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What Is Stock Take and Why It Matters for Businesses

Tue, 24 Mar 2026 07:22:37 GMT

Learn what stock take is, why it matters for businesses, and how modern tools can improve the process.

What Is Stock Take and Why It Matters for Businesses

Stock take is a process used by businesses to count and verify the actual quantity of inventory they hold at a specific point in time. It is a fundamental activity for retail, trading, and distribution businesses, regardless of size.

While stock take is often associated with year-end or audit periods, it plays a much broader role in ensuring accurate inventory records and smooth daily operations.

For businesses handling large numbers of products or operating across multiple locations, understanding and managing stock take effectively is critical.

The Purpose of Stock Take

At its core, stock take exists to confirm that physical stock matches recorded stock.

This process helps businesses:

Identify discrepancies between recorded and actual inventory
Detect stock losses, damages, or misplacements
Ensure accurate financial and cost reporting
Support better purchasing and replenishment decisions
Without regular and accurate stock take, inventory data becomes unreliable, which can affect sales planning, customer fulfilment, and operational confidence.

When Businesses Perform Stock Take

There is no single approach that fits every business. Stock take can be performed:

Annually, usually for audit and reporting purposes
Periodically, such as quarterly or monthly
Continuously, where small sections of stock are counted on a rolling basis

As businesses grow and handle higher transaction volumes, many move away from annual stock take alone and adopt more frequent or structured approaches.

Common Challenges Faced During Stock Take

Despite its importance, stock take is often seen as a difficult and time-consuming task.

Some common challenges include manual counting processes that require significant manpower and extended working hours. Human error is also a frequent issue, especially when data is recorded on paper or reentered into spreadsheets.

For businesses with multiple outlets or warehouses, consolidating stock take results adds another layer of complexity. Differences in counting methods and inconsistent data formats can make verification difficult.

These challenges highlight why many businesses start looking for more efficient ways to manage stock take as operations scale.

How Stock Take Has Evolved Over Time

Traditionally, stock take relied heavily on physical count sheets and manual records. While this approach is still used, it becomes less practical as product ranges expand.

Today, many businesses are moving towards digital stock take methods. Mobile devices and integrated systems help reduce duplication of work and allow counted quantities to be captured more accurately at the source.

The goal is not only speed, but also consistency and reliability of inventory data.

A Smarter Way to Handle Stock Take

The Goldsoft Stock Take App is designed to help businesses perform stock counting in a more organized and efficient way. By supporting teams with a structured approach to stock take, the app helps reduce manual recording and improves the accuracy of counted quantities.

It is suitable for businesses that regularly perform stock take and want a more practical way to record and manage their inventory counts. Instead of relying on manual lists or spreadsheets, staff can carry out stock take tasks in a more streamlined and consistent manner.

With a clearer and more structured process, businesses can complete stock take more efficiently while maintaining reliable and up to date inventory records.

Conclusion

Stock take remains an essential process that supports accurate inventory management and informed business decisions.

While traditional methods may still work for smaller operations, growing businesses often benefit from more modern and structured approaches. Understanding the fundamentals of stock take is the first step towards improving how it is performed.

With the right process and tools in place, stock take can move from being a periodic disruption to a controlled and reliable part of daily operations.

Looking for a better way to perform stock take? Discover how the Goldsoft Stock Take App can help simplify your inventory counting process by contact us at +603 2732 8833 or fill in the form below to speak with our team.

Top Inventory Management Challenges Retailers Need to Solve

Thu, 05 Mar 2026 02:57:47 GMT

Understanding the key inventory issues affecting Malaysian retailers and how to solve them.

Inventory management is one of the most critical parts of running a retail business. When it is handled well, retailers can reduce costs, avoid stock issues, and operate more efficiently. When it is not, inventory problems quickly affect sales, cash flow, and customer satisfaction.

In Malaysia, many retailers face similar inventory challenges. These issues are often caused by manual processes, limited system integration, and a lack of real-time visibility, especially for businesses operating multiple outlets or warehouses.

Below are the top inventory management challenges retailers in Malaysia need to address today.

1. Stockouts and Overstocking

One of the most common inventory problems in retail is having either too little or too much stock. Stockouts result in missed sales opportunities and dissatisfied customers, while overstocking ties up capital and increases holding costs.

Many retailers struggle with this because they rely on manual tracking, outdated reports, or rough estimations when planning purchases. Seasonal demand, promotional campaigns, and festive sales periods in Malaysia further complicate inventory planning.

Without accurate data and timely updates, retailers find it difficult to balance inventory levels across branches and warehouses.

Using a system that tracks stock movement in real time and provides sales history and demand insights helps retailers make better purchasing decisions and maintain healthier stock levels.

2. Manual Processes and Data Inaccuracy

Despite growing digital adoption, many retailers still manage inventory using spreadsheets, handwritten records, or messaging apps. These methods may work at a small scale, but they become unreliable as transaction volume increases or more outlets are added.

Manual processes often lead to:

Incorrect stock quantities
Delayed updates between outlets
Inconsistent item records
Human errors during stock take and transfers

These inaccuracies make it harder for business owners and managers to trust their inventory data. When information is not reliable, decisions related to purchasing, pricing, and promotions become risky.

Automation, standardized workflows, and barcode scanning help reduce errors and ensure inventory records remain accurate across all locations.

3. Lack of Visibility Across Branches and Warehouses

Many Malaysian retailers operate multiple stores, warehouses, or sales channels. Without a centralized system, getting a complete view of inventory becomes a challenge.

Retailers often face issues such as not knowing which branch has available stock, delays in stock transfers, and difficulty fulfilling online or inter-branch orders. This lack of visibility slows down decision-making and increases operational inefficiencies.

A centralized inventory system allows retailers to monitor stock levels across all branches and warehouses in one place. With better visibility, businesses can optimize stock distribution, reduce unnecessary transfers, and respond faster to customer demand.

How Goldsoft Helps Retailers Overcome These Challenges

Retailers need a system that supports accurate, real-time inventory management across multiple locations. Goldsoft’s ERP system is designed to help businesses strengthen their stock control and reduce operational issues.

Goldsoft provides:

Centralized stock control for all branches and warehouses
Real-time updates across POS, purchases, warehouse, and transfers
Barcode and mobile tools for stock take, receiving, and picking
Multi-branch visibility to support fast and accurate decision-making
Comprehensive reports covering best sellers, slow movers, stock aging, and branch comparison
Support for consignment, eCommerce fulfillment, and warehouse operations

By improving visibility, reducing manual work, and streamlining processes, retailers can manage inventory more efficiently and ensure they always have the right stock at the right time

Conclusion

Inventory challenges are common, but they do not have to limit business growth. By addressing stock balance issues, improving data accuracy, and strengthening visibility across outlets, retailers can operate with greater confidence and efficiency.

Goldsoft JERP helps retailers in Malaysia centralize inventory management across branches and warehouses, enabling real-time control and supporting long-term business scalability. Contact us at 03-2732 8833 or fill up the form below to schedule a demo with us.

SST Malaysia Updates in 2026: What Businesses Need to Know

Mon, 26 Jan 2026 07:59:51 GMT

Understanding the latest SST changes and what they mean for Malaysian businesses.

Malaysia’s Sales and Service Tax (SST) framework continues to evolve as the government balances cost pressures on businesses while protecting consumers from inflation. The latest SST updates introduce several important changes that directly impact SMEs, manufacturers, construction players, and property-related businesses.

Here is a clear breakdown of what has changed and what it means for your business.

1. Service Tax Reduction for Rental Services

Effective from 1 January 2026 , the service tax rate for rental and leasing services has been reduced from 8% to 6% . In addition to the rate reduction, the exemption threshold for Small and Medium Enterprises (SMEs) has been increased from RM1 million to RM1.5 million . Newly registered SMEs will also benefit from a one-year exemption from service tax on rental services.

From a business perspective, rental expenses are often a fixed and recurring cost. This reduction provides some relief for businesses operating from rented offices, retail outlets, or warehouses, and can help improve cash flow planning, particularly for companies managing more than one location.

2. Sales Tax Exemption on Key Agricultural and Livestock Inputs

Starting 1 January 2026 , sales tax exemptions will apply to selected essential inputs used in agriculture and livestock activities, including animal feed, fertilizers, and pesticides .

These exemptions are intended to reduce cost pressures within the food production supply chain. For businesses involved in manufacturing, distribution, or related support activities, lower input costs can contribute to more stable pricing and reduce the likelihood of passing downstream cost increases on to consumers.

3. Extended Construction Service Tax Exemption

The government has also extended the existing service tax exemption for construction services under specific conditions. This extension applies to construction contracts signed before 1 July 2025 that do not include reviewable clauses. The exemption period has now been extended until 30 June 2027 , providing a total exemption period of two years .

For construction and property-related businesses, this extension offers greater certainty for ongoing projects. With service tax costs remaining unchanged for eligible contracts, businesses can better manage project budgeting and reduce the risk of cost adjustments midway through execution.

4. Service Tax Exemption for Places of Worship

Effective from 1 July 2025 , service tax exemptions apply to construction and related services for buildings used as places of worship . This includes mosques, suraus, churches, temples, and other religious or spiritual buildings.

This exemption ensures that religious and community organizations are not burdened by additional tax costs when developing or maintaining facilities intended for public and community use.

Conclusion

These latest SST updates introduce targeted relief measures across rental services, selected inputs, and specific activities, which businesses should review carefully in relation to their operations.

Navigating compliance requirements can feel complex as tax policies continue to change, especially when accuracy in invoicing and reporting becomes increasingly important. Goldsoft’s ERP system helps businesses maintain structured records, consistent reporting, and clearer product categorization, reducing the risk of errors as businesses adapt to evolving SST requirements.

Sources:

https://mof.gov.my/portal/ms/berita/siaran-media/pemakluman-dasar-dikemaskini-berhubung-cukai-jualan-dan-cukai-perkhidmatan

https://www.nst.com.my/news/nation/2026/01/1351049/service-tax-industrial-rentals-cut-6pct

Group 4 e-Invoicing Starts Soon in Malaysia

Tue, 06 Jan 2026 06:56:21 GMT

What Group 4 businesses need to know for e-invoicing in Malaysia

Update as of 5 January 2026:

LHDN has announced that the interim relaxation (grace) period for Group 4 taxpayers will be extended until 31 December 2026 . During this extended relaxation period, enforcement actions will not be imposed, provided that businesses are taking steps to prepare for compliance.

This extension is intended to give affected businesses additional time to stabilise their systems, refine internal workflows, and complete necessary adjustments before full enforcement begins.

Businesses are encouraged to use this extended relaxation period to ensure their invoicing processes and systems are fully aligned with e-Invoice requirements ahead of the enforcement phase.

In less than a month, Phase 4 e‑invoice will officially begin for Group 4 businesses in Malaysia. Starting 1 January 2026 , companies with annual revenue between RM1 million and RM5 million must issue e‑invoices in line with the Inland Revenue Board of Malaysia’s (LHDN) requirements.

Momentum is already building. According to recent reports, the IRB’s e‑invoice system has reached more than 108,000 users and 735 million e-invoices issued. This shows that businesses across Malaysia are actively preparing, and Group 4 companies now have the opportunity to join this growing wave of digital compliance.

What is an e‑invoice

An e‑invoice is a structured digital invoice that records transaction details such as buyer and seller information, item descriptions, prices, taxes, and totals. Unlike a PDF or paper invoice, it is created in a standardized format that can be validated automatically by the tax authority. This ensures authenticity, reduces errors, and provides a clear audit trail for businesses.

Why e‑invoicing matters

Compliance made simple : Meet government requirements and avoid penalties.
Better accuracy : Reduce mistakes and disputes with customers.
Faster reconciliation: Real‑time validation helps streamline record‑keeping and reduces delays in matching transactions.
Paperless and eco‑friendly: Eliminate printing, storage, and physical handling — reducing waste and supporting sustainability goals.

How to prepare

1. Check your annual revenue

If your business earns between RM1 million and RM5 million, you are part of Group 4 and must begin e‑invoicing on 1 January 2026.

2. Choose your submission method

Businesses have several ways to issue e‑invoices to LHDN:

MyInvois Portal

The government provides an online portal where invoices can be entered manually or uploaded in batches. It is straightforward and suitable for businesses with very low transaction volumes, but it requires staff to handle submissions directly.

Goldsoft JERP with E‑Invoice Ready Feature

If you are already using or planning to adopt Goldsoft JERP, e‑invoices are created and transmitted to LHDN in real time. There is no need for uploads or manual processing — the system handles everything natively. This is the most seamless option for businesses that want invoicing fully integrated into their daily operations.

Goldsoft Middleware Solution

For companies that generate a steady flow of invoices, our middleware platform offers a faster, more cost‑effective path. Acting as a trusted third‑party channel, it automatically converts your invoices into the required format and submits them to LHDN. This reduces manual work, minimizes errors, and keeps your compliance process running smoothly.

3. Take advantage of the grace period

Group 4 businesses have a six‑month grace period starting 1 January 2026. During this time, you can issue a single consolidated e‑invoice per month instead of submitting each transaction individually. This gives you time to adjust your systems and processes before full enforcement begins in July 2026.

4. Start early with a provider

Partnering with Goldsoft now ensures you are ready before the deadline, with testing and onboarding handled for you.

Why Choose Goldsoft

LHDN‑approved middleware connection

Our solution connects directly with Malaysia’s official MyInvois platform, ensuring smooth submission and compliance with LHDN regulations.

Proven experience and reliability

With 28 years of experience in business systems, Goldsoft delivers trusted e-invoice solutions that support companies across all industries. Our middleware offers flexible integration and reliable compliance features that adapt to different operational needs.

Post‑sales support and training

We provide ongoing support, including user training, so your team quickly adapts and gains confidence in using the e‑invoice system.

Customizable system, built in‑house

Developed entirely by Goldsoft, our solution is highly customizable. Businesses can tailor reporting formats, dashboard views, and system integration to fit their operations smoothly.

Conclusion

Group 4 e‑invoicing is just around the corner. With the right partner, compliance can be straightforward and even beneficial for your business operations. Goldsoft provides the tools, expertise, and support to make the transition smooth and reliable. The time to act is now — let us help you prepare for Malaysia’s digital tax future.

Sources:

https://thesun.my/news/malaysia-news/malaysias-e-invoice-system-sees-735-million-issued-by-108000-taxpayers

For more information about Goldsoft e-invoice Ready ERP/ e-invoice middleware , please do not hesitate to contact Goldsoft's sales team at 03-2732 8833 or fill up the form below for enquiry.

Upcoming e-Invoice Malaysia Changes in 2026 That Businesses Must Pay Attention To

Tue, 06 Jan 2026 06:55:07 GMT

Everything you need to know about Malaysia’s new e-invoice updates starting in 2026

Update as of 5 January 2026:

This extension is intended to give affected businesses additional time to stabilise their systems, refine internal workflows, and complete necessary adjustments before full enforcement begins.

Businesses are encouraged to use this extended relaxation period to ensure their invoicing processes and systems are fully aligned with e-Invoice requirements ahead of the enforcement phase.

Malaysia’s e-invoice framework continues to evolve as the government refines implementation timelines and requirements. While many businesses are already preparing for their implementation, 2026 brings several new rules that companies should take note of, especially those dealing with high-value sales, utilities, telecommunications, and businesses below the RM1 million annual revenue threshold.

This article highlights the main updates taking effect in 2026, what they mean for your business, and how you can prepare.

1. New RM1 Million Revenue Exemption: Relief for Micro and Small Businesses

The government has announced an important update. The e-invoice exemption threshold has been raised to RM1 million in annual revenue.

This means:

Businesses with annual revenue below RM1 million are exempt from mandatory e-invoice implementation for now.
Around 200,000 additional micro and small businesses are expected to fall under this exemption.
The exemption helps reduce the burden for smaller enterprises, especially those without digital accounting systems.

Although exempt, small businesses may still consider preparing for voluntary adoption to improve recordkeeping and stay ready for future requirements.

2. No More Consolidated e-Invoices for High-Value Transactions

Starting 1 January 2026 , taxpayers across all industries can no longer issue consolidated e-invoices for any single transaction above RM10,000 .

This means:

Every transaction exceeding RM10,000 must be issued as an individual e-invoice.
You cannot combine or consolidate these high-value receipts into a consolidated e-invoice.
Businesses are expected to collect sufficient buyer details at the point of sale.

This is one of the most important operational changes for 2026 and may require businesses to adjust their checkout processes.

3. New Industries Required to Issue Per-Transaction e-Invoices

Effective 1 January 2026 , two major industries will no longer be allowed to issue consolidated e-invoices. These industries must issue an e-invoice for every individual transaction, regardless of value.

a. Electricity Providers

Applies to electricity distribution, supply, and sales
Each electricity bill must be issued as an individual e-invoice
Consolidated billing is no longer permitted

b. Telecommunication Providers

Applies to postpaid mobile plans
Internet and broadband subscriptions
Sales of telecommunication devices and equipment

This change brings greater transparency to recurring charges and device sales, ensuring every transaction moves through the e-invoice validation process.

4. New Taxpayer Group Beginning e-Invoice Submission in 2026

Businesses with annual revenue up to RM5 million are scheduled to begin e-invoice implementation starting 1 January 2026

This group covers a large segment of Malaysia’s SME sector, including retail shops, service providers, distributors, and small chains.

Interim Grace Period

Based on the latest LHDN guidance, Group 4 taxpayers are granted an interim grace period of up to one year, ending on 31 December 2026 .

This means:

Businesses should begin their adoption efforts starting from 1 January 2026.
Full enforcement starts after the grace period.
Companies are expected to progressively adjust their workflows, systems, and documentation during this time.

