Top 6 Best E-Invoice Cloud Accounting Software in Malaysia
What is an e-invoice in Malaysia?
An e-invoice is an electronic bill or documents bill to ease buyer-supplier transactions. It is a replacement for paper-based invoices. The Inland Revenue Board of Malaysia (IRBM) regulates the e-invoices. They streamline invoicing and are less prone to errors.
All e-invoices have important transaction details. It has seller and buyer data, item descriptions, and prices. Each invoice also has a separate identification number and QR code to validate.
Implementation of e-invoicing begins on August 1, 2024.
The initiative targets businesses with large turnovers on an annual basis. All businesses are required to eventually comply by January 1, 2026. This transition aims to streamline efficiency and promote Malaysia’s digital economy.
How does e-invoice work?
In the Malaysian accounting system, e-invoicing is applied to make payments between buyers and suppliers via an online platform. This occurs in real time, making instantaneous verification and registration via the government portal.
Key Components of e-Invoices:
- An e-invoice consists of 55 fields containing information on the transaction.
- It includes seller data and buyer, item description, amount, price, tax, and total.
- After being authenticated, each e-invoice is assigned a Unique Identification Number (UIN) and a QR code for web validation.
Preparing an e-Invoice
- Generate the Invoice: Firms generate the invoice in their company’s ERP system using the prescribed e-invoice schema.
- Generate the Unique IRN: The IRN of a distinct 64-character is provided by the Invoice Registration Portal with each filed document.
- Generate the QR Code: The system generates a QR code with main parameters like GSTINs, invoice number, and the unique IRN.
- Back-End Processing: Once processed, the e-invoice details are posted in the GST system. It also refreshes the supplier’s GSTR-1 and buyer’s GSTR-2A/2B. Even Invoice details can feed the E-Way Bill system automatically, streamlining logistics.
For more detailed information, check on the blog -> 10 Essential Steps to Submit Consolidated E-Invoice in Xero Effortlessly
Top 6 Best E-Invoice Cloud Accounting Software for SMEs in Malaysia
1. Xero
Xero is a user-friendly cloud-based accounting e-invoice software in Malaysia for small and medium enterprises (SMEs). It simplifies financial management for Malaysian businesses. The e-invoice solution ensures seamless operations and supports business growth.
| Package/Price Range | Starter, Standard, Premium RM130 - RM330 per month Before 31 December 2025 start subscribing to Xero, users can enjoy a 50% discount for 3 years (36 months). |
| Free Trial | 30 days free trial |
| Key Feature | - Online Invoicing: It is easy to make and send bills. The e-invoicing software offers personalized templates and reminder settings. Bills can be sent anywhere, and this speeds up payment. - Bank Connections: There are over 21,000 banks connected in Xero worldwide. This feature offers automatic bank feeds and reconciliation, which assists in reducing the number of errors in data input. - Expense Management: It's straightforward to manage and send out expenses. This helps with the tracking of spending and maintaining costs under control. - Multi-Currency Accounting: Xero supports transactions in multiple currencies, including foreign currencies, which is ideal for global businesses. - Reporting and Analytics: The program provides real-time reporting. Many reports can be created in order to check if finances are in balance and make intelligent choices. |
| Security | Xero uses encryption and secure data centers to protect user data. The platform is frequently updated to provide security. Two-factor authentication offers an added level of security for sensitive data. |
| App Integration | There is a full suite of programs available with Xero in its platform. Companies can integrate many different tools depending on the circumstance, for example, websites used for online business and customer relations management programs. This allows efficiency to run so much smoother. |
| Support | There is significant product support from Xero, including product training, a user forum, and a large number of guides and templates in their knowledge base. If you want to find the easiest way to integrate Xero with your business, Amis Asia, an expert Xero gold partner, can help you with this. |
2. Bukku
Bukku is a cutting-edge cloud accounting software developed for Malaysian businesses. It helps automate bookkeeping and invoicing functions. Its users can even get real-time comments on how their business is performing. Any device can access the software, hence making it a handy option for entrepreneurs of today.
