Automation: InvoiceNex eliminate manual data entry, reducing errors and speeding up the invoicing process.
Time Savings: Businesses can save significant time by automating the creation, sending, and receiving of invoices.
InvoiceNex
InvoiceNex is an e-invoicing platform designed to simplify and automate your billing processes and the submission of the invoices to IRB. Our comprehensive solution offers a range of features to streamline your operations, improve efficiency, and enhance your overall business performance.
Why choose InvoiceNex
Data Integrity: Automated data submission directly from your billing system reduces errors brought about by manual data entry.
Reduced Errors: Automation helps minimize human errors, such as incorrect amounts or missing information.
Cloud Infrastructure: Our platform can easily scale to accommodate your growing business needs.
Multitenancy: With Multitenancy support, you can run as multiple branch organizations in a single deployment.
Faster Payments: E-invoices can be sent and received more quickly, leading to faster payments.
Improved Visibility: Real-time tracking of invoice status helps businesses manage cash flow more effectively.
Audit Trails: E-invoices provide a clear audit trail, making it easier to comply with tax regulations and financial reporting requirements.
Government Initiatives: Many governments are encouraging or mandating the use of e-invoices to improve tax compliance.
Convenience: Customers can receive and view invoices electronically, eliminating the need for paper copies.
Faster Support: Online portals and self-service options can provide quicker customer support.
e-Invoice Details
An e-Invoice is a digital representation of a transaction between a supplier and a buyer. e-Invoice replaces paper or electronic documents such as invoices, credit notes, and debit notes.
An e-Invoice contains the same essential information as traditional document, for example, supplier’s and buyer’s details, item description, quantity, price excluding tax, tax, and total amount, which records transaction data for daily business operations.
The implementation of e-Invoice not only provides seamless experience to taxpayers, but it also improves business efficiency and increases tax compliance. Overall benefits include:
To facilitate transition to e-Invoice, taxpayers can select the most suitable mechanism to transmit e-Invoices to IRBM, based on their business requirements and specific situation.
There are two (2) options for the e-Invoice transmission mechanisms for taxpayers selection:
- MyInvois Portal
- A portal hosted by IRBM
- Accessible to all taxpayers at no cost
- Also accessible to taxpayers who need to issue e-Invoice where Application Programming Interface (API) connection is unavailable
- Application Programming Interface (API)
- An API is a set of programming code that enables direct data transmission between the taxpayers’ system and MyInvois system
- Requires upfront investment in technology and adjustments to taxpayers existing systems
- Ideal for large taxpayers or businesses with substantial transaction volumes
The figure below demonstrates an overview of the e-Invoice workflow from the point a sale is made or transaction is undertaken, and an e-Invoice is issued by the supplier via MyInvois Portal or API, up to the point of storing validated e-Invoices on IRBM’s database for taxpayers to view their respective historical e-Invoices.