SMEs in this category should use 2025 and 2026 to finalize their e-invoice setup and train their teams to avoid last-minute disruptions.

Conclusion

Malaysia’s e-invoice rollout continues to expand, and 2026 marks an important step with new rules affecting high-value transactions, utilities, telco providers, and mid-sized SMEs. At the same time, the revised RM1 million exemption threshold offers relief to smaller businesses.

Whether your business is preparing for mandatory adoption or adapting to new transaction-level rules, now is the best time to:

Review your invoicing and billing workflows.
Ensure your systems are ready for per-transaction e-invoicing.
Train your team on new requirements.
Work with an approved e-invoice middleware provider for smooth compliance.

By preparing ahead, your business can transition confidently into 2026 and operate efficiently in Malaysia’s evolving digital tax environment.

To stay up to date on the latest requirements, businesses are encouraged to refer to the updated e-Invoice guidelines published on the LHDN website .

Top Operational Challenges Furniture Retailers Face and How an ERP System Solves Them

Fri, 02 Jan 2026 06:30:27 GMT

Understanding the Operational Realities of Furniture Retail and the Role of a Furniture ERP System

Furniture retail is very different from other types of retail. Unlike fast-moving consumer goods, furniture items are bulky, high-value, and often come with multiple variants such as size, material, color, and design. As a furniture business grows, managing daily operations using manual processes, spreadsheets, or basic POS systems becomes increasingly inefficient.

This is where an ERP system becomes essential. A well-designed ERP system helps furniture retailers centralize operations, improve visibility, and maintain control as the business scales.

Below are the most common operational challenges furniture retailers face and how the Goldsoft ERP system helps address them.

1. Managing Complex Inventory and Product Variants

Inventory management is one of the biggest challenges for furniture retailers. A single product may come in different sizes, colors, fabrics, or finishes. On top of that, furniture items are often slow-moving and take up significant warehouse and showroom space.

Many retailers struggle with inaccurate stock records, duplicated SKUs, and difficulty tracking which variants are available in each branch or warehouse. This often leads to overselling, stock shortages, or excess inventory that ties up cash flow.

How the Goldsoft ERP system helps

The Goldsoft ERP system centralizes inventory data across all locations in real time. Each furniture item and its variants can be managed under a structured product master, allowing retailers to track exact quantities by branch, warehouse, or showroom.

With Goldsoft ERP-driven stock control, businesses can:

Monitor stock levels accurately across multiple locations
Track slow-moving and fast-moving items
Reduce manual stock adjustments and errors
Plan restocking and purchasing more effectively

For furniture retailers, this level of visibility is critical for improving stock turnover and reducing holding costs.

2. Handling Consignment Sales and Supplier Tracking

Consignment is common in the furniture industry, especially for retailers working with multiple suppliers or designers. However, managing consignment manually is risky. Many businesses lose track of which items belong to which supplier, how many units have been sold, and what commission or settlement is required.

Without proper tracking, disputes with suppliers can occur, and financial reporting becomes inaccurate.

How the Goldsoft ERP system helps

The Goldsoft ERP system includes consignment management capabilities that allow furniture retailers to clearly separate owned stock from consignment stock. Each transaction is recorded against the correct supplier, making sales tracking and settlement more transparent.

Using the Goldsoft ERP system, retailers can:

Track consignment stock by supplier and location
Record sales accurately for commission calculation
Generate clear reports for supplier reconciliation
Reduce disputes and manual record-keeping

This creates better trust between retailers and suppliers while improving financial accuracy.

3. Fragmented Operations Between Sales, Accounting, and Reporting

Many furniture retailers rely on separate systems for POS, accounting, inventory, and reporting. While this may work initially, it quickly creates data silos as the business grows. Sales figures may not match accounting records, inventory reports may be outdated, and management may lack a clear overview of business performance.

This fragmentation slows down decision-making and increases the risk of human error.

How the Goldsoft ERP system helps

The Goldsoft ERP system integrates sales, inventory, accounting, and reporting into a single platform. Every transaction flows automatically across modules, ensuring data consistency and accuracy.

With the Goldsoft ERP system, furniture retailers can:

View real-time sales and inventory data
Generate accurate financial and operational reports
Reduce duplicate data entry across systems
Make faster, data-driven business decisions

For management teams, this unified view is essential for controlling costs, identifying trends, and planning future growth.

Why Furniture Retailers Are Moving Towards ERP Systems

As furniture businesses expand into multiple branches or manage higher-value inventory, operational complexity increases. Basic POS systems and spreadsheets are no longer sufficient to support daily operations or long-term growth.

An ERP system provides furniture retailers with the structure, visibility, and control needed to operate efficiently. From inventory management and consignment tracking to integrated accounting and reporting, ERP becomes the foundation for sustainable business growth.

At Goldsoft, our ERP system is designed to support retail businesses with complex operational needs, including furniture retailers managing multiple locations and large inventories. By centralizing operations into one platform, furniture businesses can focus less on manual processes and more on growing their brand and customer experience.

Ready to simplify furniture retail operations and gain better control over inventory and reporting? Goldsoft Furniture ERP system supports furniture retailers in managing complex operations through a single, centralized platform. Contact us at 03-2732 8833 or fill up the form below to schedule a demo with us.

What Is Optical ERP System and Why Your Business Might Need It

Tue, 25 Nov 2025 02:35:55 GMT

Streamline Optical Retail Operations with Precision and Control

Running an optical business is more complex than it seems. Behind every sale of a frame or contact lens lies a web of processes such as managing prescriptions, tracking supplier orders, maintaining stock accuracy, and coordinating between branches or optometrists.

Without the right system in place, even the most established optical store can face delays, errors, and inefficiencies that hurt both profitability and customer satisfaction. That is where Optical ERP System comes in, a centralized solution designed to simplify how optical retailers operate.

The Common Challenges in Optical Retail

Optical businesses deal with a unique set of challenges that typical retail systems cannot fully handle. Below are some of the most common problems many stores face every day.

1. Complicated Inventory Control

Frames, lenses, coatings, accessories, and contact lenses come in different sizes, colors, and prescriptions. Tracking all these manually or across disconnected systems, which often leads to stock mismatches, overselling, and inventory loss.

2. Confusing Prescription and Customer Records

Customers often return for repeat orders or eye tests, but many shops struggle to retrieve their previous prescription details, lens types, or purchase history quickly. When records are scattered or incomplete, it affects service speed and customer confidence.

3. Slow and Manual Ordering Process

From creating purchase orders to tracking supplier deliveries, the process can be slow and prone to mistakes. Delays in supplier coordination may leave your store without fast-moving items, which affects sales opportunities.

4. Difficulty Managing Multiple Branches

Optical chains face the added challenge of tracking performance across locations, maintaining consistent pricing, and ensuring each branch has the right stock levels. Without a centralized system, operations can easily become disconnected.

5. Lack of Real-Time Visibility and Insights

Without up-to-date reports and analytics, many optical retailers only discover issues after they happen. This delay makes it hard to spot best-selling frames, compare branch performance, or identify where profits are slipping.

How Goldsoft ERP System Solves These Optical Business Problems

Goldsoft ERP system brings all your store operations together on one connected platform. Instead of working in separate systems, every part of your business communicates seamlessly.

Here is how it helps overcome everyday challenges:

1. Accurate Inventory Control
All items are tracked in real time, helping you maintain accurate stock records and avoid overselling. You will always have a clear view of what is available and what needs replenishment.

2. Faster Access to Customer Records
The system allows your team to quickly retrieve customer and prescription details, improving efficiency and ensuring a smooth experience for returning customers.

3. Smarter Purchasing and Supplier Coordination
With accurate stock visibility, purchasing decisions become more precise. You can restock popular items in time, monitor supplier performance, and minimize delays in replenishment or delivery.

4. Centralized Control Across Branches
Goldsoft Optical ERP provides real-time visibility into daily operations, showing which frames sell best, how each outlet performs, and when to restock fast-moving items. These analytics empower managers to make faster, smarter business decisions.

5. Data-Driven Decisions
With organized business data, you can easily review sales trends, supplier performance, and profit margins to support informed decision-making.

6. Streamlined Operations
Goldsoft Optical ERP connects key departments in an optical business, ensuring prescriptions, sales, and stock updates flow smoothly between optometrists, front-line staff, and management. This reduces miscommunication and keeps operations running efficiently.

7. Better Financial Clarity and Compliance
Goldsoft Optical ERP maintains accurate and traceable financial records by syncing sales and payment data directly with the accounting module. This ensures consistent reporting across branches, reduces reconciliation errors, and supports compliance with Malaysia’s e-invoicing regulations.

At Goldsoft, we understand that optical retail is unlike typical retail operations. Managing prescriptions, lens inventories, and multi-branch performance requires precision, coordination, and complete visibility.

Our Optical ERP solution is purpose-built for optical chains and growing retailers, helping them centralize operations, maintain compliance, and achieve data-driven growth. Designed to handle large transaction volumes and complex inventory structures, Goldsoft ERP System delivers the scalability, control, and reliability your business needs to expand confidently across multiple locations.

Conclusion

In today’s fast-moving retail environment, relying on manual systems or disconnected tools can hold your optical business back. An Optical ERP system gives you real-time visibility, smoother operations, and smarter decision-making.

With Goldsoft Optical ERP , optical retailers can focus less on administrative work and more on what truly matters: delivering excellent service and clear vision to every customer. Contact us at 03-2732 8833 or fill up the form below to schedule a demo with us.

What’s New in Malaysia’s e-Invoice Specific Guideline Version 4.4

Fri, 12 Sep 2025 09:41:03 GMT

New rules for electricity and telecom e-invoicing in Malaysia from January 2026.

The Inland Revenue Board of Malaysia (IRBM) has released the latest update to its e-Invoice Specific Guideline—Version 4.4. While the overall framework remains largely unchanged, this version introduces a key compliance update that businesses in the utilities and telecommunications sectors must prepare for.

Key Change Effective 1 January 2026

Starting 1 January 2026, consolidated e-Invoices will no longer be permitted for the following:

• Distribution, supply or sale of electricity

• Telecommunication services related to postpaid plans, internet subscriptions, and the sale of electronic devices

This means companies in these sectors must issue individual e-Invoices for each transaction , rather than grouping multiple transactions into a single consolidated document.

Other Refinements

Appendix 5 (FAQs) has been reworded and refined for improved clarity. This enhancement helps businesses across industries—such as healthcare, construction, e-commerce, and financial services—quickly locate sector-specific guidance.

Final Note

Version 4.4 is a targeted update. The key takeaway: utilities and telecom providers should begin reviewing and adjusting their billing processes now to ensure full compliance by 1 January 2026.

For full details, businesses are encouraged to refer to the updated e-Invoice guidelines available on the LHDN website .

Need a seamless transition to e-Invoicing? Goldsoft’s e-Invoice solutions are built for compliance, scalability, and peace of mind. Let us help you stay ahead— reach out today and make Goldsoft your go-to partner for e-Invoice success.

Consolidated e-Invoice: What You Need to Know

Fri, 12 Sep 2025 06:14:38 GMT

An alternative way of e-invoicing where buyer don’t require e-invoice.

Update as of 12 September 2025:

The Inland Revenue Board of Malaysia (IRBM) has introduced additional requirements regarding consolidated e-invoices .

Effective 1 January 2026 :

Electricity service providers are not allowed to issue consolidated e-invoices for the distribution, supply, or sale of electricity.

Telecommunication businesses in relation to postpaid plan and internet subscription, and sale of electronic devices are not allowed to issue consolidated e-invoices.

Companies in these sectors should review their invoicing processes to ensure compliance before the effective date.

Recently, the implementation of e-invoicing is a significant step towards modernizing the tax system and enhancing compliance in Malaysia. At the time of publication, phase 1 of e-invoicing is currently ongoing with many of the Group 1 companies (annual sales turnover > RM100 million) starting to utilize the e-invoicing system. In contrast, Group 2 and Group 3 will soon join the e-invoicing in the following year. Before we dive into this topic, it is highly recommended to read our previous blog posts below to understand the fundamental of e-invoicing.

What is Consolidated e-Invoice?

Normally, suppliers will issue individual e-invoice after each transaction and shares it to IRBM for validation. But what if the buyer doesn’t require an e-invoice?

That is where suppliers should create a consolidated e-invoice when the buyer doesn't need an e-invoice following a transaction. In such cases, the supplier provides standard receipts, bills, or invoices to the buyer. Subsequently, the supplier combines all these documents into a single consolidated e-invoice , which must be submitted to the Inland Revenue Board of Malaysia (IRBM) for validation within 7 calendar days after the end of the month.

However, with the recent announcement of the 6-month grace period, all activities and businesses are allowed to only issue consolidated e-invoices without issuing an e-invoice for each transaction from the date of mandatory implementation.

How to issue consolidated e-invoice?

The process of issuing consolidated e-invoice is similar to the standard e-invoice procedure with the key difference being that the validated e-Invoice serves as the supplier's proof of income and does not need to be shared with the buyer.

Step 1: The supplier should first confirm with the buyers whether an e-invoice is necessary.

Step 2: If the buyers indicate that an e-invoice is not needed , the supplier should continue providing receipts to them .

Step 3: Within 7 calendar days after the month's end , the supplier should gather all the receipts issued during the previous month and create a consolidated e-Invoice to document the supplier's income.

Step 4: The supplier must issue the consolidated e-invoice according to the Buyer Details in Consolidated e-Invoice in the table below. After that, IRBM will notify the supplier once the e-invoice has been validated.

Buyer Details in Consolidated e-Invoice

(a) Summary of all receipts is presented as a single line item

(b) Summary of the receipt list is displayed as line items , with each line representing a continuous sequence of receipt numbers . If there is a break in the sequence, the subsequent series of receipt numbers will be listed as a new line item.

What parties are not allowed to issue consolidated e-invoice?

Currently these activities or transactions of industries where consolidated e-invoice are not allowed to issued and required to issue e-invoice for every transaction.

(NEW) All industries : Any single transaction with a value exceeding RM10,000, which must be issued as an individual e-invoice even if the buyer does not require one. (Effective starting 1 January 2026)

(NEW) Electricity: Distribution, supply or sale of electricity. (Effective starting 1 January 2026)

(NEW) Telecommunication: Telecommunication services in relation to postpaid plan and internet subscription, and sale of electronic devices. (Effective starting 1 January 2026)

Automotive Industry: The sale of any type of motor vehicle that is powered by a mechanism within itself and designed or modified for use on roads, including trailers.

Aviation: The sale of airline tickets and private charter services.

Luxury Goods and Jewelry: Further details are still being clarified.

Construction: Contractors involved in construction projects as outlined in the Income Tax (Construction Contracts) Regulations 2007.

Licensed Betting and Gaming: Payments to winners from all betting and gaming activities, with the exception that payouts in casinos and from gaming machines are currently exempt from e-invoice requirements until further notice.

Payments to Agents, Dealers, or Distributors: Any payments made to individuals authorized by a company to serve as its agent, dealer, or distributor, who receives compensation (in cash or other forms) from the company for sales, transactions, or schemes conducted in their capacity as an agent, dealer, or distributor.

Conclusion

The introduction of the e-invoice system in Malaysia represents a significant advancement in the country’s digital transformation efforts. The implementation of consolidated e-invoice can reduce administrative burdens while simplifying the e-invoicing process. During the 6-month relaxation period, businesses may issue only consolidated e-invoices if they do not issue individual e-Invoices per transaction, as long as they comply with IRBM's relaxation guidelines.

For more detailed information, businesses are encouraged to refer to the IRBM's specific guidelines and FAQs on e-invoice implementation.

Sources:

https://www.hasil.gov.my/media/uwwehxwq/irbm-e-invoice-specific-guideline.pdf

https://www.hasil.gov.my/media/0xqitc2t/lhdnm-e-invoice-general-faqs.pdf

https://www.hasil.gov.my/media/fzagbaj2/irbm-e-invoice-guideline.pdf

For more information about Goldsoft e-invoice Ready ERP/ e-invoice middleware, please do not hesitate to contact Goldsoft's sales team at 03-2732 8833 or fill up the form below for enquiry.

Expansion of Sales & Service Tax (SST) 2025 Explained

Thu, 04 Sep 2025 09:22:51 GMT

What You Need to Know About the Latest SST Changes in 2025

Starting 1 July 2025, Malaysia has expanded the scope of its Sales and Service Tax (SST) . This move is part of the government’s efforts to strengthen fiscal sustainability under the MADANI Economy agenda. For businesses, this expansion brings new compliance requirements, updated tax rates, and broader coverage of industries. Understanding these changes is crucial to avoid unexpected costs and to remain compliant.

Key Changes in Sales Tax

The biggest impact for the retail sector comes from the expansion of Sales Tax .

Newly taxed items now include certain non-essential and luxury products such as certain imported fruits, premium seafood (e.g., salmon, king crab), essential oils, silk, artworks, and racing bicycles . These items are subject to a 5–10% sales tax .

Essential goods continue to be zero-rated . Products like rice, books, medicines, and basic building materials are not affected, ensuring no additional burden on daily necessities.

Key Changes in Service Tax

The service tax has seen the most significant expansion. A wide range of services that were previously not taxed are now included. Depending on the category, the tax is applied at 6% or 8%.

Sectors affected include:

Leasing & Rental
8% , with exemptions for residential properties, financial leasing, and B2B transactions for subletting tangible assets.
Registration is required when the total value of taxable services reaches RM1,000,000 per year.