| Package/Price Range | Launch: RM0 Growth: RM59 / month Premium: RM99 / month |
| Free Trial | 30 days free trial |
| Key Feature | - Pre-filled MyInvois Profile: It is easy for users to complete company profiles for submitting e-invoices. The system indicates missing information, which makes it convenient to correct. - Standard and Consolidated Invoice Submission Options: Bukku enables standard e-invoice submissions either as a standalone or in batch. It offers consolidated e-invoice submission options for particular types of businesses to enable flexible invoicing. - Self-Billed e-Invoice Option: When there is an inability to provide an e-invoice from suppliers, users can deliver self-billed invoices without much trouble. It facilitates compliance and seamless operation. - Permanent Free Invoice Submission: Bukku differentiates itself from other systems through a permanent free invoicing facility. The fact that this is available makes it suitable for businesses of any size. |
| Security | Bukku is fully integrated with the Peppol E-Invoice network. This enables efficient sending and receiving of e-invoices between Bukku and other supported accounting software. Such integration increases the efficiency of operations. |
| App Integration | Bukku is fully integrated with the Peppol E-Invoice network. This enables efficient sending and receiving of e-invoices between Bukku and other supported accounting software. Such integration increases the efficiency of operations. |
| Support | Bukku provides comprehensive support with a live chat option. The users are provided with support at any point in time. The customer service emphasis makes it possible for users to have their experience enhanced in general. |
3. Autocount
AutoCount is an effective LHDN e-invoice software that is good for businesses in Malaysia. It simplifies accounting activities and is in line with local regulations, especially e-invoicing. With its user-friendly interface, AutoCount makes it easy for companies to control their finances anywhere.
| Package/Price Range | Lite, Basic, Plus, Pro, Accountant RM10 - RM180 / month |
| Free Trial | There is no free trial period for the software. However, users can use the software for free until one of the modules hits its transaction limit in a calendar year. This way, users can try its features without any time constraints. Users have the opportunity to test all the things thoroughly before they make any financial commitment. |
| Key Feature | - LHDN E-Invoice Compliance: AutoCount is completely compliant with LHDN e-invoice regulations. Users can prepare, submit, and process e-invoices using the software. This offers smooth reporting and compliance with local laws. - Approval Workflow for Invoices: The software has an approval workflow that enhances accuracy. Invoices must be approved by the supervisor prior to submission to LHDN. This e-invoice feature guarantees that submissions are accurate. - Consolidated and Self-Billed Invoices: AutoCount makes it easy to generate consolidated invoices for a selected period. It also offers a Quick Copy function to generate self-billed invoices. This reduces manual intervention and ensures high accuracy. - Automated Status Tracking: It is simple for users to monitor the status of their e-invoices. They can view submission dates easily. This feature keeps business owners informed about their invoice processing. - Intelligent Onboarding and Updates: The software streamlines onboarding by managing TINs and buyer details. It also updates MSIC codes and units of measure automatically from the most recent LHDN e-invoice requirements. |
| Security | AutoCount comes with an auto-backup of data to a secure cloud storage provided by Huawei Cloud. The process ensures all financial records are secure and retrievable. |
| App Integration | AutoCount integrates with the AutoCount e-Invoice Platform (AIP) for e-submissions to LHDN. This maximizes the efficiency of e-invoice production. Users will also have Peppol standard invoicing in the future, enhancing interoperability. |
| Support | AutoCount provides free customer support via online tickets and live chat. There are free online training facilities for users, which are simple to learn from. On-site services are also provided by authorized dealers. |
4. Quickbook
QuickBooks is a robust cloud accounting solution for Malaysian small businesses. It consolidates e-invoicing and accounting functions into one easy solution. With its new Sovos integration, QuickBooks provides a compliant e-invoicing solution that is compliant with LHDN regulations.
