If you’re a Loyverse POS user in Malaysia, the shift toward e-invoicing compliance with the Inland Revenue Board (LHDN) can be a bit daunting, especially since Loyverse doesn’t currently support Malaysia’s specific e-invoicing guidelines. But don’t worry—there are straightforward solutions! This guide walks you through two ways to comply with Malaysia’s e-invoicing requirements while keeping Loyverse POS as your main sales tool or switching to a compliant alternative. Let’s dive into the details and help you get started.
Overview of Loyverse POS and Malaysia’s E-invoicing Requirements
Loyverse POS is a versatile point-of-sale software that simplifies sales, inventory management, and reporting work. It is widely loved by F&B and retail businesses in Malaysia. However, because Loyverse is originated in the UK, it doesn’t specifically cater to Malaysia’s tax regulations, including the new LHDN e-Invoicing requirements. This is where external solutions come into play.
For Loyverse users, two solutions can resolve e-invoicing challenges:
- MyInvoice2u integration for LHDN e-invoicing submission.
- Switching to FeedMe POS, a Malaysia-compliant system with built-in e-invoicing.
Each option comes with its own features, costs, and advantages. Let’s explore each one in detail.
Solution 1: Integrating MyInvoice2u with Loyverse POS
If you’re committed to Loyverse but need a reliable way to meet e-invoicing requirements, MyInvoice2u is an external tool that can connect your Loyverse transactions to Malaysia’s e-invoicing system. Here’s how it works:
Step-by-Step Guide to Integrating MyInvoice2u with Loyverse POS
- Sign up MyInvoice2u
Visit MyInvoice2u’s website to create an account. Currently, MyInvoice2u offers e-invoice submission solution for Loyverse users with subscription fees, starting from RM45 per month. Generate E-invoices with MyInvoice2u
MyInvoice2u are fully integrated with Loyverse POS, all sales transactions are captured and ready to be submitted to LHDN seamlessly. This tool automatically formats your sales data according to LHDN guidelines, ensuring that all tax information is in line with Malaysia’s requirements. In short, MyInvoice2u helps to generate e-invoices for LHDN.Submit E-invoices to LHDN
Once MyInvoice2u has generated the e-invoices, you can submit them directly to LHDN through MyInvoice2u’s system. The platform handles the submission process, ensuring all data is properly validated and stored.Review Occasionally
You’ll want to review submitted invoices regularly to ensure everything is up-to-date. MyInvoice2u keeps a record of all submissions, making it easy to track what’s been sent to LHDN.
Pros and Cons of Using MyInvoice2u
Pros:
- No need to change POS software, maintaining the familiarity of Loyverse.
- Fully integrated with Loyverse POS, all sales transactions are captured and ready to be submitted to LHDN seamlessly.
- Automates LHDN-compliant e-invoicing submission.
Cons:
- First time setup fee and monthly subscription fee starting from RM45/month, specifically for e-invoicing.
Is MyInvoice2u Right for You?
MyInvoice2u can be a solid choice if you’re dedicated to staying with Loyverse and are willing to pay a premium for e-invoicing compliance. This solution works well for businesses that prefer Loyverse’s simplicity and don’t mind the extra steps and costs involved in using an external system for e-invoicing. Chat with us if want to find out more info about MyInvoice2u.
Solution 2: Switching to FeedMe POS for Built-In E-Invoicing Compliance
For those seeking a seamless experience with built-in LHDN compliance, FeedMe POS may be the answer. FeedMe POS offers a Malaysia-tailored solution that includes e-invoicing along with other powerful features such as QR code ordering, membership system, delivery platform integration, payment gateway integration and other features for a small monthly fee. Here’s how FeedMe POS simplifies e-invoicing and why it might be the better option.
Step-by-Step Guide to Using FeedMe POS for E-invoicing
- Sign Up FeedMe POS
Start by signing up FeedMe POS 30 days free trial. FeedMe offers various packages, and even their lite plan (RM39/month) includes LHDN-compliant e-invoicing at no additional cost. - Set Up Your Store and Products
FeedMe POS supports Android, Apple iOS, and computer PC. Also, FeedMe POS makes it easy to migrate data, allowing you to import product lists into their software and and set up your store quickly. If you need help to set up your store in FeedMe POS, chat with our professional customer service team. - Enable E-invoicing in FeedMe
FeedMe’s e-invoicing feature is ready to go once your account is set up. Generating an e-invoice is as simple as a few clicks, with all transactions recorded automatically. - Submit E-invoices Directly to LHDN
FeedMe POS handles the entire submission process for you. E-invoices are automatically formatted and submitted to LHDN, ensuring compliance without the need for third-party solutions or manual uploads. It is totally worry-free. - Enjoy Additional Features
Besides e-invoicing, FeedMe POS includes features like:
- QR Code Ordering: It allows your customers to self-order, thus reduce hiring of waiters to take orders.
- Payment Gateway Integration: This feature simplifies the process for e-wallet, credit and debit card payments, saving your time on administrative tasks.
- Delivery Platform Integration: FeedMe offers integration with GrabFood, Shopee Food, and FoodPanda, streamlining orders from these platforms.
- Advanced Reporting: Generate customized reports to gain insights into sales trends and employee performance.
- Inventory and Employee Management: Unlike Loyverse, FeedMe provides built-in tools for tracking employee attendance and managing stoc
Pros And Cons Of Switching To FeedMe POS
Pros:
- Low monthly subscription fee, starting from as low as RM39/month are comes with e-invoicing features.
- Fully LHDN-compliant, no additional third-party integrations needed.
- Added functionalities such as advanced reporting, payment gateway integration, and inventory management are available for other packages.
Cons:
- Switching requires migration of sales data from Loyverse. Request for help from us here.
- Slight learning curve for those accustomed to Loyverse’s interface.
Is FeedMe POS Right for You?
If you’re open to trying a new POS system, FeedMe POS is ideal for businesses looking to simplify their operations with E-invoicing included. FeedMe POS’s affordability and ease of use make it an appealing option for business owners who want e-invoicing without extra fees or complex integrations
Which Solution Should You Choose?
1. MyInvoice2u with Loyverse POS:
- Choose this if you want to keep using Loyverse and don’t mind the monthly cost, starting from RM45/month.
- MyInvoice2u works well for businesses with specific reasons to stick to Loyverse and are okay with an external integration for e-invoicing. Click here to get MyInvoice2u.
2. FeedMe POS:
- Choose FeedMe POS if you prefer a fully compliant solution for LHDN e-invoicing that includes other helpful features like payment integration and inventory management.
- Starting from RM39/month, FeedMe POS is cost-effective, easy to use, and offers a comprehensive toolset for small businesses in Malaysia. Get FeedMe POS free trial here.
Conclusion
Transitioning to e-invoicing in Malaysia doesn’t have to be a headache for Loyverse users. By integrating with MyInvoice2u or switching to FeedMe POS, small businesses can meet LHDN’s e-invoicing guidelines with minimal disruption. Each solution offers unique advantages, so the best choice depends on your specific needs, budget, and preference for maintaining or changing your POS system.
Whether you decide to stick with Loyverse and use MyInvoice2u or switch to FeedMe POS, you’ll be taking an important step toward compliance and operational efficiency. Embrace these solutions to keep your business running smoothly, and don’t hesitate to seek assistance from a professional technical team to ease your workload and reduce any hassle!
