The Goods and Services Tax (GST) system was officially implemented in Malaysia on April 1, 2015, and amongst the first group of people affected by the GST implementation are the vendors for GST Software Malaysia.
In order to be ready for Malaysian GST, the governing body for GST in Malaysia, which is The Royal Malaysian Customs Department (RMCD) or Jabatan Kastam Diraja Malaysia (JKDM) has issued a guideline as early as March 2014, which was later finalised in Sept 2014. The GST Software Guide is entitled “Guide to enhance your accounting software to be GST compliant”
The GST Guide Malaysia issued by Customs GST Malaysia or Kastam GST advises businesses to ensure their software developers follow the recommendations in the Guide. The guide goes on to say that the requirements are in line with the existing best practices for business applications.
You can download the entire guideline here
A GST compliant accounting software for use by GST registered companies in Malaysia should provide the following information:
A GST compliant software will help a business track and maintain proper and accurate financial information. GST Customs Malaysia has the right to conduct audit on the business to ensure that proper GST tax declarations are made correctly.
During the GST audit, Kastam GST will request for accounting information as part of the audit. In fact one of the key requirement requested by Kastam GST is that the accounting software should be able to produce the GAF, as part of an effort to reduce time and effort in conducting the GST audit.
If your business is registered for GST, it is very important to automate your accounting process. You need to have proper record keeping in order to prepare accurate tax declarations. You may face strict penalties if you submit incorrect GST amounts
Therefore it is very important to invest in a Malaysia GST compliance software so that you are able to capture the transaction records accurately and on a timely basis, and be able to produce accounting information for GST purposes. With a proper accounting system in place, you are less likely to make computational and accounting errors. In addition, a GST accounting system can generate operational and financial information that are useful for managing the business.
The more transactions your business generates, the more difficult it is to keep track of all transactions manually. If you keep your accounting records manually, you are bound to make mistakes, due to sheer volume of transactions, and the short time of period given to submit the GST tax form. All GST registered companies have to submit the GST returns on a monthly or quarterly frequency, depending on the annual turnover. You are given 30 days after the end of the month, or end of the quarter to submit the GST form and make the payment.
In addition many small businesses have limited resources to administer the GST collection and payment process, and are ignorant on the GST regulations.
GST affects every business, whether or not you are compulsorily required to register for GST. You have to select the right type of software for manage GST more efficiently.
As a registered GST supplier, you will have to
Although GST is not a business cost, the amount of GST to collect is based on the sales value. The amount of GST paid is calculated based on Purchase of raw Material and Capital assets, and other business expenses.
Developers of Accounting Software that has complied with all the requirements stated in the Accounting software Guide are given a unique approval number issued by Customs GST Malaysia,. The software vendors are listed on the directory of approved Malaysia GST Accounting Software. There are around 300 local and foreign softwares which are GST compliant and approved by Royal Custom Department of Malaysia. You have a long list to choose from for the best Malaysian GST software for your use.
In the early stages of GST implementation, businesses were given Rm1000.00 as subsidy to ourchase GST accoutnign software form the apporved vendorrs. This is to ensur that their GST submission wil be in accordance wth the requirement of Cusotms GST
For a complete list of approved software vendors for GST Software Malaysia, click here
This Review MYOB Accounting Software Malaysia aims to explain in detailed what the MYOB accounting software can do for your business. MYOB Accounting software is one of the top accounting software in Malaysia, used by many small and medium sized businesses. It is one of the Customs-approved accounting software for GST Malaysia.
MYOB is an acronym for Mind Your Own Business.
MYOB is also the name of an Australian company which was established in 1991. The Company, MYOB Pty Ltd, provides business management software for the small and medium sized businesses. These software serves different business needs such as accounting, payroll, point-of-sales and CRM functions.
Most of the software products produced by the Company have the company name ‘MYOB’ attached to it. For example, MYOB BusinessBasics, MYOB Accounting and MYOB Premier are names of accounting software written for different levels of user requirement. MYOB Payroll is a payroll solution. And MYOB RetailManager and MYOB RetailBasics are the names of the point-of-sales software for the retail industry.
Recently, the company did a rebranding exercise of their accounting software range. The accounting software is now called MYOB AccountRight, with the suffix ‘Basics’, ‘Standard’ and ‘Premier’ to differentiate the different market segments that it caters to.
MYOB accounting software is available for both the Microsoft Windows and Apple Mac OS X operating systems.
