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KeiL is designed to seamlessly integrate with your existing finance systems to enable the transmission and receipt of electronic finance documents from your partners and stakeholders in supply chain. Further, it elegantly encompasses the seamless interface with the Inland Revenue Board Malaysia for the validation of finance documents under Malaysia's e-Invoicing initiative.
e-Invoice is a digital approach to invoicing that streamlines the creation, submission, validation, and archiving of invoices electronically. e-Invoicing replaces paper or softcopy documents such as invoices, credit notes and debit notes with an electronically generated document that can be viewed as an electronic document online or downloaded in a pdf format. An e-Invoice contains the same essential information as a traditional document, for example, supplier's and buyer's details, item description, quantity, price excluding tax, tax and total amount, which records data for daily business operations.
As Malaysia introduces e-Invoicing in 2024, businesses need to prepare for this significant shift in their invoicing paradigm. The lead agency for e-Invoicing in Malaysia is the tax body itself called Inland Revenue Board Malaysia (“IRBM”). The objective of Malaysia's e-Invoicing mandate is to optimise invoicing procedures, increase compliance to regulations and improve overall operational efficiency within the corporate sector. e-Invoicing promises increased efficiency, transparency and compliance in the world of taxation, ultimately benefitting businesses and the nation's economy.
Malaysian businesses will be required to comply with the e-Invoicing guidelines set by IRBM and to be continuously alert of any statutory changes and key implementation dates to ensure smooth change management transition. Active collaboration with a software automation solution provider, like Kollect Systems, will provide continuous process improvements and help achieve compliance.
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Once an invoice is submitted, IRBM will assign a unique identifier and QR code to each document as part of its validation framework. Both the sender (supplier) and the recipient (Buyer) will receive notification from IRBM upon successful validation. Subsequently, the Supplier must deliver the validated document to the buyer through their chosen channels.
Summary of e-Invoices
submitted
Buyer (Customer)
e-Invoices Details
Supplier's
Information
Track & Monitoring the Status of the e-Invoices Submitted to LHDN
Monitor exceptions and errors codes of e-Invoices to & from LHDN
Automated notifications and emails to Buyers on the Status of the e-Invoices
Automated notifications and emails to Supplier on the Status of the e-Invoices
View various Reports of information that is sorted and filtered
Kollect’s deep expertise in the Invoice to Cash (I2C), Payments, Collections, Debt Recovery and Legal automation ensures that the transition to e-Invoicing is executed properly. Fully aware of all local technical and legal regulations of e-Invoicing in Malaysia, Kollect helps companies to process e-Invoices to comply with all statutory specifications, without disrupting internal operations of businesses
Kollect Systems is an innovative tech platform provider with BankTech and FinTech software solutions which leverage AI based decisioning and workflow technologies to help lenders perform Debt Collections & Recovery (BankTech) processes effectively and for mid-size to large scale enterprise companies (FinTech), to automate Receivables, e-Invoicing & Payments better. Kollect Decube is an online platform to manage Data governance, compliance, lineage, data catalog and data observability for managing the Data Assets of an organization.
