Dec 13, 2013

The hunt for GST software for Malaysian companies

Malaysia is due to introduce the Goods and Services Tax (GST) system on April 1, 2015.  The new tax system will require several changes to be made on the part of the business.

First, you need to educate yourself and your team members on this new tax called GST.

For one, all Malaysian businesses whose annual turnover is Rm 500,000.00 is required to register for GST.  Failure to do will incur sever penalties.  If your business earns less than Rm 500,000 per year, you can choose to register for GST voluntarily.  Why would you do so, you may ask?   So that you can claim the input tax credits.

GST is entirely a different tax when compared to Service Tax.  It is also different from Sales Tax.  If your business is currently subject to either Service Tax  or Sales Tax, take note those taxes will be abolished, and replaced by the GST.      

Secondly, GST is applicable to 'taxable supplies' only.  If your business is a mixed supplier (ie supplies both taxable and exempt supplies)  you will have to keep records of your purchases and expenses in order to claim the correct amount of Input Tax Credits.

In a GST environment, keeping accurate records is very important.  If previously you only prepare your  accounts on an annual basis, you will have to rethink about doing your accounts more regularly.

You  will have to invest in a GST software to help keep record of the tax paid and tax collected.  With an in-house accounting system, you will be keeping better records, and you can identify when you will have a cashflow problem.  

There are many accounting packages available in the Malaysian market. How do you know which accounting software is right for your business?

The accounting packages in Malaysia will need to be certified by the Malaysian Customs department.    

MYOB Accounting software is a popular accounting software that is used by millions of businesses worldwide, and especially in GST countries.  You can find MYOB software being used in Australia, New Zealand, Singapore, Thailand, Hong Kong and  Philippines, to name a few.

The people behind MYOB Malaysia have managed the GST process across the globe, most recently in Singapore & Australia.  Get in touch with the MYOB consultants to help you manage the GST process in Malaysia

May 16, 2013

MYOB Premier v13 and MYOB Accounting v19 is now compatible with Windows 8!

It's official.  The MYOB Accounting system distributed in Malaysia is now compatible with Windows 8. Two of the products distributed by MYOB Malaysia i.e MYOB Premier v13 and MYOB Accounting v19 have been tested to meet all of the technical requirements to be certified as Windows®8 Compatible. 

If you are using an older version of MYOB Premier or MYOB Accounting, you can get a FREE upgrade to the Windows®8 compatible version by signing up for MYOB Premier or MYOB Accounting Business Support. 

MYOB Accounting software is one of the earliest accounting software to be Windows 8 certified. The latest version of  MYOB Accounting software has been tested to be compliant with Windows 8 and other operating systems.    

Windows Vista
1. Windows Vista Ultimate 32 bits
2. Windows Vista Ultimate 64 bits
3. Windows Vista Enterprise 32 bits
4. Windows Vista Enterprise 64 bits
5. Windows Vista Business 32 bits
6. Windows Vista Business 64 bits
7. Windows Vista Home Premium 32 bits
8. Windows Vista Home Premium 64 bits
9. Windows Vista Home Basic
10. Windows Vista Starter

Windows 7
1. Windows 7 Ultimate 32 bits
2. Windows 7 Ultimate 64 bits
3. Windows 7 Enterprise 32 bits
4. Windows 7 Enterprise 64 bits
5. Windows 7 Professional 32 bits
6. Windows 7 Professional 64 bits
7. Windows 7 Home Premium 32 bits
8. Windows 7 Home Premium 64 bits
9. Windows 7 Home Basic
10. Windows 7 Starter

Windows 8
1. Windows 8 Professional 32 bits
2. Windows 8 Professional 64 bits
Windows Server 2003
1. Windows Server 2003 Enterprise
2. Windows Server 2003 Data Center
3. Windows Server 2003 Standard

Windows Server 2008
1. Windows Server 2008 Enterprise
2. Windows Server 2008 Data Center
3. Windows Server 2008 Standard

To view the features available in the latest version of MYOB Accounting v19 and MYOB Premier v13,   visit our website for  myob malaysia

Apr 24, 2013

Malaysia's electronic payment

Effective 2 May 2013, the fee for Interbank GIRO or IBG transactions that is performed online via internet banking and mobile banking, will be at 10 sen. (compared to RM 2.00 existing).

