-Invoice system and meets your needs. The right software will make the e-Invoicing process smoother and reduce the chances of errors. Ensuring the software can
generate, submit, and flow into accounting records will definitely prevent the necessity of double-working.
Last but not least, train your staff. Make sure everyone knows how to use the new system and issue different types of e-Invoices. Whether it’s a normal e-Invoice, credit note, debit note, refund note, consolidated e-Invoice, or even self-billed e-Invoice, it is crucial to be aware of the timings and requirements to issue e-Invoices.
Conclusion: Your Roadmap to e-Invoice Success
Switching to e-Invoicing doesn’t have to be stressful. Follow these five steps—learn about e-Invoices, stay updated, test the platform, choose
the right software, and train your staff—and you’ll be well on your way to a successful transition. Embrace the change and enjoy the benefits of a streamlined, compliant invoicing system. Happy e-Invoicing!
