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How E-Invoice Works in AutoCount Software?

In today’s digital world, many businesses are using electronic invoicing (e-Invoice) to make invoicing easier and save paper. AutoCount’s e-Invoice Solution helps businesses do this smoothly. The Malaysian government has made rules that businesses must use e-invoices to modernize processes and save paper. AutoCount’s e-Invoice Solution follows these rules, making it easy for businesses to handle invoices properly and meet government requirements. It includes the AutoCount e-Invoice Platform, which automatically submits invoices to the LHDN myInvois Portal. This feature makes tasks easier for businesses, streamlining the process and ensuring compliance with government regulations.

As Malaysia transitions towards mandatory e-invoicing, understanding how e-invoice works in AutoCount Accounting is crucial for businesses aiming to comply with LHDN regulations. To support this transition, AutoCount has made two major decisions:

  • Building the AutoCount E-Invoice Platform (AIP)
  • Enhancing AutoCount with Workflow Approval Functions

Read also: What is E-Invoicing?

These two functions will significantly help businesses succeed in e-invoicing.

1. AutoCount E-Invoice Platform (AIP)

The AutoCount E-Invoice Platform (AIP)  is designed to streamline e-invoicing processes, ensuring seamless integration with the LHDN MyInvois system. It acts as a centralized hub where all e-invoices are managed and stored. The AIP validates each invoice for compliance, provides secure storage, and facilitates automatic submission to LHDN. It also includes features like a retry mechanism for continuous submission attempts during system downtimes, support for various invoice types (Standard, Consolidated, and Self-Billed), and advanced security measures to protect sensitive financial data.

Key Features of AIP

a) Centralized Hub for E-Invoices: The AIP acts as a centralized hub where all e-invoices generated within the AutoCount Accounting or Cloud Accounting systems are managed and stored, simplifying the management of invoices.

b) Seamless Integration: Ensures seamless integration with the LHDN MyInvois system, enabling businesses to submit their invoices directly to LHDN, reducing errors and saving time.

c) Validation and Compliance: The AIP validates each invoice to ensure it meets the necessary regulatory requirements set by LHDN, checking for correct formatting (XML and JSON), completeness of information, and adherence to standards.

d) Intelligent Onboarding Link: Allows for easy input or revision of customer and supplier details, including TIN numbers and company information, enhancing the data collection process.

e) Retry Mechanism: In case of any downtime in the LHDN MyInvois system, the AIP queues the invoices and continuously attempts to resubmit them until they are successfully uploaded and validated by LHDN.

f) Support for Various Invoice Types: Supports multiple types of e-invoices, including Standard, Consolidated, and Self-Billed e-Invoices, catering to different business needs.

g) Enhanced Security: Uses advanced encryption techniques to safeguard sensitive financial data, ensuring that all stored and transmitted information is secure.

h) Automated Processes: Automates the generation and submission of e-invoices, reducing manual workload and enhancing operational efficiency.

Benefits of AIP

a) Efficiency: Streamlines the e-invoicing process, reducing manual effort and minimizing errors.

b) Compliance: Ensures all invoices meet LHDN standards, helping businesses stay compliant with regulatory requirements.

c) Security: Protects sensitive financial data with advanced encryption and secure storage.

d) Retry Mechanism: Guarantees that invoices are continuously attempted to be uploaded until successful, ensuring no data loss.

e) Versatility: Supports various types of e-invoices, catering to diverse business needs.

f) Automation: Enhances operational efficiency by automating the invoicing process.

g) Integration with Other Accounting Systems: The AIP serves as a middleware solution that can be integrated with other accounting systems, making it versatile and suitable for businesses using different accounting software.

2. Workflow Approval Module

The Workflow Approval Module in AutoCount Accounting is to ensures that all documents undergo thorough review and approval before submission to LHDN. This customizable workflow allows businesses to set multiple approval levels, assign reviewers, and maintain a clear audit trail. The approval process reduces errors, enhances data integrity, and ensures compliance with regulatory requirements.

Key Features of Workflow Approval Module

a) Document Creation: Users create documents, such as invoices or purchase orders, within AutoCount Accounting.

b) Customizable Approval Workflow: Allows businesses to set multiple approval levels based on their internal policies and procedures.

c) Reviewer Assignment: Designated reviewers or approvers are notified to review the document details, ensuring each document is thoroughly checked before approval.

d) Approval Process: Reviewers can approve or reject documents based on their assessment, with all actions recorded for audit purposes, providing a clear audit trail.

e) Final Approval and Submission: Approved documents are prepared for submission to the LHDN portal, ensuring compliance with regulatory requirements.

Benefits of Workflow Approval Module

a) Accuracy: Reduces errors by ensuring documents are thoroughly reviewed and approved before submission.

b) Compliance: Ensures documents meet regulatory standards, helping businesses stay compliant with LHDN requirements.

c) Transparency: Provides a clear audit trail of all actions taken during the document approval process, enhancing transparency and accountability.

d) Operational Efficiency: Reduces administrative workload by automating the approval process, allowing businesses to focus on core activities.

Conclusion

AutoCount is the Best Solution for E-Invoicing in Malaysia

AutoCount Accounting’s e-invoicing solutions, including the AutoCount E-Invoice Platform (AIP) and Workflow Approval Module, provide businesses with a comprehensive, efficient, and secure way to manage their invoicing processes. By leveraging these tools, businesses can ensure compliance with regulatory requirements, enhance operational efficiency, and safeguard sensitive financial data. AutoCount’s robust features, such as seamless LHDN integration, intelligent onboarding, retry mechanisms, and advanced security measures, make it the best solution for e-invoicing in Malaysia. Furthermore, the AIP’s ability to integrate with other accounting systems makes it a versatile choice for businesses of all sizes. As Malaysia moves towards mandatory e-invoicing, integrating these solutions into your accounting practices will be crucial for maintaining compliance and achieving a smoother, more streamlined workflow.e features of implementing the e-invoice in AutoCount Software

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