Choosing accounting software is only part of being ready for e-Invoice. What matters is whether the business's whole process can produce complete and accurate e-Invoices, deal with exceptions and keep proper records. Before assessing any system, it helps to confirm whether and when e-Invoice applies to the business, using HASiL's implementation timeline.
Process, data and exceptions
HASiL's e-Invoice guidelines describe two ways of submitting e-Invoices, through the MyInvois Portal or through an API, with each document validated by HASiL and separate workflows for rejection and cancellation. Submission and validation do not replace a review of the underlying transaction facts. Missing mandatory details can cause a submission to fail; a document that passes validation can still require review for accounting or tax treatment. Check the quality and ownership of customer, supplier and item records as part of readiness. Someone also needs to own validation failures and corrections, so that a rejected document does not go unnoticed.
Questions for a vendor
When comparing systems or implementation proposals, useful questions include how updates are delivered when HASiL's guidelines change, how rejected or failed submissions are reported, and how e-Invoice records reconcile to the accounting records. The Companies Act 2016 requires accounting and other records to be retained for seven years, so retention also needs to be considered. For a business with modest volumes, the MyInvois Portal may be sufficient without replacing the accounting system.
For related reading, see our articles on confirming your applicable e-Invoice phase and e-Invoice readiness after go-live.
Saifudin & Co’s role described here is advice on finance processes, reporting requirements and reconciliations. Software configuration, integration and deployment require a separate implementation scope.
This article is general information only. Requirements depend on each business's circumstances; please refer to HASiL's official e-Invoice guidance, and see Saifudin & Co's accounting and financial reporting services if you would like assistance.
For software implementation and business-process automation, see SNCO Consulting’s technology services.