Construction
6% , exemptions for federal or state government services and non-reviewable contracts signed before 9 June 2025.
Registration is required when the total value of taxable services reaches RM1,500,000 per year.

Financial Services
8% , applied to fee-based activities, banking, and insurance services
Registration is required when the total value of taxable services reaches RM1,000,000 per year.

Private Healthcare
6% , applies primarily to non-Malaysians
Registration is required when the total value of taxable services reaches RM1,500,000 per year.

Private Education
6% , if charges exceed RM60,000 per student per academic year.
Exemptions apply to special education schools, language centers and services for Malaysian citizens and OKU cardholders.

Imported taxable services are still included, with Malaysian recipients responsible for self-accounting.

Transition and Compliance

To help businesses adapt, the government has introduced a grace period until 31 December 2025 . During this time, any penalties such as late registration or minor filing errors will not apply if businesses show reasonable efforts towards compliance.

For businesses, key steps include:

Reviewing product and service categories to identify which goods or services now fall under the new tax scope.

Updating pricing and invoicing processes to ensure correct tax handling.

Monitoring supplier invoices to confirm accuracy.

Conclusion

The expansion of SST in Malaysia marks a significant shift in the country’s tax landscape. While essential goods remain protected, many industries will now face new compliance and pricing challenges. Businesses should start by reviewing their services, contracts, and invoicing processes to ensure alignment with the latest requirements.

Staying compliant may feel overwhelming, but the right ERP system can make the process much smoother. Goldsoft’s ERP solutions help businesses keep their invoicing, reporting, and product categorization accurate, reducing the risks of errors when adapting to the new SST framework.

Gene Martino Apparel Streamlines Retail Growth with Goldsoft Solutions

Thu, 03 Jul 2025 08:35:45 GMT

Solution Implemented:

Goldsoft JERP System
Goldsoft Retail JPOS System
JMOBILE
E-invoice Solution
CRM App

Benefits:

Tailored fit system for evolving retail needs
Stable performance with deeper business visibility
Efficiency gains in stock control and daily processes

"Continuous upgrade on the JPOS system as enhancing feature where market commonly used”

— Mr. Teh, Managing Director of Gene Martino Apparel

Find out more about the functionality in this success story:

Ready to streamline your retail operation like Gene Martino?

Contact us at 03-2732 8833 or fill in the form below to schedule a demo and see how our system can benefit your business.

Tracey Star Enhances Retail Efficiency and Visibility with Goldsoft JERP and JPOS

Thu, 03 Jul 2025 08:35:36 GMT

Solution Implemented:

Goldsoft JERP System
Goldsoft Retail JPOS System

Benefits:

Smarter sales and inventory management at scale
Reliable performance that supports daily retail operations
Improved visibility and operational efficiency

Find out more about the functionality in this success story:

Ready to streamline your retail operation like Tracey Star?

Contact us at 03-2732 8833 or fill in the form below to schedule a demo and see how our system can benefit your business.

What is ERP in Malaysia and When Do You Need It?

Wed, 02 Jul 2025 08:53:59 GMT

A practical guide to understanding ERP and identifying the right time to implement it.

In today’s fast-paced business environment, operational efficiency and seamless management are the cornerstones of success. An Enterprise Resource Planning (ERP) system has emerged as a transformative solution for businesses aiming to integrate their processes, optimize operations, and drive growth. But what exactly is ERP, and how do you know when it’s time to implement one for your business?

What is ERP

ERP, or Enterprise Resource Planning, is an integrated software solution designed to manage and automate core business processes across various departments. From inventory and sales to human resources and finance, an ERP system acts as the backbone of your business, ensuring seamless communication and unified data management.

By consolidating data into a single platform, ERP eliminates the inefficiencies caused by disconnected software systems. Whether you operate a chain of retail outlets, manage trading and distribution networks, or run a multi-branch enterprise, ERP systems provide real-time visibility into operations, optimize workflows, and support better decision-making.

Key Benefits of an ERP System

Centralized Data Management : ERP consolidates data from multiple departments into a single database. This eliminates redundancies and ensures accuracy, especially critical for growing businesses managing inventory, sales, and customer relationships management data.

Operational Efficiency : Automating repetitive tasks and streamlining workflows lead to faster processes and reduced operational costs.

Scalability : As businesses grow, ERP systems can adapt and expand to accommodate new processes, departments, or locations.

Improved Financial Oversight : With integrated accounting features, businesses can gain accurate and timely financial insights, aiding in compliance and strategic planning.

Enhanced Customer Experience : By integrating sales, inventory, and customer data, businesses can provide faster, more personalized services to their clients.

When Should You Consider an ERP System?

The decision to implement an ERP system often comes down to recognizing inefficiencies or growth opportunities in your business. Here are some signs it might be time to invest in ERP:

1. Data Disorganization

If your business relies on multiple disconnected systems to manage operations, it’s likely causing data silos, duplication, and inconsistencies. An ERP system unifies these systems, offering a single source of truth for your business data.

2. Growth Challenges

Expanding into new markets, opening additional locations, or scaling your product lines can strain existing systems. An ERP system ensures you have the infrastructure to support growth seamlessly.

3. Limited Business Insights

If generating meaningful reports for multiple outlets or gaining real-time insights into performance is a challenge, an ERP system can provide robust analytics and reporting tools to guide your decisions.

4. Inventory and Supply Chain Issues

Managing stock levels, tracking inventory, and optimizing the supply chain are critical for businesses in retail, manufacturing, and distribution. An ERP system provides real-time inventory tracking and improved supply chain visibility.

Choosing the Right ERP Provider

While features and scalability are important, choosing the right ERP provider goes beyond software capabilities. You're also selecting a long-term partner to support your business growth. That’s why evaluating the provider’s experience, reputation, and stability is just as important.

Here are a few key things to consider:

Industry Experience : An ERP provider with years of proven experience understands common challenges and can offer solutions that truly work.

Company Reputation: A provider trusted by established or well-known businesses reflects scalability and confidence.

Financial Stability: Ensure the ERP provider has a healthy, sustainable business. A financially stable provider is more likely to offer long-term support, regular updates, and uninterrupted service.

Commitment to Innovation : Ensure the ERP provider has a history of updating and improving its offerings to meet evolving business needs.

Choosing a reliable ERP provider ensures that your business has a reliable partner for the long term, giving you peace of mind and uninterrupted service.

Take the Next Step

If your business is facing challenges in efficiency, scalability, or data management, it might be time to consider an ERP system. At Goldsoft, we specialize in providing tailored ERP solutions that meet the unique needs of different businesses. Our comprehensive JERP system offers everything from inventory management to financial reporting, ensuring your business operates at its best.

Contact us today at 03-2732 8833 or fill in the form below to learn more about how our ERP system can drive your business forward.

Latest Updates on Malaysia's e-Invoice Implementation Timeline

Thu, 12 Jun 2025 09:25:43 GMT

Certain e-Invoice Implementation Has Been Delayed Until Next Year for Some Taxpayers, With Additional Clarifications for New Businesses on e-Invoice Implementation.

Update as of 6 June 2025:

The Inland Revenue Board of Malaysia (IRBM) has announced a new revision to the e-Invoice implementation timeline. The updated rollout now segments taxpayers into narrower revenue brackets:

Taxpayers with annual revenue between RM5 million and RM25 million must start e-Invoicing on 1 July 2025 .

Taxpayers with annual revenue between RM1 million and RM5 million must start e-Invoicing on 1 January 2026 .

Taxpayers with annual revenue up to RM1 million must start e-Invoicing on 1 July 2026 .

New businesses or operations starting from 2023 to 2025 with annual revenue of RM500,000 or more must start e-Invoicing on 1 July 2026 .

Taxpayers with annual income or sales below RM500,000 are temporarily exempt from e-invoicing requirements.

The six-month relaxation period still applies after each phase’s implementation date.

Businesses are advised to review their implementation plans and ensure readiness based on the revised schedule.

The Inland Revenue Board of Malaysia (IRBM) has announced crucial updates to the e-invoice implementation timeline to ensure a smoother transition for businesses of all sizes. As businesses gear up for digital invoicing, understanding these changes is essential to remain compliant and prepared for the rollout.

Updated e-Invoice Implementation Timeline

The rollout of the mandatory e-invoice system will proceed in phases, taking into account businesses' revenue thresholds. Below is the revised timeline:

Businesses with an annual turnover or revenue < RM500,000 are exempted from implementing e-invoice.

Key Considerations for Businesses

1. Revenue-Based Implementation

The revenue threshold for determining the implementation date is based on either:
2022’s audited financial statements , or
2 022’s reported revenue in the tax return
Any subsequent changes in revenue will not affect a company’s assigned e-invoice implementation date.

2. Interim Relaxation Period

To ease the transition, the government has introduced a six-month relaxation period after the mandatory implementation date for each phase. During this period:
Businesses can issue consolidated e-invoices for all transactions .
IRBM will not take prosecution action for non-compliance, provided that businesses follow the interim relaxation guidelines.

3. Early Adoption Option

Businesses that wish to implement e-invoices before their mandatory date can opt to do so voluntarily, ensuring smoother integration before the official deadline.

4. New Businesses

For new businesses or operations commencing from 2023 to 2025 with an annual turnover or revenue of at least RM500,000 , the mandatory e-Invoice implementation date is 1 July 2026 .

Final Thoughts

The e-invoice system marks a significant step towards Malaysia’s digital tax transformation, enhancing efficiency and transparency. Businesses should start preparing now to leverage the benefits of digital invoicing while ensuring compliance with IRBM regulations.

For more details, refer to the IRBM’s latest e-Invoice guidelines and stay updated with official announcements to avoid disruptions in your invoicing processes.

Phase 3 E-Invoicing Starts July 2025: What Malaysia’s SMEs Need to Know

Fri, 06 Jun 2025 06:42:44 GMT

A New Chapter Begins for Small and Medium-Sized Businesses—Here’s How to Stay Compliant

Malaysia’s digital tax infrastructure is evolving quickly. Beginning July 1, 2025 , the e-invoicing mandate will apply to thousands more businesses nationwide. Phase 3 of the Inland Revenue Board of Malaysia (IRBM)’s e-Invoicing Initiative targets small and medium enterprises (SMEs) , marking a pivotal shift in how everyday businesses handle invoicing, taxation, and recordkeeping.

If your annual turnover falls between RM5 million and RM25 million , this phase is for you—and it’s time to get ready. In this guide, we’ll cover what Phase 3 means for your business, how to prepare, and how Goldsoft’s e-invoice solution can help you transition smoothly.

Who Must Comply in Phase 3?

Starting 1 July 2025 , e-invoicing will become mandatory for:

Taxpayers with annual revenue between RM5 million and RM25 million , based on financial data from 2022 .

Unlike previous phases that targeted large or medium enterprises, Phase 3 includes a broader range of SMEs—many of which are moving to digital invoicing for the first time.

Once assigned a start date, your obligation remains even if your turnover changes in later years.

How Your Business Should Prepare

This phase is new to many smaller companies. You don’t need advanced systems, but you do need a clear plan.

1. Check if Your Business Is Included
Check if your business meets the revenue threshold and confirm your mandatory start date.

2. Choose the Right e-Invoice Mechanism
There are different methods businesses can use to submit e-invoices. Each method offers different features, and choosing the right one depends on your current setup.

Middleware Solution

This is the simplest and most cost-effective method for most businesses. Goldsoft Middleware serves as a government-approved third-party platform that converts documents to standard specifications and submits them to LHDN.

Ideal for companies that generate moderate to large transaction volumes and need to streamline their submission process.

E-Invoice Ready ERP Solution

If you’re using Goldsoft JERP , e-invoices are generated automatically and sent to LHDN in real-time —no uploads or manual processing required.

Ideal for companies already using or planning to adopt Goldsoft JERP system that supports e-invoicing natively

MyInvois Portal

This is LHDN’s official online platform for manual entry and batch uploads. It is most suitable for businesses with very low invoice volumes or those without any accounting software.

While accessible, this method may not be practical for businesses that process many invoices daily, as it requires more manual work.

3. Tra in Your Team

Make sure your team understands the basics of the e-invoicing process. This includes knowing how to handle buyer requests, check validation statuses, and manage submission errors.

Alternatively, you can also use the MyInvois Sandbox —a test environment provided by LHDN that lets you simulate e-invoicing processes.

4. Start E-Invoicing

Start your e-invoicing initiative by 1 July 2025. It is important to note that LHDN has provided a grace period for Phase 3 businesses from 1 July to 31 December 2025.

How Goldsoft Makes Compliance Simple

Whether you’re using a basic accounting tool or running an ERP system, Goldsoft provides scalable e-invoicing solutions tailored for different kinds of businesses:

✅ Support for API Integration
Businesses looking for automation can integrate directly with our e-invoice middleware through API, reducing manual work and speeding up submission.

✅ Custom Features Available
Our solution supports additional customization features like automated emails, custom print outputs, and more—built to match your business workflows.

✅ Support Most Business Scenarios
Handles all major e-invoices types, including B2B, B2C, self-billed, credit notes, debit notes, refunds, and consolidated invoices.

✅ Real-Time Dashboard
Monitor your invoice submissions, validation statuses, and errors in one place through a simple and intuitive dashboard.

✅ Affordable & Fast Deployment
Designed for fast deployment and cost-effectiveness, suitable for all kinds of business.

Final Thoughts

Phase 3 marks a major milestone for small and medium-sized businesses in Malaysia. With the right tools and a proactive approach, e-invoicing doesn’t have to be overwhelming—it can be a gateway to modern, efficient business operations.

If your business is part of this next wave, the time to act is now.

What is Self-Checkout Kiosk & Why You Might Need It

Fri, 21 Mar 2025 03:26:56 GMT

Enhance Customer Experience with Modern Checkout Solution

The way customers shop is changing, and businesses must adapt to keep up with evolving expectations. One of the biggest transformations in retail today is the adoption of self-checkout kiosks. Designed to enhance efficiency and convenience, self-checkout kiosks provide a modern alternative to traditional cashier-assisted transactions, ensuring a smoother shopping experience for both customers and store operators.

What is Self-Checkout Kiosk

A self-checkout kiosk is a self-service system that enables customers to scan, bag, and pay for their purchases without needing assistance from store staff. Found in various retail environments, from supermarkets to convenience stores and specialty shops, these kiosks streamline the checkout process and reduce long lines.

At Goldsoft, our self-checkout kiosks cater to different business needs, providing a modern checkout solution that enhances customer flow and speeds up transactions. Whether you operate a retail store with moderate foot traffic or a high-volume supermarket, our flexible kiosk solutions help you manage checkout more efficiently.

Why Do You Need a Self-Checkout Kiosk?

Retailers are constantly looking for ways to improve efficiency and customer satisfaction. Implementing a self-checkout kiosk can provide several key advantages:

Reduced Checkout Time: Long queues can drive customers away. Our self-checkout kiosks help reduce wait times, ensuring a seamless experience.

Operational Flexibility: Free up staff from checkout duties, allowing them to focus on customer service and other critical tasks.

Customer Convenience: Give shoppers the option to complete their purchases quickly and independently, enhancing their overall shopping experience.

Scalable for Any Business: Whether you run a small boutique or a high-traffic retail chain, our self-checkout solutions can be tailored to fit your needs.

Tailored Checkout Solutions for Every Business

We understand that different businesses have different requirements. That’s why Goldsoft offers self-checkout solutions designed to suit various industries:

Scan & Go: Ideal for businesses with moderate customer traffic, such as retail shops and specialty stores. This method allows customers to scan and pay for their items directly at the kiosk, providing an efficient and intuitive checkout experience.

Pre-Scan & Pay: Best suited for high-traffic retailers such as supermarkets. This method enables faster transactions by pre-scanning items, significantly reducing congestion and improving customer flow during peak hours.

Conclusion

As retail continues to evolve, businesses that prioritize efficiency and customer satisfaction will stay ahead of the competition. Goldsoft’s self-checkout kiosk solutions are designed to help you optimize store operations, reduce queues, and provide a modern shopping experience that meets today’s customer expectations.

Discover how Goldsoft’s self-checkout kiosk can transform your business. Contact us at 03-2732 8833 or fill up the form below to schedule a demo with us.

Phase Two of Malaysia's E-Invoicing Initiative: What You Need to Know

Tue, 24 Dec 2024 09:38:39 GMT

What Medium-Sized Businesses Need to Know and Prepare about Malaysia’s e-Invoice Rollout.

As Malaysia continues its journey toward digital transformation, the implementation of the e-invoice system marks a significant milestone in streamlining tax administration and enhancing business efficiency. As we step into 2025, Phase 2 of e-invoicing is set to roll out in Malaysia, bringing more businesses into the fold.

Quick Recap of Phase One e-Invoicing

Batch 1 businesses with an annual revenue of more than RM100 million started their e-invoicing journey on August 1, 2024. The implementation of Phase 1 e-invoicing was a crucial step in streamlining the invoicing process, reducing manual errors, and enhancing tax compliance. As of November 19, a total of 7,900 companies have adopted the e-invoice system, involving 87 million e-invoices that have been submitted.

Phase Two e-Invoicing: What to Expect

Phase 2 of the e-Invoicing initiative, starting on January 1, 2025 , will apply to batch 2 businesses with an annual turnover or revenue of more than RM25 million and up to RM100 million. This phase is designed to bring medium-sized enterprises into the digital invoicing fold, ensuring that they comply with the new requirements and benefiting from the efficiencies of e-invoicing.