MYOB software products are available in Australia, New Zealand and across many Asian countries such as Malaysia, Singapore, Hong Kong and Indonesia. In the United States of America, the version of accounting software that is more popular is the Mac version and is sold as ‘MYOB AccountEdge’
In order to run a profitable business, a business owner will require a business management software that is powerful, cost effective and easy to use. You want something that will look after your cash flow, receivables and payables as well as being able to generate financial reports on a timely basis.
MYOB Accounting software has the following features:
Data is processed in real-time mode in MYOB Accounting system. There is no posting required. Once you entered your data, and click the ‘Record’ button, the transaction is processed and you can get your up-to-date reports immediately. There is no need to do ‘month-end closing’ also because the financial accounts is updated as soon as you complete the data entry.
MYOB Accounting software is an integrated system between Sales, Purchasing, Stock Control, Accounts and Banking functions.
This means you can get updated stock balance, cash balance, debtors and creditors balance and your profit figures as soon as you have completed raising the invoice or made a purchase.
MYOB is designed for business minded people, with or without accounting knowledge. MYOB Automatically converts familiar invoices, cheques, bills, etc., into full double-entry journals employed by accountants and auditors.
You can issue and print quotations and later convert them into Sales Order and Sales Invoices with great ease. The documents can be printed or emailed to the recipients.
The jobs functions in MYOB accounting software lets you assign income and expenses on an invoice, purchase order, cheque, or deposit to a Job Code. Use the Job Code to represent, for example, profit centers, product groups or locations.
The Category functions allows you to keep track of income and expenses by branch, sales territory and by region. You can generate a branch Profit & Loss and Balance Sheet within one database.
In MYOB Accounting software (other than the entry level version) you can set-up a master password and unlimited numbers of sub-passwords that can control access screen by screen. The Administrator has absolutely authority to set the users accessibility to different screens and tasks. The Administrator can also activate the audit function to trace and report any changes to the database.
You can establish a budget for each general ledger account for current year and for the following year. MYOB’s reports allow you to compare actual vs. budget with dollar and percentage variances.
MYOB forms can be easily customized to match most commonly used forms, such as Quotation, Invoice, Delivery order, Purchase order, Payment Voucher, Cheques, Official Receipts, Customer Statement and Address labels.
You can also print and email all the above documents easily with a click of a button. You can insert your logo for branding purposes.
Easily backup and restore your MYOB database within the software. The software will zip the backup file which you can save in a pendrive, or a external hard, or save to the cloud storage devices like Google drive and Dropbox
Transferring information from MYOB software to an accountant is simple. All you need to do is find out what information is required and how the accountant wants it. MYOB software can then print, fax, email or save to disk that information. Once the accountant has reviewed (and possible adjusted) the business information, it can be easily imported back into MYOB software and the books are updated instantly
On screen, MYOB software is intuitive, easy to use and avoids the use of accounting jargon wherever possible. Yet ‘behind the screens’, MYOB’s sophisticated double-entry system tracks and registers all of the transactions just the way an accountant would. MYOB software is flexible for you to work with an accountant as accounts can be structured the way that an accountant needs them. Reports can be produced for an accountant to determine business performance.
All MYOB reports can be exported to Microsoft Excel and other formats such as .txt or .csv formats.
MYOB accounting software is sold based on number of concurrent users (from 1, 3 5 etc) and also based on available features in the default software package.
Features applicable to MYOB Business Basics, MYOB Accounting and MYOB Premier
Modules : General Ledger, Banking, Sales Invoicing, Debtor Aging
Additional Modules available in MYOB Accounting and MYOB Premier Modules : Accounts Payable and Purchasing, Inventory, Job Management, GST Malaysia compliance
Additional Modules available in MYOB Premier only
Modules : Time Billing, Multi Currency, Multi user access
Business Tools available for all versions of MYOB Account software
Save Recurring Transactions, Find Transaction, To Do List, Customize and save reports, Business Dashboard
They say the proof is in the pudding. Try before you buy.
If you want to experience firsthand MYOB software, you can request for MYOB GST Software free download
Install a copy of the MYOB software trial version on to your PC and explore the sample data file. You can even set up MYOB software for your business and use it to manage your business straight away. The only restriction is if you create a data file for your company, your data file will become read-only after 30 days – more than enough to set up and trying out the features.
When you decide to purchase MYOB software, you can continue to use the same data file that you created with the MYOB trial version.
The MYOB price range (before implementation services) is between RM 300 to RM 4500, depending on the number of users and the features requested
For more information visit the MYOB Malaysia website.
MYOB in Malaysia is sold through various channels – professional partner and resellers, and also in the computer stores.