| Package/Price Range | Simple Start, Essentials, Plus, Advanced RM68 - RM247 (For the first 3 months, users can enjoy a 50% discount.) |
| Free Trial | 30 days free trial |
| Key Feature | - LHDN-Compliant E-Invoicing: QuickBooks offers an LHDN-compliant e-invoicing system. Users can easily create, send, and monitor e-invoices from the dashboard. It ensures compliance and simplifies the e-invoicing process. - Individual and Consolidated E-Invoicing: Users can easily send individual invoices or group multiple invoices for monthly submission to LHDN. It keeps companies in order. - Transparent Invoice Status Tracking: QuickBooks allows customers to track their e-invoice status at any moment in time. The dashboard provides a clear view of submission statuses, informing businesses regularly. - Automated Reminders and Follow-Ups: The software allows the automatic sending of reminders for unpaid invoices. It is time-saving and encourages timely payment from the clients. - Branded Invoicing: The clients can create professional invoices with their branding. QuickBooks provides templates with logos, colors, and custom payment details. |
| Security | QuickBooks prioritizes user security. It has 24/7 monitoring and physical security to safeguard data. It implements industry-standard encryption and secure login practices, making financial data secure. |
| App Integration | QuickBooks integrates with Sovos seamlessly for e-invoicing. This enhances compliance and efficiency. Users can connect directly with LHDN, and submissions become simpler and more accurate. |
| Support | Users have access to online resources such as training and tutorials to guide them through the software. QuickBooks also offers support through live chat and email, providing timely assistance to users. |
5. QNE AI Cloud Accounting
QNE AI Cloud Accounting is a cloud solution full of features. It is specifically designed to make finance operations simple, especially e-invoice handling. The software is compliant with Malaysian tax regulations. It also provides maximum efficiency in operations for businesses of any size.
| Package/Price Range | The price of QNE varies based on the package and modules chosen. The Starter Pack Edition starts at RM800. For more details on pricing here. |
| Free Trial | 30 days free trial |
| Key Feature | - E-Invoice Creation: Customers can generate e-invoices within the platform. Invoicing LHDN for verification involves a single click. This eliminates manual entry and minimizes errors. - Aggregated E-Invoices: Companies involved in B2C business can create aggregated e-invoices at month-end. This streamlines record-keeping and compliance. - Self-Billed E-Invoices: Purchase invoice details are uploaded automatically to self-billed e-invoices through the software. This is quite useful in large-volume transaction firms. - E-Invoice Wizard: The E-Invoice Wizard leads users step-by-step through the e-invoice module. This ensures the e-invoice implementation runs smoothly. - E-Invoice Advisor: The feature helps handle customer information with ease. Data accuracy is kept across multiple entries, and it is updated immediately. |
| Security | QNE uses industry-standard measures to store personal information and transaction history in a secure manner. While no system is completely secure, QNE uses strong measures to protect user details, including encryption and secure login practices. |
| App Integration | This software integrates with the majority of applications. Users can enjoy features like QR code scanning. The feature allows easy retrieval of tax information from buyers, and the platform integrates well with leading third-party services to provide free-flowing data transfer. |
| Support | QNE provides first-rate support through various channels. Users have a rich knowledge base to refer to. They may also open online tickets for help. Users have regular online demos to make the most of the software capabilities. |
6. Biztory
Biztory is a full cloud accounting program that is specifically tailored for small and medium-sized enterprises (SMEs). It simplifies accounting for businesses since it enables users to issue an e-invoice, make payments, and manage taxes with ease. The program is easy to operate, even for non-technical individuals.
