What is an e-invoice?

In response to the global trend of adopting e-invoicing, the Malaysian government has announced its plan to implement such a system in the country. As stated in the 2023 Pre-Budget statement by the Ministry of Finance, this initiative aims to digitize tax administration activities in Malaysia.

An e-invoice is a digital file that conforms to the format specified by the Inland Revenue Board of Malaysia (IRBM), which can be processed automatically by a related system. It serves as digital evidence of a transaction that takes place between a seller and a buyer, and it replaces traditional paper-based or other electronic documents such as invoices, credit notes, and debit notes. In addition, an e-invoice in Malaysia is required to have 53 mandatory fields containing vital information such as the seller’s and buyer’s details, item descriptions

MyInvois Implementation Timeline

Group 35625

August 2024

  • MyInvois integration becomes mandatory for taxpayers with an annual revenue of more than RM100 million.

Group 35626

January 2025

  • MyInvois integration becomes mandatory for taxpayers with an annual revenue of more than RM25 million and up to RM100 million.

Group 35627

July 2025

e-Invoicing becomes mandatory for all other taxpayers.

What is SmartFinance?

SmartFinance, developed by Syslab Technologies, serves as the intelligent middleware system bridging accounting software and the MyInvois portal. This platform serves as a centralized hub that facilitates data exchange, providing a strong foundation for effortless integration and optimized operations. SmartFinance empowers businesses with real-time data synchronization, comprehensive analytics, and proactive alerts, revolutionizing how organizations manage their financial processes.

  • Robust data analysis and reporting capabilities to facilitate well-informed decision-making.
  • Web agent for offline accounting software integration using MQTT technology.
  • Standalone application option for businesses without dedicated accounting software.
  • Real-time data synchronization between accounting software and MyInvois portal.
  • Configurable integration module for seamless connectivity with any accounting software.
  • Proactive alerts and notifications for timely action.

Possible Integration Scenarios

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Cloud-based Accounting Software Integration:

For companies that rely on cloud-based accounting software, such as QuickBooks, AutoCount Cloud, or Xero, SmartFinance provides a seamless integration solution. SmartFinance integrates with the client’s accounting software through its configurable integration module using REST API or SDK capabilities. It fetches invoices, payments, credit notes, and other relevant data, and pushes them to MyInvois in real-time. Simultaneously, SmartFinance logs responses from MyInvois, which enables comprehensive data analytics, reporting, and proactive alerts for enhanced decision-making.
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Offline Accounting Software Integration

For businesses that use offline accounting software, such as Million Accounting Software or AutoCount, SmartFinance can still be leveraged to streamline invoicing. By installing a web agent on the client’s accounting software machine, offline data can be synced with SmartFinance using MQTT technology. This web agent enables a seamless bidirectional exchange of data, ensuring the accurate and prompt transmission of invoicing data between the accounting software and MyInvois.
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Standalone Application for Billing and MyInvois Integration:

In cases where clients don’t have a dedicated accounting software solution, SmartFinance serves as a versatile standalone application. Businesses of all sizes, including SMEs, enterprises, and small F&B establishments, can leverage SmartFinance to manage their billing processes and integrate with MyInvois seamlessly. With its user-friendly interface and robust feature set, SmartFinance empowers businesses to streamline their invoicing workflows and stay compliant with regulatory requirements.

Why choose SmartFinance?

Here are some reasons why you should choose SmartFinance for MyInvois integration:

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Configurable integration module

SmartFinance offers a configurable integration module that allows you to easily connect any accounting software to MyInvois, ensuring a seamless experience.
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Real-time data synchronization

SmartFinance provides real-time data synchronization between your accounting software and MyInvois. This ensures that your data is always accurate and up-to-date & eliminates the risk of errors and delays in payments.
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Comprehensive analytics and reporting

SmartFinance offers comprehensive analytics and reporting capabilities that allow you to track your invoicing data, payments, credit notes, and more. 
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Proactive alerts and notifications

SmartFinance offers a configurable integration module that allows you to easily connect any accounting software to MyInvois, ensuring a seamless experience.
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Web agent for offline accounting software integration

SmartFinance offers a web agent that facilitates bidirectional data exchange between your offline accounting software and MyInvois. This ensures that your invoicing data is accurately transmitted between the two systems, without the need for manual intervention.

Frequently Asked Questions

Since you have a huge number of invoices to be processed every month, we highly recommend you to proceed with API integration. We can help you to integrate your accounting software with MyInvois Portal using our middleware system. Contact us for more information.

Yes, our SmartFinance system is a 100% own branded system, which also means you can have on-premises deployment. 

Of course, we will make sure to keep SmartFinance 100% compliant with LHDN’s processes.

Yes, SmartFinance has the option to integrate with offline systems as well. Using MQTT protocols we ensure to make it close to real-time integration. From your end, all we need is a secure internet connection. 🙂

Yes, it can be used as a standalone application. You can upload invoices in bulk. OR, you can use our billing system with it. This way your billing, payments, invoices, etc all automated and integrated with MyInvois. Contact us to understand better.

We understand that every business has its processes and procedures. Keeping that in mind we do offer customization services to meet your business needs.

How to proceed?

We are just a phone call away to discuss your integration needs.