In contrast, the charge for cheques will be progressively increased . Effective 1 April 2014, banks will charge a cheque processing fee of 50 sen on the issuer of the cheque. This fee is in addition to the existing stamp duty of 15 sen per cheque leaf..

Why is Bank Negara doing this? 

The fee for electronic payment methods will be reduced to incentivise businesses and consumers to adopt the more cost effective electronic payment methods while charges will be levied on cheques to reflect its higher cost.   This effort is to reduce the cost and inefficiencies associated with the use of cheques.  The low online IBG fee is aimed at providing the incentive for users to switch from other more costly payment methods to lower cost alternatives

Bank Negara is giving a period of one year for the general public and businesses to familiarize with, adjust and migrate to using IBG for their payment transactions. 

Online payment via internet banking and mobile banking lends significant benefits to both individuals and businesses. Individuals enjoy the convenience of transacting anytime anywhere, avoiding the queues at bank counters while businesses can lower the costs of doing business through the reduction or redeployment of resources used for handling cash and cheques. With more payments done electronically, there will also be cost savings from manual processes including postage.


Feb 23, 2013

Teach me ..for free, or over a cup of coffee

 As a business owner, I don't give away my time for free. And neither should you. Time is the one thing that we can never get back. 

"Time is more valuable than money. You can get more money, but you cannot get more time." -- Jim Rohn

I am not sure how I want to approach this topic, but I want to get it off my chest. I do get this odd calls, from strangers sometimes, asking for FREE consultation for services that is normally chargeable. And they get offended when I refused to waive the consulting fee, and they get angry, sometimes, when I asked them to sign for my phone support package. 

Sometimes, the discussion can proceed to the level of the caller taking pains to justify that it is a simple question which needs only 1 minute to answer.  Whether it  is an easy-to-answer question, or something which requires more time, still, why should I answer the question when there is no monetary consideration to bind us together?   

It sounds like all I care about is money.  Yes, I don't apologise for it.  Admit it, everybody is in it for the money.  It's my right to earn a sale, and pursue a profit, as its' your right to get proper advice for your problems.  

People are so used to getting free information on the Internet, that they think you owe them '5 minutes' of  consulting time, for free.  Don't they know that not all free things are good for them, and if you don't pay for advice, you may be given the wrong advice, and that the adviser is not accountable for that advice?

Someone also offered me a cup of coffee for my advisory time, in exchange for the fee which I quoted her. I politely told her that I don't drink coffee and I prefer the money,  to pay for my office rent.

So, am I to be faulted for talking about monetary considerations all the time? 

I am referring to the chargeable  time, the period between 9 am to 6 pm, weekdays.  Outside of this time scale, I may be inclined to give free advise, if I am not exercising my way to a healthy body, or spending time with the family.

Sep 12, 2012

MYOB gives you get a snapshot of your CashFlow

Get a snapshot of your business with the latest version of MYOB Accounting v19 / MYOB Premier v13.

New users enjoy the benefits from the day they purchase the software. Existing users will get a FREE upgrade to this latest version when you sign up for Business Support.

Sep 9, 2012

MYOB Malaysia launches latest version MYOB Premier v13 / MYOB Accounting v19

MYOB Malaysia launches the latest version of MYOB Premier v13 / MYOB Accounting v19 in  September 2012.  It's an exciting month for Malaysian SME as we celebrate Malaysia's independence day as well.

The latest release of MYOB Accounting software for the Malaysian market has new exciting features

1. MYOB Business Insights - a powerful analytical tool that helps you understand your cash position and profitability within seconds.
2. Google Maps in MYOB
3. MYOB Action menu to help you reduce your day to day work efforts 

MYOB is compliant with Windows 7.

Get your FREE  software upgrade.  Call your consultant to ask how to get a Free copy.