Here’s what you can do for businesses who are preparing for the upcoming phase 2 e-invoice initiative:

Assess Readiness : Evaluate your current IT capabilities and data sources to ensure they can support e-Invoicing requirements.
Train Personnel : Equip your staff with the necessary capabilities to adopt and oversee the implementation of e-invoicing.
Review Processes : Examine your current invoicing processes and make any necessary adjustments to comply with e-invoicing requirements.

Businesses must decide on the most suitable mechanism to issue and validate their e-invoices. There are three primary options to accommodate different business needs:

MyInvois Portal

A web application developed by the Inland Revenue Board of Malaysia (IRBM) that allows taxpayers to generate, submit, view, cancel, or reject invoices. It is ideal for businesses without advanced IT systems or those that generate smaller volumes of transactions.

Middleware Solution

A software that enables your company to send e-invoices, using your existing ERP or accounting software. Goldsoft serve as a service provider to convert documents to standard specifications and send it to LHDN. It is ideal for businesses with advanced IT systems or those generating moderate to large transaction volumes.

Direct Integration with Goldsoft ERP

E-invoices are generated in Goldsoft's ERP system and sent directly to the LHDN MyInvois System without human intervention. Taxpayers can track and monitor e-invoice submissions, validation, and statuses in real-time via e-invoice dashboard. This option is exclusive to Goldsoft ERP users.

To facilitate a smooth transition, the IRBM has announced a grace period for e-invoicing. During this period, taxpayers can submit consolidated e-invoices without facing immediate penalties for non-compliance. The grace period allows businesses the flexibility to make necessary adjustments and ensure full compliance by the deadline of July 1, 2025, for Batch 2 businesses. It is worth noting that the grace period for Batch 1 businesses will end on February 1, 2025.

In addition, the government has actively provided financial support through tax incentives to assist businesses with the costs of implementing e-invoicing. One such incentive is the reduction of the claim period for capital allowances on ICT equipment and computer software packages from four years to three years, effective from the year of assessment 2024. Another incentive includes a tax deduction of up to RM50,000 per year of assessment for consultancy fees incurred by MSMEs, applicable from the year of assessment 2024 to 2027. You can find more information about these incentives in the linked article below.

Conclusion

The Phase 2 rollout of Malaysia’s e-invoice initiative marks a crucial step in embracing digitalization and ensuring tax compliance. As the July 2025 deadline approaches for businesses from Batch 2, the government remains committed to providing the tools and guidance needed for a seamless transition. Businesses are encouraged to assess their readiness and act early to take full advantage of the system’s benefits.

Enhancing Customer Loyalty with CRM App

Wed, 11 Dec 2024 06:53:06 GMT

Explore How Goldsoft can Help You Create Your Ideal CRM App for Your Business

In today's competitive business landscape, customer loyalty is no longer just a nice-to-have—it’s a critical business strategy. Modern Customer Relationship Management (CRM) apps have emerged as game-changing tools that transform how businesses engage, retain, and grow their customer base.

Why CRM Apps Matter

Customer retention is far more cost-effective than acquisition. Loyal customers not only return to your store but also tend to spend more over time. A CRM app helps retailers foster loyalty by simplifying the customer journey and providing tools to reward repeat purchases.

Moreover, a CRM app centralize customer data, offering a complete view of each member’s activities and preferences. This insight enables retailers to create personalized experiences that make customers feel valued and appreciated.

Key Features of an Effective CRM App

CRM app is designed to simplify and enhance your business operations. Packed with powerful tools and intuitive features, it helps you manage customer relationships, streamline processes, and drive growth. Here are some standout features that make Goldsoft CRM app the ideal choice for your business:

Membership and Loyalty Programs
Our CRM app streamlines member registration with features like SMS OTP for secure and easy sign-ups. Every member is assigned a unique member ID, making tracking and analysis effortless for retailers. Loyalty programs, including automated point accrual and stamp collection through purchases, incentivize repeat purchases. Real-time updates on member accounts ensure transparency and keep customers engaged.
Voucher Management
Customers value the ability to exchange their loyalty points or stamps for rewards. Our Goldsoft CRM app simplifies voucher browsing and redemption, making the process smooth for both customers and retailers. also possible to integrate this functionality with your POS system to ensure seamless validation during checkout.
Insights from Transaction History
Members can view and download their receipt, improving transparency and trust. Retailers can leverage this data to analyze purchase trends, assess the success of loyalty programs, and identify high-value customers.
Tiered Membership
Our CRM App features membership tiers motivate customers to engage and purchase more. As customers move up the tiers by repeat purchases, they unlock better rewards, fostering a sense of exclusivity and loyalty.
Admin Tools for Flexibility
Admin tools within Goldsoft CRM app allow retailers to manage promotions, events, and terms and conditions effectively. User-friendly dashboards enable easy updates to banners or campaigns, keeping the app relevant and engaging for customers.

What’s New: Gamification in Goldsoft CRM App

As businesses strive to connect with customers on a deeper level, creating an engaging and rewarding experience has become essential. That’s why we’ve introduced new gamification feature to our CRM app. Customers can earn rewards by playing game in the app, making loyalty programs more interactive and enjoyable.

Our gamification feature introduces an original, satisfying and easy-to-play game directly into the app, offering customers an entertaining way to engage with your brand. Here’s some key features of the Goldsoft CRM App:

Interactive Gameplay : Customers can participate in unique, captivating game that make loyalty programs more appealing and enjoyable.
Referral programs : Customers can invite friends to join the game, earning additional rewards or boosts. This creates excitement while organically expanding your customer base.
Engaging Rewards System : The game are seamlessly integrated with loyalty rewards, allowing customers to win points, vouchers, or other incentives as they play.

How Goldsoft CRM App Benefits Your Business

Goldsoft CRM app, now enhanced with gamification, offers retailers powerful tools to boost loyalty and engagement. Here are some key benefits:

Conclusion

A CRM app is more than a tool—it’s a strategic asset that connects businesses with their customers. For businesses and retailers, it bridges the gap between operational efficiency and customer engagement.

If you’re looking to modernize your loyalty programs, consider adopting Goldsoft CRM app tailored to your business needs by contact us at 03-2732 8833 or fill up the form below for enquiry.

Incentives for E-invoicing in Malaysia

Wed, 06 Nov 2024 06:59:49 GMT

Various Incentives Have Been Introduced to Encourage the Implementation of e-Invoicing

It has been three months since Malaysia’s initial launch of e-invoicing , with many large companies gradually adopting the system. The government’s six-month grace period is helping companies transition smoothly without facing immediate penalties. E-invoicing is designed to enhance transparency, improve tax reporting accuracy, and reduce tax leakages. To further support adoption, the 2025 Budget introduces incentives to lower integration costs, making e-invoicing more accessible and financially viable for businesses.

E-invoice Incentives

Malaysia’s 2025 Budget introduces incentives and allowances to drive e-invoicing adoption, focusing on positive reinforcement rather than penalties. These incentives encourage companies to fully integrate e-invoicing into their accounting and ERP systems, such as Goldsoft’s ERP system , which simplifies tax compliance and operational processes as well as reducing costs.

Incentives and grants include:

Tax Deduction : MSMEs can receive a tax deduction of up to RM50,000 per year of assessment (YA) from 2024 to 2027 for consultation fees related to e-invoicing implementation.
Capital Allowance : Capital allowance is claimable up to 60% of related costs for the purchase of ICT equipment and computer software packages for the 2024 and 2025 assessment years.

Current e-Invoice Situation

Here is the breakdown on current e-invoicing situation in Malaysia:

The phased e-invoicing rollout, which began in August 2024, has seen 7,400 companies issue over 58 million e-invoices according to Malaysia’s Ministry of Finance. Starting with large corporations, the initiative will expand to all businesses by mid-2025.
MyInvois app is now available for download on all major platforms, including the App Store (iOS), Google Play (Android), and AppGallery (Huawei). The app includes essential features like profile management and document handling, making it easier for users to manage their e-invoicing needs on mobile devices.
Although challenges remain, such as obtaining buyer Tax Identification Numbers (TINs) and navigating the MyInvois portal, IRB has responded with resources, including user guides and an improved platform for managing e-invoices. These efforts position e-invoicing as a key tool in Malaysia’s digital transformation, ensuring smoother tax processes and strengthening economic transparency.

Conclusion

As Malaysia approaches full e-invoicing implementation by mid-2025, the incentives provided in the 2025 Budget are instrumental in easing the transition for businesses. By rewarding compliance and offering grants, tax deductions, and allowances, the government is helping companies embrace e-invoicing with minimal cost and effort. These measures not only support businesses but also pave the way for a more transparent and efficient tax ecosystem, benefiting Malaysia's economy as a whole.

For more information about the incentives for e-invoicing requirements, businesses can visit or contact them at the official LHDN website ( https://www.hasil.gov.my/en/e-invoice ).

Sources:

https://www.nst.com.my/business/economy/2024/11/1128938/budget-incentives-boost-e-invoicing-adoption-malaysia

https://www.bernama.com/en/news.php?id=2355224

https://www.hasil.gov.my/media/0xqitc2t/lhdnm-e-invoice-general-faqs.pdf

For more information about Goldsoft e-invoice Ready ERP/ e-invoice middleware , please do not hesitate to contact Goldsoft's sales team at 03-2732 8833 or fill up the form below for enquiry.

Latest Changes in Version 4.0 of e-Invoice Guideline

Mon, 21 Oct 2024 08:53:02 GMT

Understanding the Key Updates in Malaysia’s e-Invoice Guideline Version 4.0

The Inland Revenue Board of Malaysia (IRBM) has been progressively implementing the e-invoicing system to streamline tax administration and improve compliance. As part of the government’s commitment to digital transformation, e-invoicing was officially rolled out on 1st August 2024 for businesses with an annual turnover exceeding RM100 million. This mandatory adoption is part of a phased approach, with smaller businesses being required to comply by 2025.

Key Changes

With the recent release of Version 4.0 of the e-Invoice Guideline on 4th October 2024 , there are several noteworthy updates that businesses need to be aware of. This version replaces the previous 3.2 guideline from July 2024 and introduces refinements that further clarify the exemptions from implementing e-Invoice in Malaysia. The key changes are as follows:

The following individuals and entities have been removed from the list of exemptions from issuing e-invoices (including self-billed e-invoices)
Ruler or Ruling Chief
Former Ruler or Ruling Chief
Consort of Ruler of a State having the title of Raja Perempuan, Sultanah, Tengku Ampuan, Raja Permaisuri, Tengku Permaisuri or Permaisuri
Consort of Former Ruler of a State previously having the title of Raja Perempuan, Sultanah, Tengku Ampuan, Raja Permaisuri, Tengku Permaisuri or Permaisuri
The Government, state governments, and local authorities, along with statutory bodies and government authorities
Facilities provided by the above-mentioned government, authority or body (such as hospitals, clinics, multipurpose halls, etc.)
Consular offices and diplomatic officers

The following individuals and entities are currently exempt from issuing e-invoices (including self-billed e-invoices):
Individual who is not conducting business
Taxpayer with an annual turnover or revenue of less than RM150,000
(NEW) Foreign diplomatic offices
(NEW) Statutory bodies, statutory authorities, and local authorities, specifically in relation to:

(a) Collection of payments, fees, statutory levies, summons, penalties, etc., as part of their legal functions

(b) Transactions of goods and services conducted before 1st July 2025

(NEW) International organizations for transaction of any goods sold or services performed before 1st July 2025

Receipts or other documentation issued by the exempt individuals or entities mentioned above will serve as proof of expense for tax purposes.

For transactions involving foreign diplomatic offices , suppliers may replace the buyer’s details with the same information used in consolidated e-invoice .

Conclusion

The introduction of e-Invoice in Malaysia marks a critical shift toward digital tax compliance, reducing manual processes and improving the accuracy of tax reporting. As the system continues to roll out, the changes introduced in Version 4.0 of the e-Invoice Guidelines serve to clarify exemptions and streamline compliance for all businesses.

For more detailed information, businesses are encouraged to refer to LHDN website for updated e-invoice guidelines.

Sources:

https://www.hasil.gov.my/media/uwwehxwq/irbm-e-invoice-specific-guideline.pdf

https://www.hasil.gov.my/media/0xqitc2t/lhdnm-e-invoice-general-faqs.pdf

https://www.hasil.gov.my/media/fzagbaj2/irbm-e-invoice-guideline.pdf

For more information about Goldsoft e-invoice Ready ERP/ e-invoice middleware, please do not hesitate to contact Goldsoft's sales team at 03-2732 8833 or fill up the form below for enquiry.

What are the Benefits of e-Invoicing

Mon, 14 Oct 2024 03:56:27 GMT

Understanding the advantages of e-invoice implementation in Malaysia

With the launch of phase 1 e-invoice implementation on August 1, 2024, large taxpayers (LTPs) with annual revenue above RM100 million are starting to submit e-invoices to LHDN, while other taxpayers will soon to follow up in 2025. The shift to e-invoicing offers many benefits, especially for businesses, in terms of efficiency, security and compliance. Here's a closer look at how e-invoicing is changing the business landscape in Malaysia.

1. Streamlined Invoicing Process

E-invoicing simplifies the entire process of creating, submitting, and validating invoices. The transition to an automated system reduces errors, minimizes the need for manual entry, and allows businesses to process invoices in real time. The MyInvois Portal and API options provided by IRBM make it easy for both small and large businesses to generate and submit invoices electronically.

2. Increased Efficiency

E-invoicing brings considerable efficiency improvements to businesses of all sizes, especially for larger companies managing high transaction volumes. The ability to integrate e-invoicing directly with Enterprise Resource Planning (ERP) system allows for seamless data management across departments. E-invoices can be validated and stored almost immediately, leading to quicker payment cycles and improved cash flow management.

3. Enhanced Tax Compliance

Tax compliance is a critical area where e-invoicing offers substantial benefits. The e-invoice system ensures that all transactions are recorded and validated in real-time , significantly improving tax accuracy. The real-time validation of transactions makes it easier for businesses to report their taxes accurately and on time . This eliminates the need for manual reconciliations, reducing the time and effort required for tax filing.

4. Security and Fraud Reduction

The system improves the security and integrity of financial data. Each e-invoice is digitally signed and validated , ensuring its authenticity and preventing unauthorized modifications. The direct submission of invoices to the tax authority reduces the risk of invoice tampering or falsification , ensuring that all financial transactions are legitimate.

5. Environmental Benefits

In addition to the operational and compliance benefits, e-invoicing has a positive impact on the environment. Since e-invoices are fully digital, it eliminates the need for printing and archiving physical invoices. The reduction in paper use contribute to a lower environmental impact , aligning with broader sustainability goals.

Conclusion

The implementation of e-invoicing in Malaysia is a major step forward in the country’s digital transformation. It not only simplifies the invoicing process and enhances tax compliance but also provides significant benefits in terms of efficiency, cost savings, and data security. As Malaysia moves towards full adoption of e-invoices by 2025, businesses of all sizes will enjoy a smoother, more transparent, and environmentally friendly invoicing system.

For more information about Goldsoft e-invoice Ready ERP/ e-invoice middleware, please do not hesitate to contact Goldsoft's sales team at 03-2732 8833 or fill up the form below for enquiry.

What is Dual Screen JPOS & Why Your Business Might Need It

Tue, 01 Oct 2024 02:59:29 GMT

A better way for retailers to use POS system

Introduction

In 1879, the first point of sale (POS) system was created, called a cash register. It was a simple device that could register the amount of each cash transaction to prevent employee theft. Fast forward to today, POS system has become a critical component of modern retail operations. It is no longer just a cash register, but a powerful tool that not only facilitates transactions, but also enhances customer loyalty, streamlines operations and provides valuable insights into consumer behavior.

Today, shopping has evolved far beyond the simple act of purchasing goods, and the focus is on the customer experience in terms of convenience, speed, personalization and engagement. As business continues to evolve, the importance of an advanced POS system is growing, pushing businesses to meet the demands of today's tech-savvy customers and stay ahead in a competitive market. Even the slightest inconvenience can drastically affect customer experience and retention. So, you may be wondering what the most common issues are that customers and staff are currently facing.

Common Problems

1. Lengthy checkout process

One of the most common problems is that customers spend far too long in line due to the slow checkout process. There are many factors caused by traditional POS systems, such as the need for verbal communication to explain transaction details or disputes due to errors. These problems are often seen in large retail stores and supermarkets during peak hours when checkout lanes are full of people. This can be frustrating for customers and lead to lost sales as impatient shoppers abandon their purchases or decide never to shop there again.

2. Missed upsell opportunities

Every business aims to maximize profit from its customers. To achieve this, businesses try different ways to upsell in the hope that customers will spend more money on their product or service. Traditional point-of-sale systems focus only on the transactional aspect of the sale and cashier is require to upsell through verbal communication which they don’t often do. Without a customer-facing display, the chance to highlight new products, special offers, or promotions are easily missed during checking out when customers are most likely to look or wait for total purchase information.

3. Customer Distrust and Transaction Disputes

In a retail environment, customer trust is essential, but it can be easily compromised by a lack of transparency during transactions. Traditional POS system only provides information to the cashier, which often leave customers feeling uncertain about the accuracy of their charges, leading to potential disputes and dissatisfaction. Errors, whether due to incorrect item scanning, pricing discrepancies, or misunderstandings about discounts, can quickly escalate into confrontations that tarnish the shopping experience and damage the retailer's reputation.

4. Lack of Customer Engagement

Customer engagement is a critical factor in building loyalty and improving the shopping experience, but the traditional POS systems do little to encourage interaction at the point of sale. Customers are typically left idle while waiting for their transaction to be processed, missing a prime opportunity for meaningful engagement such as seasonal promotions, product marketing, or exclusive offers.

