Accounting systems enables the business owner to efficiently manage financial transactions. In Malaysia, such systems may vary widely in scope, with some software designed for little more than simple accounting and some designed to manage the entire account system with stock control. Using accounting software helps businesses to make efficient process and can reduce costly accounting errors.
Today, Malaysia’s market is highly competitive, with more software companies offering various features, data storage, analysis and reports. In addition, the software has also been designed to meet different business needs. Small businesses usually use to perform simple tasks such as data entry and check on basic reporting. Premium accounting system offers a wide range of features, includes a complete stock control account system. Some stock control involved production processes, such as assembly of raw materials, finished goods costing and control of expiry.
Sales Tax was implemented.
Services Tax was implemented 3 years later. Sales and Services tax known as SST.
Goods and Services Tax
After over 40 years, Goods and Services Tax known as GST then replaced SST.
Sales and Services Tax 2.0
Sales and Services Tax reintroduce as a reform initiative by Malaysia’s new federal government.
On 1 September 2018, Malaysia reintroduced Sales and Service Tax (SST) in place of Goods and Services Tax (GST). Good accounting systems are capable of supporting both tax systems. User-friendly tax submission is also important in determining the best software. Below are some of the most common Malaysian accounting software.
Choosing the best accounting software is important to your long-term business planning. Some key aspects that you may need to consider, such as your size of business. The software listed above includes bookkeeping, the most basic accounting function to record business sales and purchase transactions. Some companies may choose accounting with billing, possibly with stock control. This can automate the accounting process where the transaction can immediately post to the accounts.