UBS Accounting
e-invoicing
Optimize cash flow and operations using Access UBS e-invoice, 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 UBS Accounting e-Invoicing?
The implementation will occur gradually, starting in August 2024 as:
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.
Businesses can voluntarily embrace e-invoicing from 1 Jan 2024.
What can you do to prepare for Access UBS Accounting 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
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. Seamlessly 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 & 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.
UBS eInvoicing Software FAQ
Provides insights into common queries about inventory management processes and tools.
What does eInvoice software do? / About eInvoice Software
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 do you need eInvoice software?
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 does eInvoice software do for your business?
eInvoice is crucial for your 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 your business operations align seamlessly with the regulations, guaranteeing smooth transactions and financial stability.
What Are the Benefits of eInvoice Software for Malaysian Businesses?
eInvoice software offers numerous benefits for businesses in Malaysia:
- Reduced Administrative Work: Automates invoicing processes, saving time for both buyers and sellers.
- Faster Payments: Ensures quicker payment cycles with real-time invoice delivery and tracking.
- Cost Savings: Lowers costs by reducing paper usage and manual processes.
- Fewer Errors: Minimizes human errors with automated data entry and validation.
- Secure Connections: Facilitates direct and secure exchanges between buyers and sellers.
- Environmental Impact: Reduces paper waste, supporting sustainable business practices.
How Does eInvoice Software Ensure Compliance with Malaysian Labor Laws?
eInvoice software typically includes features that help ensure compliance with Malaysian labor laws, such as:
- Accurate Records: Maintains detailed records of employee sales commissions and payments.
- Payroll Integration: Exports invoicing data to payroll systems for accurate salary and statutory calculations.
- Audit-Ready Reports: Generates reports aligned with labor law requirements for compliance audits.
- Updates: Ensures compliance by staying up-to-date with changes in regulations.
Is eInvoice Software Suitable for Small and Large Malaysian Businesses?
Yes, eInvoice software is scalable and flexible, making it suitable for both small businesses and large enterprises. It can be customized to handle basic or complex invoicing needs, supporting growth at any stage.
Is there any trial version?
We can install free 30 days trial version or 500 transactions whichever come first, without any obligation from you.
How many company can UBS eInvoice software support?
UBS eInvoice software supports multiple companies, allowing users to manage several entities within the same system using a single license.
Is the software license lifetime?
Software license is valid for lifetime but bear in mind that some old UBS versions may not compatible with new MS Window version.
What is Access Cover (Sage Cover)?
Optional yearly Access Cover subscription is for user to enjoy free upgrade and other benefits. 1st year Access Cover is free.
What if I do not renew Access Cover?
If you do not renew Access Cover, you still can use the software existing version forever without upgrade.
What do you mean by single user?
Single User can only be installed to one PC or laptop. You can purchase additional concurrent user for Local Network User.
Does UBS eInvoice support cloud?
Yes, UBS eInvoice supports cloud-based operations, allowing users to access invoices anytime, manage data securely, and collaborate remotely through an internet connection.
What is a mobile license?
Free mobile license for valid Access Cover allows user to temporary transfer license from office PC to home laptop or vice versa.
What is an eInvoice in UBS eInvoice software?
An eInvoice is a digital version of a traditional invoice, generated, sent, and received electronically through UBS eInvoice software, ensuring faster processing, reduced errors, and seamless integration with accounting systems.
Do you provide training and assistance whenever we encounter issues?
We do provide on-site or online training by experience consultant and support maintenance contract for a fee.
Can I transfer license to another PC or laptop?
You can transfer license from one PC or laptop to another in 2 ways namely:-
a. De-activate exiting PC and re-activate new PC anytime by yourself within minutes if existing PC still intact.
b. Re-issue license with filled-in form forwarded to our principal to manually de-activate license within 4 office hours.
Both methods entitle free 3 times per year for valid Access Cover and one time for expired Access Cover less than 4 years. Admin charges will be impose for additional transfer. Access Cover expired more than 4 years require upgrade with a fee to transfer license.