How Dual Screen JPOS Solve This

1. Reduce Queuing Time

A dual-screen JPOS system significantly alleviates these problems by streamlining the checkout experience for both the cashier and the customer. The cashier can focus on scanning items, while the customer-facing screen displays itemized lists in real-time, reducing the need for explanations and confirmations. Customers can instantly verify their purchases and complete payments with greater autonomy which leads to reduced transaction times. This efficiency speeds up the flow of traffic and enhances overall customer satisfaction.

2. Increased Sales Opportunities

POS systems can now serve as a tool for upselling opportunities thanks to the dual screen capability. The customer-facing screen can dynamically showcase ongoing store promotions or seasonal promotions, effectively capturing the customer’s attention at the point of decision. Customers can now easily access to information on deals they might be interested in, which encourages additional purchases and increases the average transaction value. Dual Screen JPOS can turn a checkout process into a powerful marketing tool that drives revenue growth and boosts customer satisfaction.

3. Better Transparency

The Dual Screen POS can now present a clear, real-time display of transaction details directly shown to the customer which significantly reduces transaction errors. As each item is scanned, the customer-facing screen shows the product name, price, applied discounts, and the total amount, giving customers confidence in the accuracy of their transaction. This transparency reduces the likelihood of disputes, builds trust, and promotes a positive shopping experience, ultimately increasing customer loyalty and satisfaction.

4. Enhanced Customer Engagement

Now Dual Screen JPOS can transform this waiting period into a valuable moment to connect with customers. By utilizing the customer-facing screen, retailers can display various content in image or video format, such as ongoing promotions, new products announcement, or exclusive offers. Customers can now engage with these contents instead of waiting idly. This creates a more engaging checkout experience and increases active brand interactions that drive customer satisfaction and potentially foster long-term loyalty.

How Dual Screen JPOS Works

Dual Screen JPOS can be used in various retail industries such as grocery, apparel, retails, etc. Imagine a busy supermarket on a weekend afternoon, filled with customers navigating through aisles with shopping carts brimming with groceries. At the checkout counter, a dual-screen POS system can prove to extremely useful in this situation. As the cashier scans each item, the customer-facing screen displays a detailed list of products, their prices, and any discounts that are being applied . This transparency reassures customers that they are being charged correctly, reducing potential disputes and speeding up the transaction.

Meanwhile, the customer-facing screen can also promote related products or services, such as ongoing seasonal promotions or new products . This creates opportunities for upselling while keeping customers engaged during the checkout process. The dual-screen system not only shortens queue times but also potentially drives additional sales, providing a seamless shopping experience that builds customer loyalty.

Conclusion

The dual-screen JPOS system represents a significant step forward in retail technology. It enhances the customer experience, streamlines operations, and provides retailers with the tools they need to succeed in a competitive market. As retail continues to evolve, those who embrace this innovative solution will find themselves at the forefront of the industry, equipped to meet the demands of today’s increasing customers.

Upgrade your retail POS operation with Goldsoft today with our dual-screen support for JPOS system by contact us at 03-2732 8833 or fill up the form below for enquiry.

E-Invoice Expansion to Sabah

Thu, 15 Aug 2024 08:32:26 GMT

E-invoice implementation will soon to be available in Sabah.

The Inland Revenue Board of Malaysia (IRBM) has taken a significant step in its digital transformation journey by expanding the implementation of e-invoicing to Sabah . This move is a continuous effort to strengthen the government’s national agenda to modernize tax administration and support the digital economy across the country.

E-Invoice Initiative in Sabah

The e-invoicing system is designed to streamline the invoicing process, making it more efficient and transparent. By transitioning to e-invoices, businesses can expect reduced paperwork, fewer errors, and improved compliance with tax regulations. The IRBM's Chief Executive Officer, Datuk Dr. Abu Tariq Jamaluddin, emphasized the importance of this transition and acknowledged the challenges it poses, stating that all parties to work together with LHDN so that the government’s aim to build a dynamic economic environment and business digitalization evolution is achieved, especially for small and medium enterprises (SMEs) in Sabah.

Sabah E-invoice Seminar

To facilitate this transition, the IRBM is committed to provide technical assistance and guidance to local businesses . A seminar was held on August 8 in Kota Kinabalu with the support of the Kota Kinabalu Chinese Chamber of Commerce and Industry (KKCCCI) and the Federation of Chinese Associations Sabah (FCAS). The event attracted nearly 1,500 participants, including tax practitioners and entrepreneurs. Its goal is to foster open communication between the IRBM and industry players, ensuring that feedback and suggestions are incorporated into the implementation process.

Sabah Concern

Despite the positive outlook, e-invoice implementation in Sabah has been controversial for quite some time. There are a significant number of small businesses, particularly rural villagers and the elderly, who are not only unfamiliar with but also lack access to internet connectivity and technological access. This is a serious concern when introducing an e-invoicing system in a region that is technologically underdeveloped. Thankfully, it is announced that MSMEs with an annual turnover of less than RM150,000 will not be required to issue e-invoices for now. While this helps to alleviate the problem, the government is still encouraging all businesses in Malaysia to participate in e-invoicing.

Conclusion

Phase 1 of e-invoicing in Malaysia is already underway, and the early stages of implementation have been met with numerous problems by many businesses, such as system errors and lack of guidance. The adoption of e-invoicing in Sabah may face even greater hurdles compared to other regions. However, the IRBM is committed to offer sufficient support to the region throughout this process. If Sabah successfully adopts the e-invoice system, it will pave the stage for a more efficient and transparent economic environment for Sabah, and aligns with global digitalization trends.

Sources:

https://www.theborneopost.com/2024/08/08/e-invoice-expanded-to-sabah/

https://www.thestar.com.my/news/nation/2024/07/06/sabah-not-ready-for-e-invoicing-says-warisan-man

https://www.thestar.com.my/news/nation/2024/07/02/micro-smes-earning-below-rm150000-annually-exempted-from-e-invoicing-says-amir-hamzah

For more information about Goldsoft e-invoice Ready ERP/ e-invoice middleware, please do not hesitate to contact Goldsoft's sales team at 03-2732 8833 or fill up the form below for enquiry.

6-Month Grace Period For E-Invoicing Implementation Has Announced

Mon, 05 Aug 2024 08:24:33 GMT

Businesses are given additional time to smooth out the transition to e-invoice.

On July 26, 2024, the Inland Revenue Board of Malaysia (IRBM) announced a six-month grace period to allow businesses to adjust to the new e-invoicing system and requirements. At the time of publication, the 1st phase of e-invoicing has officially commenced for companies with an annual turnover of more than RM100 million.

What is the purpose of the grace period?

1. This allows businesses to transition to the new e-invoicing requirements without being prosecuted under Section 120 of the Income Tax Act 1967 for failure to comply with the e-invoicing provisions.

2. It is expected that this grace period will allow taxpayers sufficient time to ensure a complete transition to an electronic invoicing system. It addresses all aspects, including system availability, seamless business operations and management changes in businesses.

3. This allow IRBM to stabilize and optimize its system as it has received an overwhelming e-invoice submissions during the first day. It is clear that it needs more time for a stable e-invoice system throughout the country.

What’s Next?

1. All activities or transactions can issue consolidated e-invoices , including self-billed e-invoices.

2. Any transaction description must be included in the "Product or Service Description" area, and if the buyer requests an e-invoice, the seller can only issue a consolidated e-invoice instead of an e-invoice for each transaction.

3. Taxpayers who successfully implement e-invoicing within the specified timeframe will be able to reduce their capital allowance claim period from 3 years to 2 years for the purchase of ICT equipment and computer software packages , effective from Assessment Year (AY) 2024 to 2025.

Conclusion

The implementation of e-invoicing in Malaysia is a significant step forward in modernizing the tax system and improving business transactions. The 6-month grace period is a valuable and necessary time to allow businesses to adjust to these changes and ensure they can comfortably comply with the new regulations. As the e-invoice system starting to implement across the country, companies are urged to prepare for the switch to e-invoicing to fully capitalize on the advantages it brings.

Sources:

https://www.nst.com.my/business/corporate/2024/08/1085598/e-invoicing-delays-amid-over-766000-registrations-first-day

https://assets.kpmg.com/content/dam/kpmg/my/pdf/e-invoicing-irb-media-release-29-july-2024.pdf

https://www.thestar.com.my/business/business-news/2024/07/26/govt-gives-six-month-grace-period-for-e-invoice-implementation-from-aug-1

https://www.bernama.com/tv/news.php?id=2322309

For more information about Goldsoft e-invoice Ready ERP/ e-invoice middleware, please do not hesitate to contact Goldsoft's sales team at 03-2732 8833 or fill up the form below for enquiry.

MyInvois Portal Testing Environment is Available Now

Tue, 25 Jun 2024 09:20:34 GMT

MyInvois Portal Testing Environment for e-Invoice Phase 1 (1 August 2024) Taxpayers

As per LHDN Malaysia's website updated on 24/06/2024, HASiL has provided the MyInvois Portal (Testing Environment) that allows Phase 1 Taxpayers to try the functions provided in the portal as follows:

Profile Management: Enables management of profiles for User, Taxpayers (Company), Representative, ERP System, and Intermediary.

Document Management: Includes capabilities to Submit, View, Reject, Cancel, and Print documents.

Company Directors for Phase 1 Taxpayers, based on their registered role in the MyTax Portal, will receive a PIN Activation notification email upon their first login to the MyTax Portal https://mytax.hasil.gov.my/ (Testing Environment) before gaining access to the MyInvois Portal (Testing Environment).

For detailed guidance, Company Directors can refer to the User Guide.

It's important to note that data submitted in the testing environment will not be transferred to the MyInvois Portal production environment.

Taxpayers from subsequent phases are expected to gain access to the MyInvois Portal (Testing Environment) starting July 2024.

Information source: https://www.hasil.gov.my/en/e-invoice/portal-myinvois-testing-environment/

For more information about Goldsoft e-invoice Ready ERP/ e-invoice middleware, please do not hesitate to contact Goldsoft's sales team at 03-2732 8833 or fill up the form below for enquiry.

Self-Billed e-Invoice: What You Need to Know

Mon, 27 May 2024 07:14:08 GMT

Improving Malaysia e-Invoice Accuracy and Compliance for Both Suppliers and Buyers

What is a Self-Billed e-Invoice?

In standard business e-invoice transactions, a supplier issues an invoice upon completing a sale. This document serves two key purposes: confirming the supplier's income and providing the buyer with a record for expense tracking. However, an exception exists for transactions with individual, unregistered sellers. In these scenarios, the buyer can create a self-billed e-Invoice on the supplier's behalf to document the purchase. This self-billed e-Invoice then requires validation by the Inland Revenue Board (LHDN) before it becomes a legitimate expense record for the buyer's taxes.

When is a Self-Billed e-Invoice Allowed?

A self-billed e-Invoice is generated by the buyer on behalf of the supplier, for specific types of transactions. This method is applicable in the following scenarios:

Payment to agents, dealers, distributors, etc.
Goods sold or services rendered by foreign suppliers and vice versa
Profit distribution (e.g., dividend distribution)
e-Commerce transactions
Pay-out to all betting and gaming winners
Acquisition of goods or services from individual taxpayers

What Parties Involved in Self-Billed e-Invoice?

For the purposes of self-billed e-Invoice, the parties of the e-Invoice are as follows:

Example 1: Issuance Self-Billed e-Invoice to Agents, Dealers or Distributors:

Upon concluding a sale or transaction, the Agent/ Dealer/ Distributor is eligible to receive a payment from the Seller (e.g., commission). The seller will need to issue a self-billed e-Invoice to Agent/ Dealer/ Distributor, recording the commission earned by Agent/ Dealer/ Distributor as proof of income and proof of expenses.

Ali works as a sales agent of Chère Automotive Sdn Bhd (CASB). On 22 June 2024, Ali sold a car (Schnell model) at a price of RM600,000 and earns a 20% commission on the sales he made. CASB issues a self-billed e-Invoice to Ali, recording the 20% commission earned by Ali as proof of income and proof of expense for CASB. Below is an example of a self-billed e-Invoice issued by CASB to Ali:

Conclusion

In summary, self-billed e-invoicing represents a significant advancement in financial management, offering streamlined processes for both businesses and individuals. It provides a seamless method to track income, document expenses, and adhere to LHDN's tax regulations.

With only 65 days left until the implementation deadline, understanding the dynamics and benefits of e-invoices is crucial. Understanding the eligibility criteria and benefits of e-invoicing empowers you to optimize your financial operations and maintain accurate records. Leveraging e-Invoicing solutions like Goldsoft further facilitates this transition, smoothing the path toward Malaysia e-invoicing compliance and efficiency.

For more information about Goldsoft e-Invoice Ready ERP/ e-Invoice Middleware, please do not hesitate to contact Goldsoft's sales team at 03-2732 8833 or fill up the form below for enquiry.

How To Issue E-Invoices for B2B Transactions

Mon, 13 May 2024 07:25:22 GMT

Ensuring Compliance and Efficiency in B2B E-Invoicing

B2B e-invoicing, or Business-to-Business electronic invoices, revolutionize traditional invoicing by digitizing the exchange of invoice documents between businesses. An e-invoice is a file created in the format specified by the IRBM, such as XML and JSON formats, which can be automatically processed by relevant systems. This means no more PDF files, Word documents, or JPEGs.

How B2B e-invoicing Benefit Your Company?

B2B e-invoicing is not just a step towards digital transformation; it is a leap towards a more efficient, secure, and collaborative business environment. Here are some of the key benefits:

1. Your Company: Experience faster payments, improved cash flow, and reduced billing errors with e-invoicing. For instance, instead of waiting weeks for a paper invoice to be processed and paid, e-invoicing allows you to send invoices electronically, which are then quickly validated, approved, and settled by your customers. As a result, you can accelerate your receivables turnover and ensure a more consistent cash flow for your business.

2. Finance Department: Experience a substantial reduction in manual tasks while ensuring compliance with e-invoicing and tax regulations. E-invoicing automates several aspects of the invoicing process, from sending to reconciliation.

3. IT Department: Benefit from improved data security. Digital invoices incorporate advanced security measures such as encryption, access controls, and audit trails, reducing the risk of invoice fraud and ensuring the integrity and confidentiality of financial transactions.

4. Sales Department: Improve sales and customer relationships through streamlined billing processes. Access real-time data, such as ordering details, for better sales information and forecasting. This transparency and predictability in transactions can lead to better relationships between trading partners.

5. Operations Department: Reduce paperwork and manual data entry, l eading to improved productivity. By eliminating human errors such as typos or lost documents, e-invoicing helps prevent disputes and delays, ensuring smoother operations.

In conclusion, B2B e-invoicing offers numerous benefits to your company, ranging from faster payments and improved cash flow to reduced billing errors and enhanced data security.

Here Is The Process Flow of B2B E-Invoicing via API:

Step 1: E-invoice Creation

Supplier creates e-invoices from the ERP system or B2B portal in accordance with the defined structure (XML and JSON formats).

Step 2: E-invoice Submission & Validation

The e-invoice information is sent to IRBM for real-time validation via API.

Step 3: E-invoice Notification

Once the e-Invoice has been validated, IRBM will notify both the Supplier and Buyer via the MyInvois Portal. An e-mail will be sent for this notification. Notifications include invoice clearance and Buyer rejection requests.

Step 4: Sharing of Validated E-invoice

Once approved, the supplier sends the cleared and validated e-invoice, embedded with a QR code containing the validation link, to the buyer. The QR code can be used to validate the existence and status of the e-invoice via the MyInvois Portal.

Following e-invoice issuance, there are several post-issuance processes that need to be handled to ensure smooth processing and compliance:

Step 5: Rejection or Cancellation:

Optional rejection requests from buyers and cancellation requests from suppliers must be initiated within a 72-hour timeframe. If the buyer rejects the invoice, they need to provide a reason. The seller will be notified and can re-submit an amended invoice. After this period, the invoice is considered valid, and any amendments necessitate credit notes, debit notes, or refund notes.

Step 6: Transaction Summary:

Both buyers and suppliers can request and retrieve e-invoices via the Myinvois portal, facilitating transparency and record-keeping.

To comply with B2B e-invoicing regulations in Malaysia, businesses should follow these steps:

Familiarize with IRBM guidelines: Understand and align with e-invoicing guidelines provided by the Inland Revenue Board of Malaysia (IRBM).

Engage with e-invoice Solution Provider: Lo ok for an ERP system/ middleware solution compliant with e-invoicing regulations.

By adhering to these streamlined processes, businesses can enhance efficiency, ensure regulatory IRBM e-invoice compliance, and foster trust in B2B transactions.

For more information about ERP e-invoicing for the retail or trading distribution industry, please do not hesitate to contact Goldsoft's sales team at 03-2732 8833 or email eason@goldsoft.com.my.

#einvoicing #b2binvoicing #einvoice #GoldsoftERP #einvoiceERP #Goldsoft #einvoicemalaysia

How to Issue e-Invoices for Retail Customers

Fri, 10 May 2024 04:06:25 GMT

Step-by-step process for retail customers requesting and not requesting e-invoices

With just 82 days left until Malaysia's mandatory e-invoice implementation deadline, understanding the process and its nuances is crucial for both retailers and customers alike. Let’s delve into the intricacies of issuing e-invoices in B2C transactions in Malaysia.

E-invoice issuance in B2C retail transactions follows a structured process, ensuring compliance with tax regulations and facilitating seamless transactions between retail businesses and customers. The example below utilizes an API model that allows retailers to submit e-invoices directly to the Inland Revenue Board of Malaysia (IRBM).

