Times are changing, and it will continue to! Businesses don’t work the same way now as it used to a decade ago. Hoping on to the update is the key for any business to survive in this competitive environment. Things that were manual a few years ago are being digitized now and one of such things is ‘billing & payments’.

A huge amount of time and effort that went into billing back then has been halved now with the introduction of electronic invoices or digital invoices.

E-invoice and why?

As many of you know, the electronic invoice or digital invoice, as the name suggests, is a paperless invoice.

It is crucial for all businesses to have electronic billing to plug the gaps in payment reconciliation and to prevent fraudulent transactions which will in turn increase the tax revenue of the country.

To emphasize on the importance of e-invoice, Malaysian Government has decided to mandate e-invoice for SMEs

E-Invoice Mandate by Malaysian Government

“Malaysian Government to mandate e-invoice for businesses from 2024. For those that have an annual turnover of RM100 million & above, e-invoice will be mandated from AUGUST 2024 and for those that have an annual turnover between RM25- 100 million, it will be mandated from JANUARY 2025″

Benefits of switching to e-invoice

E-invoice with its real-time tracking advantage is meant to steer businesses clear of any reconciliation errors that might stand in the way of legal and financial process.

Some of the highlightable advantages of e-invoice include

Cost Savings

E-invoicing eliminates the need for paper, printing, postage, and manual processing, leading to significant cost reductions in invoice handling. 

Reduced errors and improved efficiency

Electronic invoicing streamlines the entire invoicing process, by automating repetitive tasks thereby, reducing errors, and enabling faster processing times.

Faster Payments

E-invoice can be delivered instantly, accelerating the payment cycle and improving cash flow for businesses.

Enhanced Security

Electronic invoicing platforms often offer advanced security features such as encryption, digital signatures, and secure transmission protocols, ensuring the integrity and confidentiality of invoice data.

Improved Tracking and Visibility

E-invoicing provides real-time tracking and visibility into the invoicing process, enabling businesses to monitor invoice status, track payments, and identify bottlenecks more effectively.

Compliance and Auditability

E-invoicing solutions can help businesses comply with tax regulations and audit requirements by maintaining accurate and detailed records of invoice transactions.

Environmental Sustainability

By reducing paper consumption and eliminating the need for physical transportation, e-invoicing contributes to environmental sustainability and reduces the carbon footprint of invoicing processes.

Better Supplier Relationships

Faster processing times, fewer errors, and improved communication through e-invoicing can enhance relationships with suppliers by fostering trust and reliability. 

Scalability and Flexibility

E-invoicing solutions can easily scale to accommodate growing business needs and adapt to changing regulatory requirements, offering flexibility and scalability for businesses of all sizes.

How easy is to create an e-invoice with RinggitPay

All you have to do is.. Fill in the details, save and publish and share.

For those of you wondering if the transition from traditional invoice to e-invoice is going to be a tedious process, RinggitPay would like to tell you, it doesn’t take more than a minute to create invoice. Create e-invoice in the easiest way possible and share via email or any messaging channels using RinggitPay.

RinggitPay provides you the option to create an individual e-invoice as well as create bulk invoice

You can also set automated payment reminders while generating the invoice on RinggitPay.

Switch to e-invoice

 

RinggitPay provides an invoice dashboard which will help you keep track of the invoices. You can check the status of all the invoices here.

Businesses that adapt to smart ways to save time & money, are the businesses that sustain and succeed. Whether you have a start-up or an MNC, it is time to stay ahead of the curve. Switch to e-invoicing today with RinggitPay- The ultimate payment platform for businesses in Malaysia.

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