eInvoicing is a crucial aspect of modern business operations, streamlining financial transactions and ensuring compliance with tax authorities. In Malaysia, businesses of varying sizes must adopt eInvoicing based on their revenue levels. In this short read, we'll explore the essentials of eInvoicing, including validation processes, unique identifiers, and compliance requirements.
- Topic:
- Finance
Setting sail on the eInvoicing journey in Malaysia prompts businesses to navigate through a myriad of questions. How does eInvoicing streamline financial transactions locally? What practical advantages does Peppol offer in the Malaysian business landscape compared to the MyInvois Portal integrated with LHDN? In this exploration, we unravel the intricacies of eInvoicing, addressing practical concerns to empower businesses in Malaysia.
Whether you prefer Peppol or direct access to the MyInvois Portal, UBS eInvoicing is available to offer support. UBS eInvoicing is a comprehensive solution designed to streamline invoicing processes, providing businesses with the flexibility to choose the platform that aligns with their unique requirements.
- Topic:
- Finance
At the heart of the dynamic Malaysian business environment, staying informed about the constantly shifting rules is crucial. The recent directives from the Inland Revenue Board of Malaysia (LHDN) are not just a one-time shake-up; they have a continuous impact, especially in electronic invoicing (eInvoicing). This article explores how these regulations impact Malaysia's business scene.
- Topic:
- Finance
The global pandemic has spurred the growth of startups globally. But, did you know that out of 10 startups, 9 fail? And that 82% of new businesses fail within the year? One of the leading reasons for this high failure rate is poor accounting practices that eventually lead to cash flow problems.
Even if you have a lot of investor money to burn through, setting up proper accounting practices is still crucial in improving your startup’s chance of success. Why? Because it helps you to make business decisions that are more in line with your business’s financial health. Read on to learn more about the basics of financial accounting and how they can help you.
- Topic:
- Finance
Accounting software is indispensable for the efficient running of businesses. In a nutshell, it helps businesses track their accounts receivables and payables in order to manage cash flow and plan taxes.
There are many accounting softwares available in the market at different price points with various pros and cons. So how do you pick a great accounting software that becomes your business ally today and in the long haul?
- Topic:
- Finance
With limited budgets, cash flow issues are usually one of the more pressing challenges small and medium-sized businesses (SMBs) face. A healthy cash flow means that businesses can pay their employees and suppliers on time, while meeting overhead costs.
For many businesses, ensuring that there’s more money coming in (accounts receivable) versus money going out (accounts payable) is a tricky balancing act. Cash flow problems have been further exacerbated by the ongoing COVID-19 pandemic, with nearly two-thirds of businesses seeing their revenue plunge by 31% on average.
So how can businesses ensure that their finances are managed properly, especially in current difficult times?
- Topic:
- Finance
Cash flow is one of the biggest challenges facing small businesses. According to a survey conducted by Small and Medium Enterprises Association Malaysia in 2023 with 500 participating SMEs, 29% of these companies have less than two months of cash reserve, despite 60% reporting an increase in revenue. So how then, does a company ensure it has a healthy cashflow? In this article, we'll share 10 tips to stay on top of your cashflow.
- Topic:
- Finance
When you start a business in Malaysia, the odds are truly stacked against you. According to a 2018 study by HR MARS, 60% of small to medium-sized Malaysian businesses fail within the first five years of operations.
There are many reasons why so many businesses fail early on. One of the key challenges they face are the financial constraints caused by keeping non-systematic accounting records. That’s why as a small business, it’s so important to ensure your accounting and bookkeeping processes are up to scratch.
Without a proper accounting system, even profitable businesses risk failure. Poor financial reporting provides a false sense of security for business owners, which can lead to cash flow problems during emergencies or unforeseen events like COVID-19.
- Topic:
- Finance