Here are two scenarios:

Retail Customers Who Request e-Invoice
Retail Customers Who Do Not Request e-Invoice

1. Process for Retail Customers Who REQUEST for e-Invoice:

Customers who request e-invoices usually do so for commercial use and require them for taxation purposes. If a customer requests an e-invoice, the retailer must provide it. Here are the steps:

Step 1: Request Information from Customer

When a customer requests an e-invoice, the retailer will obtain the customer's TIN or IC number.

Step 2: Send Data to IRBM for Validation

The collected customer information is entered into the POS system to be sent to IRBM for real-time validation.

Step 3: Notification of Validated e-Invoice

If no errors are found by IRBM, both supplier and buyer receive a notification.

Step 4: Sharing of e-Invoice

Supplier sends the validated e-invoice, embedded with a QR code containing the validation link, to the customer.

Step 5: View of Validated e-Invoice

The validated e-Invoice can be viewed at MyInvois Portal and for buyer used as a proof of expense for tax purposes.

2. Process for Retail Customers Who DO NOT REQUEST e-Invoice:

Customers who do not request e-invoices usually do so for personal consumption or usage, and it's not required for taxation purposes. Here are the steps:

Step 1: Regular Receipt Issuance

For customers who opt for normal receipt, the retailer continues to provide them normal receipt as usual.

Step 2: Monthly Consolidation

Within seven (7) calendar days after end of the month, the seller consolidates the details of all receipts issued during that period.

Step 3: Submission of Consolidated Invoice for Validation

Within seven (7) days of the month's end, the retailer consolidates the receipt details to generate a single e-invoice covering all purchases made by customers who did not request for individual e-invoices. Supplier will send the consolidated invoice to IRBM for validation. The validated e-Invoice will serve as the Supplier’s proof of income for tax purposes.

Now, retailers, you know what steps to take for both scenarios.

Following e-invoice issuance, there are several post-issuance processes that need to be handled to ensure smooth processing and compliance. Let's take a closer look at these post-issuance procedures:

Rejection or Cancellation:

Optional rejection requests from customers and cancellation requests from suppliers must be initiated within a 72-hour timeframe . If the customer rejects the invoice, they need to provide a reason, and the seller will be notified, and can re-submit an amended invoice.

After this period, the invoice is considered valid, and any amendments necessitate credit, debit, or refund notes.

Transaction Summary:

Both customers and suppliers can access a summary of the transaction via Myinvois portal, facilitating transparency and record-keeping.

How Goldsoft is able to help you for the Malaysia e-invoice mandate:

Generate, send and receive e-invoices within the Goldsoft POS system to reduce manual works.
Provide direct API connection from the POS system to IRBM in XML and JSON formats to simplify compliances.
Track and monitor e-invoice submissions, validations, and statuses in real-ti me to streamline operations.

By adhering to these streamlined processes, retail businesses can enhance efficiency, ensure regulatory LHDN e-invoice compliance, and foster trust in your retail transactions.

For more information about POS e-invoicing for the retail industry, please do not hesitate to contact Goldsoft sales team at 03-2732 8833 or email to eason@goldsoft.com.my.

What is EPF Account 3?

Fri, 03 May 2024 08:40:16 GMT

Understanding EPF's New Account Fleksibel and its Benefits for Members Under 55

What is EPF Account 3?

EPF Account 3 , also known as Account Fleksibel , is a newly introduced account for EPF members in Malaysia as part of the restructuring of members’ accounts by the Employees Provident Fund (EPF), effective May 11, 2024. This account is specifically designed for EPF members under the age of 55, offering the flexibility to withdraw funds at any time and for any purpose. The introduction of EPF Account 3 aims to enhance income security after retirement while catering to the diverse life cycle needs of EPF members.

What are the New Account?

Starting May 11, 2024, all EPF members under the age of 55 will have their accounts restructured from two (2) accounts, namely Account 1 and Account 2, to three (3) accounts:

1. Account Persaraan

2. Account Sejahtera

3. Account Fleksibel

1. Account Persaraan (Originally Account 1）

Akuan Persaraan aims to accumulate and increase members’ savings for the long term to ensure a comfortable life after retirement. Savings in Akaun Persaraan cannot be withdrawn before the member reaches 55 years old.

2. Account Sejahtera (Originally Account 2)

Akuan Sejahtera aims to meet pre-retirement life cycle needs for the medium term, contributing to retirement well-being. Savings in Akaun Sejahtera can be withdrawn for pre-retirement purposes (subject to EPF terms and conditions) such as housing, education, health, insurance protection, haj withdrawl, and upon reaching 50 years old.

3. Account Fleksibel (A Newly Introduced Account 3)

Savings in Akaun Fleksibel can be withdrawn by members at any time, subject to terms and conditions. Akaun Fleksibel will start with a zero balance.

How will New Contributions be Distributed?

Contributions after May 11, 2024, will be allocated into the new accounts in the following manner:

75% into Account Persaraan
15% into Account Sejahtera
10% into Account Fleksibel

The new distribution of contributions example is as follows:

For example, if an ERP contribution of RM1,840 is received after the implementation date of May 11, 2024:

Account Persaraan (originally Account 1) will receive RM1,380 (75% of RM1,840).
Account Sejahtera (originally Account 2) will receive RM276 (15% of RM1,840).
Account Fleksibel (Account 3) will receive RM184 (10% of RM1,840).

Can I Transfer Part of my Savings Initially?

Yes. Between May 11 and August 31, 2024 , members will have a one-time option to transfer part of their savings from Account Sejahtera (originally Account 2) to Account Fleksibel as an initial balance.

How is the Account Sejahtera Transfer Amount Calculated?

The transfer amount depends on the member's Sejahtera balance and falls into three scenarios:

Account Sejahtera with savings of RM3,000 and above ;
Account Sejahtera with savings of RM1,001 to RM3,000 ;
Account Sejahtera with savings of RM1,000 and below .

Account Sejahtera with Savings of RM3,000 and Above:

Five out of thirty (5/30) of the Account Sejahtera savings (RM5,000) will be transferred to Akaun Persaraan. (5/30 of RM30,000= RM5,000)

Ten out of thirty (10/30) of the Account Sejahtera savings (RM10,000) will be transferred to Akaun Fleksibel. (10/30 of RM30,000= RM10,000)

The remaining balance of fifteen out of thirty (15/30) will remain in Akaun Sejahtera (RM15,000). (15/30 of RM30,000= RM15,000)

Account Sejahtera with Savings of RM1,001 to RM3,000:

RM1,000 will be transferred to Account Fleksibel, and the remaining balance will stay in Account Sejahtera.

No distribution will be made to Account Persaraan for those with savings in Account Sejahtera less than RM3,000.

Account Sejahtera with savings of RM1,000 and below:

The entire amount in the Account Sejahtera will be transferred to Account Fleksibel.

How to Apply for Initial Transfer?

Members can apply for the initial amount transfer through the following channels:

· KWSP i-Akaun

· Self-Service Terminal (SST) at any EPF office

What Happens if I Don't Opt-In?

If a member chooses not to transfer an initial amount to Account Fleksibel, the balance in the existing account will remain in Account Persaraan and Account Sejahtera. Meanwhile, new contributions starting May 11, 2024, will be credited into Account Persaraan, Account Sejahtera, and Account Fleksibel.

How Can I Withdraw from Account Fleksibel?

Withdrawals from Account Fleksibel can be made at any time for any purpose, subject to a minimum withdrawal amount of RM50 . Members who have not yet registered with KWSP i-Akaun are encouraged to do so to facilitate withdrawal transactions from Account Fleksibel.

What Will Happen to My Account After I Turn 55?

Upon reaching age 55, your savings in Account 1 and Account 2 will be combined and put into this account 55. When members turn 55, they can make withdrawals and have access to savings in Account 55 anytime. They can perform a lump sum withdrawal, monthly withdrawals or partial withdrawal. Any new contributions made after age 55 will be credited to Account Emas.

For more information about EPF on Goldsoft Payroll, email to us at marketing@goldsoft.com.my

Information source: www.kwsp.gov.my

#EPF #AkaunFleksibel #AccountFlexible #EPFAccount3 #Account3 #EPFMalaysia

The MyInvois Sandbox Is Now Accessible for Testing

Fri, 12 Apr 2024 06:55:50 GMT

Revolutionizing E-Invoicing: LHDN's MyInvois Sandbox Unveiled

On April 10, 2024, LHDN made an announcement regarding the availability of the MyInvois Sandbox , a dedicated testing environment aimed at facilitating integration testing for businesses and service providers in Malaysia. This sandbox serves as a pivotal pl atform for companies to ensure seamless compatibility between their systems and MyInvois, leveraging the power of the Application Programming Interface (API).

Here's what you need to know:

Who Can Access It?

Pioneering companies leading the implementation of e-invoicing have had access to the MyInvois Sandbox since April 10, 2024.

Starting from April 22, 2024, access will be extended to other companies and service providers in Malaysia.

How to Gain Access?

Interested parties, including taxpayers and service providers, are required to apply for a Client ID and Client Secret Key from LHDN via email ( sdkmyinvois@hasil.gov.my ).

Essential information to be provided includes:

Tax Identification Number (TIN)
Business Registration Number
Company Name
Company Email
Enterprise Resource Planning (ERP) system utilized: Example: Goldsoft ERP System

Where to Find More Information?

Detailed instructions and additional information regarding the MyInvois Sandbox can be accessed through the Explanatory Note on the e-Invois Software Development Kit (SDK) and the SDK FAQ available at the following links:

Explanatory Note: https://www.hasil.gov.my/en/e-invoice/e-invoice-software-development-kit-sdk/
SDK FAQ: https://www.hasil.gov.my/media/hzuotwzh/lhdnm_general-faqs_6apr2024_.pdf

Additional Resources:

The Software Development Kit (SDK) version 1.0, e-Invoicing General Guidelines (Version 2.3), and e-Invoicing Specific Guidelines (Version 2.1) are also available for reference and guidance on LHDN's official e-invoicing microsite: https://www.hasil.gov.my/e-invois since April 6, 2024.

Need Assistance?

For further inquiries regarding the SDK and MyInvois Sandbox, feel free to contact LHDN at 03-8682 8000 or email sdkmyinvois@hasil.gov.my .

This initiative by LHDN marks a significant step forward in streamlining the e-invoicing process in Malaysia. Our dedicated team is here to ensure seamless integration and functionality of the e-invoice SDK within the MyInvois sandbox environment.

For any inquiries or to get started with e-invoice integration, feel free to contact us at 03-2732 8833 or marketing@goldsoft.com.my.

Source:

https://www.hasil.gov.my/media/rv2dvldh/20240410-kenyataan-media-hasil-akses-persekitaran-pengujian-sandbox-myinvois-dibuka-untuk-ujian-integrasi-sistem-perniagaan-pembayar-cukai-melalui-application-programming-interface-api.pdf

What Is E-invoice API Intergration to ERP?

Fri, 05 Apr 2024 04:19:43 GMT

Streamlining Business Processes and Compliance Efforts through Seamless E-Invoice API Integration

An API integration acts as a digital bridge, allowing the ERP system to communicate directly with LHDN's MyInvoice Portal. This eliminates the need for manual data entry and ensures flawless communication when submitting e-invoices. Imagine it as a translator that converts your internal business data from the ERP system into a format MyInvoice understands, streamlining the e-invoicing process for Malaysian businesses, saving time, and ensuring efficiency.

This API integration to ERP (Enterprise Resource Planning) in the context of e-invoicing in Malaysia involves connecting your ERP system with the e-invoicing platform through Application Programming Interfaces (APIs). This integration facilitates the electronic exchange of invoices between businesses and government agencies. ERP systems, such as Goldsoft ERP for Retail and Trading, is an instrumental in integrating various business processes like accounting, inventory management, and sales management into a unified system.

Extensible Markup Language (XML) and JavaScript Object Notation (JSON) will be the formats for transmission of e-Invoice. There are 51 data fields required to issue an e-Invoice, categorized into nine (9) groups: Address, Business Details, Contact Number, Invoice Details, Parties, Party Details, Payment Info, Products / Services and Unique ID Number.

Benefits of ERP System Direct API Integration to LHDN:

Automation: Eliminate manual data entry for e-invoices. Once a sale is recorded in the ERP, the API automatically generates and submits the e-invoice to LHDN for validation.
Efficiency: Save time and resources by automating repetitive tasks. This allows your business to focus on core business activities.
Accuracy: Reduce errors by eliminating manual data entry. The API ensures consistent and accurate information transfer between systems.
Real-Time Updates: Get instant notifications on the status of e-invoices submitted through LHDN's system.
Improved Compliance: API integration simplifies compliance with Malaysia's e-invoicing regulations. Secure authentication mechanisms are implemented to safeguard data exchange.

Navigating the API workflow for e-invoice management involves a series of steps: creation, validation, notification, and distribution. Let's delve into each step in detail below:

Step 1: E-Invoice Creation

Upon completing a sales transaction, the suppliers will issue an e-Invoice. The e-Invoice will be auto submitted to LHDN with Direct API Integration for validation. The API ensures consistent and accurate information transfer between systems.

Step 2: E-Invoice Validation

The server of LHDN will validate the e-Invoice in near real-time. Upon successful validation, the supplier will receive a validated e-Invoice with a LHDN unique identification number, validated date and time, as well as a validation link. The identification number not only enhances traceability but also acts as a safeguard against e-Invoice tampering.

Step 3: Validated E-Invoice Notification

When the e-Invoice validation process is completed, both the supplier and buyer will receive automatic notifications from LHDN regarding the validation status of the e-Invoice. This timely notification process ensures that all relevant parties are informed of the successful validation of the e-Invoice.

Step 4: E-Invoice Distribution

After the e-Invoice is validated, the supplier should embed the validation link provided by LDHN as a QR Code into the e-Invoice, and share the validated e-Invoice with the buyer. This QR code allows the buyer to verify the existence and status of the e-Invoice via MyInvois Portal.

Upon successful validation, it becomes the supplier’s duty to furnish the approved e-Invoice to the buyer, including an integrated QR code. The QR code serves as a tool to verify the status of this e-Invoice via Mylnvois Portal.

Step 5: Rejection of e-Invoice

Scenario 1: Buyer Requests for Rejection (if necessary)

The buyer can request a rejection of the e-Invoice within 72 hours of the validation by LHDN. The rejection request should specify the reason for rejection, as well as the unique identifier of the e-Invoice. Upon the Buyer initiating the rejection request, a notification is sent to the Supplier. If the Supplier agrees with the reason provided, they proceed to cancel the e-invoice.

Scenario 2: Supplier Requests for Rejection (if necessary)

If the e-invoice contains errors or was erroneously issued, the Supplier can himself cancel the e-invoice within 72 hours of validation by giving valid justifications.

Step 6: Cancelation of e-invoice

Upon successful cancellation, the buyer will be notified accordingly. The whole process including rejection and cancellation must be done within 72 hours from the validation.

In case the rejection by buyer or the cancellation by supplier is not carried out within 72 hours, the e-Invoice cannot be cancelled anymore. A fresh e-Invoice (credit note, debit note or refund note) must be issued to rectify the error.

Example Scenario:

Vogue Couture Sdn. Bhd. (Supplier), a boutique clothing store, issues an e-invoice for the purchase of a designer dress and matching accessories made by Ms. Johnson (Buyer) through their online platform. The e-invoice is automatically generated and sent to Ms. Johnson's registered email address upon completion of the transaction. Both Vogue Couture Sdn. Bhd. and Ms. Johnson receive notifications confirming the issuance of the e-invoice. Ms. Johnson reviews the e-invoice and has 72 hours to request any corrections or raise objections if discrepancies are identified.

Step 7: Storage of e-invoice

All validated and accepted e-Invoices are stored in IRBM's database, and taxpayers are advised to retain records.

Steps 8: Reporting Services for Taxpayers

Both the supplier and buyer can request and retrieve the e-Invoices via MyInvoice Portal for inspection, including the invoice date, amount, invoice status, and other relevant information.

Need help on e-invoicing? Goldsoft is here to assist! We can help address your current e-invoicing needs. Contact us at 603-2732 8833/ 016-6611086 or fill up the form below to discuss how we can provide an e-invoice-ready ERP solution to ensure a smooth and efficient transition.

Simplifying Malaysia einvoice

Thu, 07 Mar 2024 09:26:47 GMT

Your Trusted Solution Partner for Enhanced E-Invoice Efficiency and Compliance

As Malaysia embraces the era of e-invoicing, companies are seeking solutions that not only meet regulatory requirements but also enhance efficiency and productivity. Introducing Goldsoft ERP with e-Invoice – a revolutionary tool that simplifies business transactions and empowers organizations to thrive in the digital age amidst Malaysia's embrace of e-invoicing.

Why Choose Goldsoft ERP?

1. Local Expertise and Experience

With 27 years of experience in developing ERP and POS systems for local businesses, Goldsoft brings unparalleled expertise to the forefront. Having successfully navigated compliance changes such as Goods and Services Tax (GST) and Sales and Services Tax (SST), Goldsoft is well-equipped to guide businesses through the e-invoicing journey. More about Malaysia e-invoice .

2. Built-In E-Invoice Functionality

Goldsoft's ERP system is fully equipped with built-in accounting and e-invoicing feature, providing a comprehensive solution that streamlines your financial processes. Businesses can automate invoice generation, validation, and payment processing, ensuring accuracy and efficiency throughout the invoicing process. This enhanced efficiency not only speeds up the invoicing cycle but also enables more agile decision-making based on real-time financial insights.

