Taxilla e-Invoicing: Participate in IRBM pilot project

As per IRBM guidelines Commencing from August 2024, eInvoice becomes mandatory for companies with revenues exceeding RM 100 million This requirement applies to both B2B and B2C transactions. The B2B sector will adopt a continuous transaction control model, while the B2C sector will follow a reporting model.

Large taxpayers should opt for integrating with IRBM APIs for better operational efficiency. It is very important for companies to evaluate whether to build an inhouse solution or to procure solution from ERP providers or to integrate with middleware like Taxilla.

Based on the guidelines published by IRBM the solution must have capabilities to digitally sign the invoice, calculate hash, calculate regular invoice to e-Invoice based on demand, receive notification from IRBM and generate consolidated e-invoice at the end of month are generally by default not available in ERP or Accounting Systems and requires considerable amount of time for implementation and maintenance. So, it is advisable to go with third party SaaS based e-Invoice service providers to comply with IRBM requirements. Taxilla offers e-Invoicing solution in Malaysia which is IRBM compliant and has following advantages when compared to developing in house solution or using extensions provided by ERP or accounting system.

Reduced Implementation and Maintenance Cost:

In house development of e-Invoicing solution requires considerable resource diversion and the entire development and testing may take considerable time and effort. If you have multiple ERPs or accounting systems, then the efforts will be multiplied for each system. Taxilla?s e-Invoice solution requires only 5-7 working days for each source system to integrate with our solution and become compliant.

In house development involves higher upfront cost. Purchasing extensions provided by ERP or accounting software involves high licensing costs. With Taxilla?s e-Invoice the initial investment will drastically come down and you pay as you use the system.

Minimum impact on the source system:

IRBM requires e-Invoice XML/JSON to be generated. Generating IRBM mandated XML/JSON within ERP or accounting system will have huge impact of the existing data structure. Also, when taxpayer need to generate high volume of invoices it will have huge performance impact on the business system. Taxilla accepts data in source friendly format and operates on ELT model where data is first loaded to Taxilla system and then transformed to IRBM mandated XML/JSON.

Easy to integrate with multiple source systems:

Taxilla?s EGS supports various integration options like API and sFTP. It also supports file upload and manual entry options. Data can be aggregated or segregated from different sources based on the business requirement and generate e-Invoice accordingly.

Advanced Collaboration Features:

Taxilla provides advanced collaboration features, allowing your customers to request e-invoices effortlessly. Automation streamlines the process by sending links to users, converting regular invoices to e-Invoices with ease.

Zero Non-Compliant Risk:

e-Invoicing regulations are bound to change frequently, and your solutions needs to be updated with the latest changes on time to stay compliant. Taxilla?s low code platform ensures rapid change management by effortlessly updating the solution and keeping it compliant with minimum additional costs.

Advanced Data Qualification:

IRBM will validate e-Invoice against 100+ validations. Submitting e-invoice without making sure it is compliant will lead to rejection, high operational cost and process inefficiency. Taxilla?s rules engine pre-validates the e-Invoice data with numerous rules mandated by ZATCA and avoid risk of submitting invalid e-Invoice.

Scalable and Extensible:

Taxilla solution is automatically scalable both horizontally and vertically as your business grows. It comes with built in extensibility to support new business line or source system with minimum efforts. Taxilla supports multi-tenant model where each tenant can process their e-Invoices separately.

Fail-Safe Auto-Submission:

Taxilla's auto-submission feature ensures continuity in case of submission failures to IRBM, minimizing manual intervention and maintaining operational efficiency.

Secure data archival:

Taxilla employs advanced encryption technologies for secure data storage, ensuring that archived data is tamper-proof and available for retrieval at any point for auditing purposes.

Intelligent Dashboarding and Reconciliations:

Unlike traditional ERP systems, Taxilla? provides dashboard with actionable insights from regulatory data and advanced reconciliation to automate the entire process.

Taxilla's e-Invoicing solution emerges as the intelligent middleware of choice for Malaysian businesses, offering compliance with IRBM guidelines, cost-effectiveness, minimal impact on source systems, and a range of advanced features. Embrace the future of e-Invoicing with Taxilla for a seamless and efficient transition.