Choosing the best accounting software Malaysia for your small business is important for the success of your business.
Accounting software is a very important tool for every business as it stores your important business information such as sales volume, purchase costs, and detailed business expenses. Such information is very useful when you want to make decisions that affect the future of your business.
Whether you are a business start-up, or have been in business for years, you will need to prepare a set of accounts for tax purposes or when you need to apply for a bank loan. I recommend that you invest in an accounting system for use in-house as soon as practical, rather than outsource the entire accounts preparation to third party.
We share with you some tips to help you choose the best free accounting software Malaysia for your small business.
But first we will define what is an accounting software and what should be included in a basic account software in Malaysia.
Accounting software is an application software that helps you record and process your business related transactions. You need to track sales transactions, purchases transactions, payments to suppliers and receipts from customers. A good accounting system should also function as an accounting information system, as well as a management information system.
Some accounting systems consist of a core module and several add-on optional modules. Some other accounting systems are made up of several inter-dependent modules, and are described as integrated systems. .
The core modules that are necessary in order to be able to generate your financial statements are the General Ledger module, Cash Book module and the Accounts Receivable and Accounts Payable module.
Optional modules that help to ease the business operations are the Sales Order module, Billings module, Purchase Requisition module, Purchase Order module, Inventory / Stock control module, Payroll module, Timesheet module, Inquiry module, Electronic payment module, and the CRM module.
In evaluating the best accounting software Malaysia for your company, you need to ask yourself which modules are necessary for your business at that point of time, and also for the future.
If your company is required to be registered for Malaysian GST, then you must ensure that the accounting system has been configured as a GST Software for Malaysian requirement, and it is an approved Malaysia GST software by the Royal Malaysian Customs Department (RMCD) or Kastam DiRaja Malaysia.
Free accounting software for small business comes in many forms. The ‘free’ part may be in the form of a free trial version of a paid software. Or the accounting software that is offered free for small business may be the basic version, with limited features. Some accounting software is free for you to enter a certain number of transactions. Some other companies offer accounting software free for the first user only.
Truly free financial software for small business are normally written using free, open source technology. They may be offered free as part of the social contract, and may be a collaborative effort amongst different people
Throughout the years, many accounting software packages have been created, and some have been discontinued also.
So, if you are searching to find the best and free accounting software packages for your small business, you should look into the history of the company providing the free account software.
You need to assess the likelihood of the software developer surviving the coming years. Find out how many years they have been developing the software, and how many programmers are working on the project.
Look for client testimonials on their product or services.
If you are going to use the software for the long term, you should also find out whether there is a software upgrade path. You don’t want to put in tons of data into the account system and then have to re-enter the data again when you upgrade your software to the paid version.
If possible, get feedback from friends and other business owners on their personal experience dealing with the software and the company. Better still, do a search for the product on the internet and read their feedback.
Even if you got the accounting software for free, there are certain must-have features that should exist in the free accounting software before you decide to use it to manage your accounts.
Finally, before you download any free accounting software Malaysia for small business from the internet, you should ensure that the software is free from any form of malware, spyware, viruses, or Trojans.
Here is a list of the most popular accounting software in Malaysia, grouped by country of origin, and listed in alphabetical order
Accounting software that originates from Malaysia
• Autocount Accounting software
• Q&E (QnE) Accounting software
• SQL Accounting software
• Sage UBS Accounting Software
Accounting software in Malaysia that originated from other countries
• Accpac accounting software
• Fact Accounting software
• MYOB Accounting software
• QuickBooks accounting software
• SAP Business One Accounting software
The list of best account software Malaysia above are general-purpose systems suitable for most trading and service industries. They can be bought ‘off the shelf’ and are generally not customisable or modified in any way. If you are operating in specific industries, you may want to consider buying an industry-specific business accounting system.
The free copy of the Malaysian-developed accounting software can be obtained directly from the developers themselves, or from consultants and agents of the company.
The accounting software that originate from other countries are normally available from the authorized distributor’s office, and also through independent agents, consultants and system integrators acting for the distributor.
Most of the accounting software Malaysia are also available for download from the respective websites. Try searching for “accounting software Malaysia free download” or “free download accounting software Malaysia”
By following these simple suggestions, you will be able to find the best free accounting software Malaysia for your small business that will fulfill your business needs for at least several years, while maintaining a low overhead for the investment itself
Your accountants will most likely be using a small business accounting system in their office to process the accounts for their clients, and they can give valuable advice on your choice of software.
You can also seek professional software implementers to help you implement the best free accounting software for Malaysian small business.