3. Anytime - Anywhere Access

Goldsoft ERP system is a cloud-based solution, ensuring accessibility from anywhere, at any time. Whether you have multiple branches or offices, our platform allows seamless access to your existing system without the need for installation or additional software. Enjoy the convenience of working remotely while maintaining full functionality and efficiency.

4. Centralized Business Processes

Goldsoft ERP system provides a centralized platform for managing various business processes, including purchases, inventory, sales, accounting, supply chain, and customer relations. ERP with e-invoice feature ensures a seamless flow of information, enhances data accuracy, and facilitates compliance with regulatory requirements to empower your business to operate more efficiently, freeing up valuable time and resources for strategic initiatives.

5. Simplified E-Invoice Compliance

Goldsoft e-Invoice simplifies e-invoicing tasks by providing a fully integrated platform aligned with regulatory requirements. From accurate data submission and data security to timely validation, Goldsoft e-Invoice streamlines your e-invoicing process, allowing for efficient management.

With a deep understanding of the local regulatory landscape and a commitment to innovation, Goldsoft is at the forefront of Malaysia's digital transformation. By leveraging Goldsoft ERP with e-Invoice, businesses can not only navigate the complexities of e-invoicing compliance but also harness the full potential of digitalization to drive growth and efficiency in the digital edge.

What Is TIN

Wed, 06 Mar 2024 09:11:15 GMT

Let's delve into what exactly the TIN entails and its significance within the Malaysian e-invoice framework.

In the context of Malaysian e-invoicing, the Tax Identification Number, or TIN number , is a unique number issued by the Inland Revenue Board of Malaysia (IRBM), given to individuals and businesses that function in Malaysia.

The TIN Number plays a crucial role in e-invoicing as it helps identify the parties involved in the transaction and ensures compliance with tax regulations. Including the TIN Number in e-invoices facilitates proper tax reporting, verification, and tracking by tax authorities, contributing to greater transparency and efficiency in business transactions.

If you have been registered with LHDN previously, note that effective from 2nd January 2023, your TIN will be updated with a new prefix "IG," replacing the previous "SG" or "OG." However, the remaining digits of your TIN will remain unchanged.

For Non-Individuals, their existing TIN will have an additional "0" appended at the end. Refer to the table below for a comparison between the old and new TIN formats.

If an individual does not have a TIN, then the 12 digits of the individual’s NRIC Number would be used by the LHDN instead.

How to Register a TIN Number?

TIN number can be obtained through the following registration methods:

(a) Via online through e-Daftar at the following link, https://mytax.hasil.gov.my or

(b) Submit the registration form to the nearest HASiL Branch.

How to Check Your TIN Number Online?

After registration, you can conveniently verify your TIN number online through the LHDNM website at https://mytax.hasil.gov.my/.

Upon reaching the MyTax homepage, you can log in by entering your NRIC and password. Subsequently, you will be directed to your personalized Tax Dashboard, where you can then view your TIN number.

If a TIN cannot be retrieved through this channel, taxpayers can use the e-Daftar platform to initiate registration and obtain their respective TIN via the steps below:

1. Log in to MyTax Portal

2. Choose the e-Daftar option

3. Fill in the required fields (e.g., type of taxpayer, e-mail and phone number / mobile number)

4. Click “Search” to register taxpayer’s TIN

What is The Difference Between TIN and NRIC?

Tax Identification Number (TIN) and National Registration Identity Card number is issued by IRBM. TIN is for registered taxpayers and NIRC is issued to identify its taxpayers. In absence of TIN or if an account holder fails to provide one, NIRC number would be issued.

Source:

Business Today: Tax ID Number, E-Invoice To Tackle Revenue Leakage, Reduce Size Of Shadow Economy, Says Ahmad Maslan | 17 October 2023

Key Names and Definitions

Mon, 04 Mar 2024 09:11:49 GMT

E-invoices in Malaysia: Key Names You Need to Know

Malaysia's shift towards a digital economy involves a major transformation in how businesses handle invoices. The new e-invoice initiative, mandated for all taxpayers by 1 July 2025, brings greater efficiency, transparency, and security to business transactions. This guide simplifies the key names and concepts you'll encounter in Malaysia's E-invoice landscape, equipping you for a smooth transition.

Check out Malaysia e-invoice key names and definitions:

1. IRBM

The Inland Revenue Board of Malaysia (IRBM), also known as Lembaga Hasil Dalam Negeri Malaysia (LHDNM) in Malay, is the government agency responsible for administering and enforcing taxation laws in Malaysia.

2. MDEC

Digital Economy Corporation Malaysia (MDEC): The government agency responsible for driving Malaysia's digital economy transformation, potentially involved in promoting and facilitating e-invoicing adoption among businesses.

3. PEPPOL

Pan-European Public Procurement Online (PEPPOL): An international network facilitating secure electronic document exchange, including e-invoices, among businesses and government agencies.

4. TIN

Tax Identification Number (TIN) is an INCOME TAX NUMBER as per existing records with the Inland Revenue Board of Malaysia (HASiL).

5. API

Application Programming Interface (API) is a collection of predefined rules and protocols that facilitate communication between different applications.

6. B2B

B2B stands for "Business-to-Business" which refers to transactions, interactions, or relationships between two or more businesses. It represents the exchange of goods, services, or information between businesses.

7. B2C

B2C stands for "Business-to-Consumer" which describes transactions, interactions, or relationships from a business to end consumer. It refers to the process of selling products or services directly to end-users or customers for their personal use or consumption.

8. B2G

B2G stands for “Business-to-Government” which refers to commercial transactions and interactions from businesses to government entities at various levels, such as local, state, or national governments.

9. e-Invoice

A digital version of a traditional paper invoice, used for billing and payment purposes, transmitted electronically between businesses. It contains information such as supplier’s and buyer’s details, item descriptions, quantities, prices, taxes, and total amounts, which recorded the transactional data arising from day-to-day business operations. This includes the purchases and receipt of services from foreign suppliers, and other examples of self-billed e-Invoice.

10. Credit Note

If a customer returns a damaged item or the suppliers intends to make adjustments due to various reasons (e.g., discount provided, incorrect amount delivered), the supplier will issue a credit note to adjust the amount owed, ensuring accurate billing. Corresponding references to the associated invoices should be clearly specified in the face of the credit note to ease reconciliation.

11. Debit Note

It adds an amount to the originally stipulated total. For example, when a customer requests additional services or supplier incurs additional costs such as expedited shipping, this results in an increase in the overall invoice amount. Any corresponding references to the associated invoices should be clearly specified in the debit note to ease reconciliation.

12. Refund Note

When a customer has paid for a product or service and subsequently returns the product or cancels a service, they become eligible for a refund. The refund note e-Invoice acknowledges the return and specifies the refunded amount.

14. MSME

Micro, Small and Medium-sized Enterprises whose revenue numbers fall below certain limits.

15. My Invoice Portal

MyInvois Portal is a user-friendly web application developed by IRBM that provides taxpayers an intuitive interface to access and perform essential e-invoicing tasks.

16. My Invoice System

MyInvois System, developed by IRBM, is an e-invoicing system designed to streamline the exchange and management of e-Invoice in a structured electronic format between suppliers and buyers, ensuring a seamless process.

17. QR Code

Quick Response (QR) Code containing encoded data that typically includes information for a locator or reference, as well as an identifier.

18. SGML (ISO 8879)

Standard Generalized Markup Language (International Organization for Standardization 8879) is a standard for defining generalized markup languages for documents.

19. SST

Sales Tax or Service Tax (SST) that is imposed pursuant to Sales Tax Act 2018 or Service Tax Act 2018 respectively. Sales Tax and Service Tax are single-stage taxes which are levied on all locally manufactured/ imported taxable goods and certain prescribed taxable services (acquired locally or imported), respectively.

20. XML

Extensible Markup Language (XML) is a markup language that offers a set of rules for defining and structuring data in a flexible and extensible manner.

21. JSON

JavaScript Object Notation (JSON) is a lightweight text-based data interchange format that is simpler to read and write as compared to XML.

22. UBL

Universal Business Language (UBL) is an open library of standard electronic XML business documents designed to facilitate the digital exchange of business information. UBL provides a comprehensive suite of schemas that define common business documents like purchase orders, invoices, dispatch advices, and receipts. These documents can be used across different industries and regions, promoting interoperability and seamless integration between systems. UBL 2.1 refers to (Universal Business Language Version 2.1)

23. ERP

Enterprise Resource Planning (ERP) is a type of software system that helps organisation to automate and manage core business operations, such as Goldsoft ERP system.

24. SDK

A Software Development Kit (SDK) is a collection of tools, libraries, and resources that developers use to create software applications for a specific platform or framework.

25. SIT

System Integration Testing (SIT) focuses on overall integration testing of integrated components to ensure interactions and interfaces between different systems perform as expected

Starting from August 1st, 2024, e-invoicing will become mandatory for businesses with income or annual sales exceeding RM100 million.

Here's the implementation timeline by targeted taxpayers and their respective dates:

Taxpayers with an annual turnover or revenue of more than RM100 million1 August 2024
Taxpayers with an annual turnover or revenue of more than RM25 million and up to RM100 million1 January 2025
All taxpayers1 July 2025

Source:

E-Invoice Guideline (Version 1.0)
E-Invoice Guideline (Version 2.2) (published on 9 February 2024) https://www.hasil.gov.my/en/e-invoice/guidelines/

SST Increases to 8% Today

Fri, 01 Mar 2024 08:39:44 GMT

Understanding the Expanded Scope of Service Tax with the New Rate in Malaysia

The Sales and Service Tax (SST) rate in Malaysia has increased from 6% to 8%, effective today, March 1, 2024 , as announced in both the Malaysia Budget 2024 and the Royal Malaysian Customs Department.

The expanded taxable service scope is effective from February 26, 2024, with the new tax rates taking effect on 1 March 2024.

Check out the list of services that are subjected to 8% service tax:-

Group A 8%

Hotels, serviced apartments, bed & breakfasts

Group B 6%

Restaurants, b ars or coffee shops

Group C 8%

Nightclubs, dance halls, cabarets, wellness centres, massage parlours
*Proposed expansion of the scope of Service Tax: Karaoke Centres

Group D 8%

Private clubs including clubhouses based on membership, profession, or class

Group E 8%

Golf courses or golf driving ranges

Group F 8%

Betting, lottery, gambling machines or games of chance

Group G 8%

Legislation, Accounting, Assessment, Engineering, architecture, Consulting, training & coaching Information technology (IT)/digital Management services (maintenance, warehousing, collection & debt, parking cars, sports and secretarial facilities), Employment services, Guard/protection services (security)
*Proposed expansion of the scope of Service Tax: Services maintenance or repair

Group H 8%

Credit card services RM25/year

Group I 8%

Insurance & takaful, Telecommunications, Customs agents, Vehicle parking space providers, Motor vehicle services, Courier services, Rental and chauffeur services, car rental, and excursion bus services, Advertising, Domestic electricity supply >600kWh Domestic travel except Rural Air Services (RAS), Brokering & guarantor, Cleaning.
*Proposed expansion of the scope of Service Tax: Brokerage and underwriting services in relation to: Ships or airplanes; Commodities; Real estate; Any other; brokerage or underwriting service.
Except for: Telecommunications; Space provider (parking) vehicles; and Food and beverage drinks (F&B) *The 6% rate remains.

Group J 6%

Logistics services
Full or part of the supply chain and logistics management services, service warehousing or warehouse management, freight forwarding services, service port or airport services shipping, aviation services or cold chain facility service
Cargo transportation or distribution
Transportation of goods, documents or parcels through e-commerce platforms
Courier services under section 10 of the Postal Service Act 2012 (Act 741)
Customs agents

Registration threshold: RM500,000:

• The threshold for the total amount of taxable services is set at RM500,000 and registration is required for all.

• Threshold calculation will be based on the total value of all services the service provider has provided in the past 12 months.

(Sources: Finance Ministry)

Here are some resources to learn more about the SST:

The Royal Malaysian Customs Department: https://mysst.customs.gov.my/
News articles explaining the SST: [Search Malaysia SST 8% on Google search.google.com]

E-Invoicing

Thu, 29 Feb 2024 08:11:33 GMT

Malaysia's E-Invoicing Journey: Benefits, Timelines, and Key Points.

The clock is ticking! With only 5 months remaining until August 1st, 2024, e-invoicing will become mandatory for Malaysian businesses with income or annual sales exceeding RM100 million. This blog post equips you with the key points you need to know: from the benefits and key dates to the different types of e-invoices and available submission methods.

What is e-invoicing?

E-invoicing, or electronic invoicing, replaces paper invoices with digital ones, simplifying and streamlining the invoicing process for businesses and the government.

Benefits of e-Invoicing:

Increased efficiency: Saves time and effort for businesses and the government.
Reduced costs: Eliminates printing, postage, and storage costs.
Improved accuracy: Reduces errors from manual data entry.
Enhanced transparency: Provides a clear audit trail.
Environmental benefits: Reduces paper usage.

72-Hour Grace Period:

A crucial feature of e-invoicing is the 72-hour grace period. This allows:

Both sellers and buyers to reject or request cancellation of an e-invoice within 72 hours of its issuance.
Sellers to approve buyer requests for rejection or cancel the e-invoice themselves.
No modifications to the e-invoice after the 72-hour window.

Important Implementation Dates:

Remember: Starting from August 1st, 2024, e-invoicing will become mandatory for businesses with income or annual sales exceeding RM100 million.

Here's a table outlining the entire implementation timeline by targeted taxpayers and their respective dates:

Types of E-Invoices to be Issued:

As you transition to e-invoicing, it's important to understand the different types of e-invoices you might encounter:

Invoice: The standard document for a transaction between a supplier and a buyer, including self-billed invoices used for expenses.

Credit Note: Issued to correct errors, apply discounts, or account for returns, reducing the original invoice's value without a refund.

Debit Note: Used to indicate additional charges on a previously issued e-invoice.

Refund: Issued by a supplier to confirm a refund of the buyer's payment, typically associated with returned items.

E-Invoice Requirements:

While every e-invoice must comply with specific requirements as outlined in the LHDN e-Invoice Guideline

(released on September 29th, 2023), some key details include:

Supplier and Buyer information: Tax identification numbers (TIN), registration/identification numbers.
Invoice details: e-invoice code/number, date, description of goods/services.
Tax details: tax type, rate, amount, total amounts excluding and including tax.

For a complete list of all 53 required fields and specific details, please refer here or the official LHDN e-Invoice Guideline.

Resources for Businesses:

Lembaga Hasil Dalam Negeri Malaysia (LHDNM): https://www.hasil.gov.my/e-invois/
Malaysia Digital Economy Corporation (MDEC): https://einvoice.mdec.com.my/

E-Invoice Submission Methods:

MyInvoice Portal:

Suitable for Micro, Small, and Medium-sized Enterprises (MSMEs) due to its user-friendly interface.
Accessible to all taxpayers.
May not be efficient for large volumes of data, as manual input might become cumbersome.
Businesses cannot connect their existing accounting systems to the MyInvoice Portal.

Application Programming Interface (API):

Ideal for taxpayers with a large volume of transactions, as it automates the submission process.
Requires adjustments to existing systems to integrate with the API.
Connects directly to the Inland Revenue Board of Malaysia (IRBM) through Peppol-ready ERP solution Solution Providers (PRSPs) or Peppol Access Point Service Providers (SPs).

The e-invoicing deadline is fast approaching! Act now to ensure a smooth transition.

Here's what you need to do:

Evaluate your current invoicing process: Identify areas for improvement in costs and efficiency.

Find the right solution: Choose/ upgrade an e-invoicing solution that aligns with your business needs, considering ease of use, scalability, and integration capabilities.

Automate transmission: Integrate your chosen solution with your ERP system to streamline the process.

Train your team: Educate your staff on the new e-invoicing process.

The Importance of Data Backup

Fri, 30 Jul 2021 08:29:03 GMT

To prevent data loss in a company, we always advise our customers to back up their data everyday. See below infographic for more information.

What is Data Backup?

Data backup is the practice of copying data from a primary to a secondary location, to protect it in case of a disaster, accident or ransomware.

Why Data Backup?

Data is the most important asset for any organization, and losing data can cause disrupt business operations.

2 Types of Backup: Manual/ Auto

1. Backup to External Hard Drive Manually

e.g. Hard Disk, DVD or thumb drive

ERMS System users can backup the files by copying from a path given by our technical teams.

How to ensure backup correctly?

After copied to hard drive, if the file size is same with original files size, means backup correctly.

2. Backup to Third Party Cloud Storage Automatically

e.g. Microsoft Azure Cloud

If you are using cloud JERP system, the data will backup automatically to the cloud server. Easiest and safest.

For more information about data backup, please contact our technical team at 03-2732 8833.

Why Cloud ERP

Mon, 11 Jan 2021 02:46:02 GMT

Emerging digital technologies has been revolutionizing the business world today.

The change in the retail and distribution industry is being driven by emerging digital technologies and the rapid growth of omnichannel distribution channels that didn’t even exist ten years ago.

In the digital era, consumers expect instant information, a variety of product choices, faster delivery, and value- added services- these are the reasons traditional business simply cannot keep up with.

What is Cloud ERP?

Cloud ERP is an enterprise resource planning (ERP) system that runs on a professional cloud platform as opposed to an on-premises network, allowing companies and business partners to access information over the internet.

It is important to understand why cloud-based ERP can help the business scale faster.

Video: Why Cloud ERP?

8 Business Benefits of Cloud ERP

Digital assistance: On-the-go access real-time information by business owners and employees, from anywhere on any device.

Greater scale. Cloud ERP is designed to handle the ever increasing volume of data and easy to integrate with new technology to provide a single source of truth.

