SMEs face huge challenges in implementing e-invoicingE-invoicing has quickly become a pressing concern for business owners, with even well-established companies facing significant hurdles. Feedback from the ground reveals that large companies, those with annual revenues exceeding RM100 million in the first phase of e-invoice implementation, are struggling to integrate new systems with their existing processes — a task more complex than anticipated.
In response, the Inland Revenue Board has granted a six-month grace period following the Aug 1 deadline. It's crucial to understand that this is not a postponement, but rather a grace period designed to ensure a smoother transition. Businesses are still required to comply with e-invoicing mandates during this period.
This adjustment phase, aligning with the compulsory roll-out of e-invoicing, allows all businesses to consolidate their transactions into a single e-invoice. However, this shift also brings to the surface some considerable challenges, as the adoption of e-invoicing requires significant updates to accounting systems to integrate with the MyInvois portal, extensive training of operational staff and revisions of operational procedures.