| Package/Price Range | Plus, Growth, Pro, Elite RM890 - RM2,490 / year For Elite’s price, it is a custom price depending on the discussion with the Biztory team. |
| Free Trial | 14 days free trial |
| Key Feature | - Invoice Management: Users can create and send invoices within a matter of minutes. They can also handle quotations and process payments efficiently. - Cash Flow Management: The software helps to track sales, expenses, and overdue accounts, providing information on business performance. - Inventory Management: Users can monitor purchase expenses and stock levels. They can also generate purchase invoices directly to suppliers. - Financial Reporting: Biztory offers easy creation of necessary reports like Profit & Loss, Balance Sheet, and Tax Estimates. - E-Invoicing Automation: The application automates the invoicing system with automated sending and e-invoice validation in order to avoid errors and time wastage. |
| Security | Biztory emphasizes data protection. It has cloud-based storage with 128-bit SSL encryption. The application also provides safe backups to ensure data integrity while keeping users private. |
| App Integration | Biztory integrates easily with various applications. It integrates payment gateways like iPay88 and payroll software like Kakitangan to add overall functionality. |
| Support | Biztory offers extensive guidance via a knowledge base. Users are able to get access to articles and guides that assist them in taking care of their accounting issues effectively. |
Frequently asked question ( FAQ )
- Improved Tax Compliance
E-invoicing turns companies into tax-compliant entities. It prevents any missing information, including tax rates and identification numbers, from being included in all invoices. With e-invoicing, tax filing becomes simple, and penalties are reduced to a minimum.
- Better Supplier Relations
Errors on invoices are frequent among businesses and suppliers. E-invoicing prevents errors through the automation of data entry. Real-time monitoring of invoices by suppliers enhances supplier relationships.
- Facilitates Global Trade
In Malaysian SMEs’ growth plans, the traditional invoicing process can be a growth bottlenecks. E-invoicing has multiple languages and multiple currencies support, making it easier to do business with foreign partners.
- Customization and Scalability
E-invoices can also be customized to match a company’s brand image. The systems are scalable, and businesses can grow as they add customers.
E-billing and e-invoicing are identical but differ in application.
E-billing refers to the sending of bills to customers over the Internet. It includes the entire process from billing to payment. E-invoicing, on the other hand, only solves the problem of invoicing between companies and allows users to request e-invoice. It automates accounts payable.
E-billing is from the buyer’s perspective. It is one of the steps of the Order-to-Cash process. Conversely, e-invoicing is based on the buyer’s perspective and falls under the Order-to-Pay process. It is the disparity that enables companies to manage their financial activities better.
In Malaysia, e-invoices include some vital documents. They include credit notes, invoices, refund notes, and debit notes. Credit notes correct previous e-invoices. Debit notes record any additional charges. Refund notes record refunds given to buyers. Notably, e-invoices function for domestic and foreign transactions. This feature enhances business processes.
Yes, you can cancel an e-invoice that has been sent to the IRBM within 72 hours from the validation time. The cancellation can be done through the LHDN MyInvois Portal. If the cancellation time lapses, you will need to issue a new e-invoice, such as a debit note, credit note, or refund note, for adjustments.
Suppliers can cancel e-invoices because of discrepancies or errors. The buyer can also reject an e-invoice within the 72-hour duration. The supplier may approve the cancellation of the invoice if the buyer provides reasonable explanations.
If money is to be returned to the buyer, raise a refund note. If a mistake is made, e.g., you incorrectly enter customer details, raise a credit memo to cancel out the original invoice. Then raise a new invoice with the correct information.
Yes, your invoice data is secure when using an API solution for e-invoicing. Solutions such as the MyInvois portal deploy robust security features, such as encryption to secure data during transfer and access controls to restrain user access.
IRBM has created a process that maintains the confidentiality of information with safe data transfer and with the application of the Continuous Transaction Control (CTC) Model.
For example, Xero, the most widely used API solution, conforms to the ISO 27001 security standard and is audited on a frequent basis. It uses multiple layers of protection, including encryption and multi-factor authentication, to protect your data in the process of e-invoicing.
Book Your Free Consultation
Schedule a complimentary consultation with our experts. Let's discuss how we can optimize your financial management.