Automate core processes: Streamline core business operations, manual tasks and reporting. Reduce human errors and empower employees to work on value-added tasks.

Empower mobile workforce: Mobile accessibility allows remote staffs to execute and input work status in real-time, from issuing sales orders, stock level look up to stock take.

On-the-go approval: From purchase order approval to stock replenishment and sales order credit limit adjustments, managers or directors can approve/reject on-the-go. Save time and speed up processing time.

Optimize stock level: Keep up with demand and ensure optimal replenishment through real-time monitoring of inventory.

Strengthen business partner relationships . Better collaboration and seamless share information by suppliers and dealers across the world with a transparent online portal.

Improve business insight. Improve decision making with a single source of truth in an easy-to-understand dashboard view.

Cloud ERP v.s. Traditional ERP

Traditional ERP provides automation efficiencies but lacks flexibility when the company grows into more complex distribution channels.

Take a look at the key differences between Cloud ERP and traditional ERP infrastructures.

Cloud ERP:

Hosting: Hosted on cloud server provided by cloud hosting company.
Accessibility: Can be accessed anytime anywhere through a web browser from any device.
Data Backup: Data auto stored and backed up securely in the cloud.
Infrastructure: No server or infrastructure maintenance costs.
User Interface: Web and mobile technology with a modern interface.

Traditional ERP:

Hosting: Installed locally on the company's server or computers.
Accessibility: Accessed through server connected desktop devices. Terminal server required for out of office employees to access remotely.
Data Backup: In-house IT manually backup data and maintain the security.
Infrastructure: Need server, maintenance and upgrade new server costs.
User Interface: Mature technology with traditional user interface.

Types of ERP Deployment

Understanding the difference between various types of cloud deployment and identifying which one is the right fit for your business is tremendously important.

Here is a handy comparison chart for Public cloud, Private cloud, On-Premise cloud and Hybrid cloud deployment options:

Which is the right solution for my business?

Every customer has different business needs, IT staff capability and customization requirements that will influence the choice of the deployment strategy.

Goldsoft ERP system- JERP was built on cloud that can be deployed on secure private cloud or on-premise hosted server, offering greater insights, better inventory control and reduced supply chain costs by integrating and automating essential operational functions from multi-channel.

Scale your retail and distribution business with Goldsoft’s Cloud ERP now.

Click here to request a one-to-one consultation now.

Tomaz Shoes Increased Inventory Efficiency

Thu, 10 Sep 2020 08:19:23 GMT

Customer Success Story- Tomaz Shoes

Challenges:

Challenge to manage inventory for all retail outlets
Lack of inventory visibility along supply chain and across outlets

Solutions Implemented:

Goldsoft JERP System (Standard Edition)
Goldsoft Retail JPOS System

Benefits:

Increased inventory accuracy and visibility across outlets drilled down into item color and sizes
Greater overall operational efficiency
Make better business decisions based on real-time sales information
Employee able to work from home anytime anywhere

Significant Results to Tomaz Shoes :

50% increased efficiency in managing inventory from warehouse to all outlets
50% reduced man hours in managing inventory (such as stock take process is shorter)

Find out more about the functionality in this success story:

Cloud JERP System
C loud JPOS

Or schedule a demo to see it all in action.

Digitizing Retail Inventory Webinar

Mon, 24 Aug 2020 02:23:04 GMT

Join us to learn how to digitize retail inventory via cloud + mobile technology.

Digitizing Retail Inventory Webinar

Date: 9 September 2020 (Wednesday)

Time: 10.30AM to 11.45AM

Venue: Zoom Webinar

Agenda:

• Understand offline and online retail inventory digitization

• Overcome inventory key challenges with mobile technology

• Benefits of Buy-Online, Pick-Up In Store for retailers

• Inventory reports retailer need to know about

Who Should Join?

This webinar is suitable for brick and mortar or e-commerce retailers who wish to get the inventory foundations right.

We believe when retailers get the core processes right, they can start from a position of strength and be able to adapt the strategy in response to any challenges.

Register Now:

(registration closed)

Registered participants will receive a confirmation email.

Zoom webinar access code will be sent 2 days before the event date.

Please install Zoom h ttps://zoom.us/download at your PC before the webinar starts.

Webinar Photos:

www.goldsoft.com.my/events

For more information, please contact 03-2732 8833 or Whatsapp 016-6611086.

5 Tips to Prepare for Stock Take After MCO

Tue, 07 Apr 2020 05:40:06 GMT

It’s important to perform stock take after the Malaysia Movement Control Order (MCO), especially for product-based businesses. You need to get a complete view of what products on hand at the warehouse and each location to make fact-based decisions on product strategy planning.

The good news is that with mobile technology with a proper preparation, anytime stock take is possible. Here are some good stock take practices for you to consider:

1. Plan Ahead

Make sure you have stock take count sheets ready or use JMobile stock take tool. JMobile can speed up the process by stock taking with multiple users at the same time, using a smartphone and attach with a handheld Bluetooth or RFID scanner.

2. Allocate Counting Area

Plan out the counting area such as zone/ bin/ carton/ shelf for employees to carry out the stock take process. The more well-defined the area assigned the more accurate the stock count is likely to be.

3. Choose a Timing

Normally stock take process is carried out after normal business hours. Using JMobile you can speed up stock take process while ensuring an accurate stock take is carried out.

4. Re-Count

If the stock variance is high after the 1st stock take. You should identify which particular stock may need to be recounted. Counting 2 times makes accuracy more certain.

5. Update Inventory Records

Once you have compared your stock take figure against the system figure, then you can generate Quantity Adjustment to update the inventory accordingly.

Efficient stock take allows you to regularly monitor and increase gross profit, reduce loss, improve forecast and control of inventory. If you are using traditional ways of stocktaking tools, it is worth looking at new mobile and RFID technology for stock take.

Video of JMobile Stock Take with Bluetooth Scanner

视频分享JMobile与蓝牙扫描仪货品点算

行动管制令后企业如何准备货品点算的5个提示

以产品为主的企业，在马来西亚行动管制令之后进行货品点算显得非常重要。因为您需要全面了解仓库和每个存放地点目前的数量，以便利用真实的数据做出接下来的战略决策。

好消息是，有了智能手机流动技术再加上适当的准备，企业在任何时间都可以进行货品点算。以下是一些货品点算法供参考：

1. 提前计划

确保您已有熟用的货品点算表或使用JMobile点算工具。JMobile点算工具能连接手持式蓝牙扫描仪或 RFID 扫描仪以连接进行货品点算，甚至多个员工能在同一时间一起进行货品点算，从而加快整个点算过程。

2. 分配点算范围

规划好员工需要进行货品点算的范围，如区域点算/货架点算/箱子货品点算。点算范围规划得越清晰，库存点算就越准确。

3. 选择时间

货品点算通常是在安排在正常工作时间后进行。使用JMobile，您可以加快货品点算，同时确保准确。

4. 重新点算

如果点算货品后数额出现太大差异。您可能需要选出哪种货品需要重算。点算两次更能确定准确性。

5. 更新库存记录

将实际点算货品的数量和系统的货品的数量进行比较后，接下来您可以做出数量调整来更新库存数量。

高效的货品点算能助您定期监视货品，增加利润，减少损失，改进预测及改善整体货品的控制。

如果您使用的是传统的货品点算方法，可以关注如何利用新的智能手机流动技术和 RFID 技术进行货品点算。

3 Reasons to Move to Cloud ERP

Tue, 24 Mar 2020 08:29:36 GMT

Can your head office operate seamlessly by working from home during the Malaysia movement control order?

In line with the announcement by the Malaysia Government on the Restricted Movement due to Covid-19 disease. Can your business operate by working from home? With Goldsoft Cloud ERP, You Can.

Here are 3 reasons why move to cloud ERP:

1. Work From Home Anytime

Cloud ERP gives you the flexibility to work from any location. Employees can complete their tasks at home by logging into a cloud system which is tremendously efficient compared to getting traditional methods to work online.

If you are using remote desktop connecting to headquarters' server, you are required to pay the remote desktop connection licenses even if you are not using it often.

2. Worry Free Backups

The data is stored and backup automatically on the cloud and will always be available as long as users have an internet connection.

Traditional system requires backup manually especially for daily transaction. Any disaster can lead to permanent data loss if no backup storage is in place.

3. Improved Collaborations

Cloud computing is one of the most effective ways of improving business performance as you can view real-time online and offline sales through mobile phone; using mobile phone to perform tasks as required.

Employees can easily share and collaborate to complete the tasks when working from home.

We wish all our clients to stay safe , stay strong and we are always ready to help our clients business move to cloud and ensure an efficient transition.

Click here to find out more about JERP or call our sales representatives for more details.

How to Backup Data

Tue, 17 Mar 2020 08:42:37 GMT

In line with the recent announcement by the Malaysia Government on the restricted movement order which will be effective 18 – 31 March 2020, we advise our client server-based customers to back up the data every day, especially today.

For customers who are already using the cloud JERP system, the data will be auto backup to the cloud server.

Steps to Backup Client Server Data to External Drive:

Step 1: Copy the latest data file to an external hard disk, DVD or thumb drive E.g. from \\serverip\backup OR c:\backupfolder

Step 2: After copy the data, ensure file size is the same meaning you backup successfully. E.g. original file size 10GB, external backup file size is 10GB also.

Step 3: Step 3: To keep at least last 7 days of backup.

Should you require any assistant, please contact our respective technical/ customer support/ sales personnel via mobile/ Skype/ Whatsapp .

We will continue to support our customers as usual.

Jordone Group Gains Monthly Consignment Sales Reports Faster

Fri, 28 Feb 2020 09:09:57 GMT

Customer Success Story- Jordone Group

Challenges:

Generate sales and financial reports was time-consuming
Inaccurate sales and stock information from consignment counters
Poor stock and brands control

Solutions Implemented:

Goldsoft ERP (Enterprise Edition)

Features Highlights:

Automate consignment counter calculations for invoicing, promotion sharing, short & over
Branch commissions setup by consignment counter by different discount mode
Generate invoices that direct integrated to General Ledger, Accounts Receivable and GST Output Tax/ SST

“What used to be a one-night ordeal to run the monthly consignment sales report can now be done within 30 seconds! ”

James Wong, IT Manager, Jordone Group

Significant Benefits to Jordone Corporation :

70% faster in decision making
60% reduced inventory tie-up
The custom-made solution allowed to made changes more quickly

Find out more about the functionality in this success story:

Or schedule a demo to see it all in action.

Gene Martino Apparel Gains 2x Efficiency and Expands Business with Confidence

Mon, 24 Feb 2020 09:04:57 GMT

Customer Success Story- Gene Martino Apparel

Challenges:

Time-consuming manual work to create multiple article code to cater to different color and sizes
Poor stock categorization effects reports filtering
Data situated at respective departments
Difficult to consolidate a single inventory view for all retail outlets

Objective:

Implement a solution to reduce manpower costs
Implement a solution to centralize control the increasing number of outlets

Solutions Implemented:

Goldsoft ERP (Standard Edition)
Goldsoft Retail POS System
Goldsoft Business Intelligence

Key Features Highlights:

Auto generation of EAN13 barcode with color/size information.
Inventory grouping by product line, department, brand, group, class and season.
Centralized data from the headquarters, retail outlet and warehouse.
Slow moving inventory reports readily available for purchase planning.

“Goldsoft ERP improved our time efficiency and reduced unnecessary manpower costs that enabled us to expand our business with confidence. ”

Teh Choon Siang, Managing Director of Gene Martino Apparel

Significant Benefits to Gene Martino Apparel :

Gained 2x efficiency- Delivery order and invoice processing staff reduced from 4 (handled 40 outlets) to 3 that able to handle a total of 71 outlets
20% reduced inventory tie-up

Find out more about the functionality in this success story:

Or schedule a demo to see it all in action.

Checkers Hypermarket Improve Inventory Control

Mon, 17 Feb 2020 10:14:38 GMT

Customer Success Story

Challenges:

Data accessibility
Previous system was not able to keep historical data for more than 3 months

Solution Implemented:

Goldsoft ERMS (Enterprise Edition)
Goldsoft POS System

Solution Benefits:

Streamlined operation processes and inventory view across branches
Faster business decision making

Nicole Collection Achieves Significant Cost Savings by Eliminating Multiple Disparate Software Licenses

Thu, 13 Feb 2020 10:06:14 GMT

Customer Success Story- Nicole Collection

Challenges:

High maintenance cost on multiple software licenses without seeing any significant return-on-investment (ROI)
Inaccurate inventory information
Slow and manual generate reports affected business decision making

Solutions Implemented:

Goldsoft ERP (Enterprise Edition)
Goldsoft Retail POS System

Objective:

Implement a solution to achieve supply chain efficiency while keeping business cost down

Features Highlights:

Automate consignment counter calculations for invoicing, promotion sharing, short & over
Branch commissions setup by consignment counter by different discount mode
Generate invoices that direct integrated to General Ledger, Accounts Receivable and GST Output Tax/ SST

“We gained substantial time savings as manual processes that used to take 1 day to complete can now be completed within 15 minutes through automation. ”

Steed Chiew, Head of Admin, Nicole Collection

Significant Benefits to Nicole Collection :

Gained considerable ROI due to reduced cost by eliminating the need of having multiple disparate software licenses from other vendors
Achieved timelier ordering and more efficient consignment supply chain by having the accurate data

Find out more about the functionality in this success story:

Or schedule a demo to see it all in action.

Cloud ERP for Retail and Trading

Fri, 01 Nov 2019 07:21:38 GMT

JERP focuses on accessibility, mobility and security.

Goldsoft JERP is developed by Oracle Java Cloud Technology 12c, aim to minimize the complexities of traditional ERP to deliver a solution that focuses on accessibility, mobility and security.

With the flexibility to run on premise or on Microsoft Azure Private Cloud, JERP delivers an end-to-end fully customizable business management application- connects headquarter, subsidiaries, retail outlets, franchisees and dealers, enabling enterprises to improve company performance, increase inventory accuracy, increase sales efficiency, and respond quickly to an evolving business environment.

Goldsoft JERP consists of the following modules:

Real-Time Inventory Management
Purchasing Management
Retail Sales Management
Consignment Sales Management
Wholesales Management
Customer Management
Promotion Management
Reporting Management
Accounting Management
Fixed Asset Management

To find out more features, click below to schedule a meeting with our sales consultant or call 03-2732 8833 today:

https://www.goldsoft.com.my/exploratorymeeting

#goldsoft #retailerp #retailpos #clouderp #retailsoftware #erpsolutions #erpcloud #JPOS #erpsoftwaresolutions #erpsystems #erpsoftware #salesorder

4 Benefits of Accepting Mobile Wallets at Your Retail Shop

Wed, 07 Feb 2018 09:03:23 GMT

With increasing e-commerce and online shopping activities, cashless payment or electronic payment has gradually become more important as compared to conventional payment such as cash and cheque. Here are 4 key benefits of accepting mobile wallets at your retail shops.

1. Attract Chinese Tourists

Alipay has over 450 million active users and increasing number of Chinese tourists travel to Malaysia. If your retail shop accepts Alipay payment, you can attract more Chinese shoppers and allows them to pay for their transactions in yuan without concern about exchange rates.

2. Faster Check Out

Cashless payment in Malaysia is on the rise, like Alipay, WeChatPay, SamsungPay, CIMBPay and MaybankPay offers not just convenience and a more secure way to pay, but also provide consumers with more options. Adoption of cashless payments has also boost retailers business performance like faster check out.

3. Reduce Theft Cases

Cashless payment offers greater security with lower transaction cost. Less cases of theft among employees or cashiers in the shops and lower risk in accidental loss of money; supervisor also no longer have to haul cash to the bank after business hours.

4. More Customer Data

Retailers can analyse all aspects of cashless spending for example who buys what product and when they buy, what they spend. Customers also need not to carry extra loyalty cards except their mobile phone. Retailers can register consumers using their mobile number and all the loyalty coupons can be tracked at fingertips.

Goldsoft wins Outstanding SMEs Award at Golden Bull Award 2017

Wed, 23 Aug 2017 08:48:33 GMT

27 July 2017. KL Majestic Hotel. 6PM-10PM.

We are delighted to announce that Goldsoft was awarded the Outstanding SMEs Award at Golden Bull Award 2017- at Kuala Lumpur, Malaysia on 27th July 2017. Goldsoft received the Golden Bull Award from Datuk Seri Mah Siew Keong, Minister of Plantation Industries and Commodities. The award was to recognize companies who achieved consistently growth in annual sales turnover over the past 3 years. We were the only IT software company to win this year.

Since 1997, Goldsoft retail management software has significantly contributed to improved the way local retailers do business and successfully increased retailers operations efficiency especially in sales and inventory control across all branches and outlets. "It's tough to startup a business; It is even tougher to maintain a business; and the toughest is to grow the business successfully. To ensure the business everlasting, ones shall require to work conscientiously with passion, enthusiasm and never forget the objective of starting the business." - Managing Director of Goldsoft, Mr. Stephen Lim Choon San.

Goldsoft is now deploying new products to add more value to its existing and new clients. New products such as Business intelligence, mobile technology, cloud CRM, and integrate with new marketplace/payment gateway like Alipay etc to help clients reach out more new customers/channels.

More news coverage:

Goldsoft Facebook: www.facebook.com/GoldsoftM Y

Golden Bull Award Facebook: www.facebook.com/goldenbullaward

#goldsoft #retailerp #retailpos #clouderp #retailsoftware #erpsolutions #erpcloud #JPOS #erpsoftwaresolutions #erpsystems #erpsoftware #salesorder