New Era: Malaysia Implementation All-in-one POS and E-invoicing System
In today’s fast-paced F&B industry in Penang, efficiency isn’t just a preference; it’s a prerequisite for survival. To follow the era by integrating an all-in-one POS (point of sale) system with e-invoicing, particularly in conjunction with LHDNM.
What is E-Invoicing?
E-invoicing is digital record of transaction between business and government also seller and buyer entities to submit for LHDNM. Restaurant own a smart E-invoicing POS system is no longer a luxury—it’s a necessity.
Implementation E-Invoice Timeline
In case you missed it, implement new e-invoicing start in August 2024. This restaurant e-invoicing POS system will replace traditional paper to electronic formats. Significantly reduce manual errors, simplify billing and ensure compliance with Malaysia tax regulations.
The implementation of E-Invoicing will be conducted in phases, with specific dates targeted for different tiers of taxpayers:
- August 1, 2024: Starts with the taxpayers with an annual turnover or revenue of more than RM100 million.
- January 1, 2025: Expands to companies that have an annual turnover or revenue over than RM 25,000,000 up to RM 100,000,000.
- July 1, 2025: E-Invoicing becomes applicable to all taxpayers, marking it compulsory for every entity.
Advantage of E-Invoicing POS System in Malaysia
Streamlined Workflow and Reduced Errors
E-invoicing reduces paper invoices factors as a method of sending and receiving invoices. By using LHDNM and FeedMe POS, restaurants are able to automatically create and submit invoices to LHDNM and other collaborators.
For restaurants and cafes that deal with high volumes of transactions daily, this integration ensures that each transaction is accurately recorded, and invoices are automatically generated, saving valuable time and resources.
Compliance with Tax Regulation LHDNM
In Malaysia, businesses are required to comply with GST (Goods and Services Tax) regulations, which accurate records facilitate tax reporting and audits, ensures that you avoid the potential penalties.
Real-Time Tracking and Data Reporting
With iCafe’s POS system, e-invoicing offers real-time invoice status tracking. Restaurant and cafe in Penang gain visibility into invoice sending, receipt, and processing. Transparency empowers proactive financial management and secure data transmission.
iCafe Solutions offer e-invoicing POS system that cater specifically to the needs of restaurant and cafe also hawker stall, food court in Penang. Request a free demo of FeedMe e-invoice POS system, contact us today.
