Generating QR Code on e-Invoices in Malaysia

QR code or a quick response code is a two-dimensional barcode in which essential invoice information is embedded. The QR code would be readable by machines through different types of scanners. It is a unique and secure technology that allows one to accept or make payments. It is essential for the exchange of information as well. 

Why is it required to generate a QR code on e-invoices in Malaysia?

A supplier must compulsorily share e-invoice generated by him to the buyer. It is used to validate the existence and status of e-invoices of the invoice on My Invois portal.

How to generate a QR code on an e-invoice in Malaysia?

After the transaction is concluded, the supplier generates an e-Invoice and submits it to IRBM for validation via the MyInvois portal. Once the invoice is validated, the supplier will receive a validated e-invoice. In the validated e-Invoice, a QR code is generated and embedded with essential information about the invoice.

Benefits of generating QR codes on e-invoices

• Capturing data on an automated basis increases the efficiency of the business. Accurate scanning of information captures the data instantly. It reduces the need for manual data entry, which helps the employees focus on other essential tasks. 
• QR codes also helps increase the payment cycle, which can help improve the business's cash flow.
• QR codes capture the data readily and accurately. An invoice's essential details can be read through QR codes, which facilitates transactions easily. 
• The tax authorities can determine the authenticity of the invoices. It can help to identify whether the invoices are valid or invalid.
• The enablement of QR codes on e-Invoices also helps organizations save costs. The printing, postage and storage costs of the invoices are also reduced. 

Conclusion

The use of QR codes in e-Invoices is a significant step in digitalization. One can access necessary information in a simplified and an easy manner.