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Our Board is a powerful tool tailored specifically for sales teams. It provides a visual representation of your sales pipeline, allowing you to manage leads, opportunities, and deals seamlessly. Whether you’re a seasoned sales professional or just starting out, our Board will revolutionize the way you work.

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Effortless Project Management Solutions

Unlock the full potential of your project management with HumbleBear Board. Our intuitive Kanban-style boards bring clarity to your workflow, allowing you to visualize tasks, track progress, and collaborate seamlessly. With features like customizable stages, detailed cards, and real-time updates, managing your projects has never been more efficient. Whether you’re coordinating a small team or overseeing multiple departments, HumbleBear CRM Board is your partner in productivity.

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Simplify e-Invoicing System with HumbleBear CRM: No Accounting Degree Required

Discover the ease of creating e-invoices with HumbleBear CRM, a user-friendly alternative to complex accounting systems. Designed with simplicity in mind, HumbleBear CRM empowers businesses of all sizes to generate professional e-invoices quickly and efficiently, without the need for specialized accounting knowledge. Say goodbye to the intricacies of traditional accounting software and embrace a streamlined approach to managing your finances with HumbleBear CRM.

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Grow brand and revenue with Humblebear email marketing solutions

Attract new customers with the Number #1 email marketing and automation tool that suggests strategies to increase opens, clicks, and sales.

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Generate More Sales with WhatsApp Blasting Tool from Humblebear

WhatsApp blasting software from Humblebear is a powerful sales and marketing feature offered by the WhatsApp Business API that allows businesses to send a single message to a wide audience, greatly expanding their reach and potential for conversions.

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What Is E-Invoice and Why Is It Important?

Published at 11 Oct 2023 12:00AM
What Is E-Invoice and Why Is It Important?

E-invoice, or electronic invoice, is a digital document that contains information about a transaction between a supplier and a buyer. It is generated, transmitted, and stored electronically, without the need for paper or manual processes. E-invoice can improve the efficiency, accuracy, and security of business operations, as well as reduce costs and environmental impact. E-invoice can also prevent tax leakage and fraud, as it enables better tracking and verification of transactions by tax authorities.

What are the e-invoice guidelines and regulations in Malaysia?

Malaysia does not have specific e-invoice regulations that stipulate mandatory requirements, although they are officially recognized in the country. According to the [Lembaga Hasil Dalam Negeri Malaysia (LHDN)](^1^), or the Inland Revenue Board of Malaysia, both parties must agree to use e-invoice and retain the original documents for audit purposes. The e-invoice must contain the same information as a paper invoice, such as the name and address of the supplier and buyer, the date and number of the invoice, the description and quantity of the goods or services, the price and tax amount, and the signature of the supplier.

However, LHDN is planning to implement a new e-invoice policy in 2024, which will make it compulsory for certain companies to use e-invoice. The first batch of companies that will be required to adopt e-invoice are those with an annual turnover of over RM 100 million. The implementation of e-invoice aims to improve the efficiency of business operation and prevent tax leakage⁵. LHDN has also issued an [e-Invoice Guideline and Catalogue](^1^) to provide more details on the technical specifications, standards, and formats of e-invoice.

How to prepare for e-invoice implementation in Malaysia?

To prepare for e-invoice implementation in Malaysia, businesses should take the following steps:

- Assess their current invoicing system and processes, and identify any gaps or challenges that need to be addressed.

- Choose a suitable e-invoice solution provider that can offer reliable, secure, and compliant services. The solution provider should be able to generate, transmit, receive, store, and validate e-invoices according to the LHDN requirements.

- Communicate with their customers and suppliers about the benefits and expectations of using e-invoice, and obtain their consent and cooperation.

- Test and implement the e-invoice solution in a phased manner, and monitor its performance and feedback.

- Keep abreast of the latest developments and updates from LHDN regarding e-invoice policy and regulations.

Conclusion

E-invoice is a digital document that can bring many advantages to businesses and tax authorities. Malaysia does not have specific e-invoice regulations yet, but LHDN is planning to make it mandatory for certain companies in 2024. Businesses should start preparing for e-invoice implementation by assessing their current system, choosing a suitable solution provider, communicating with their customers and suppliers, testing and implementing the solution, and keeping up with LHDN updates. By doing so, they can enjoy the benefits of e-invoice and comply with the future requirements.

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