When most businesses think about Malaysia, they think about the vendors and suppliers that call this country home. But there’s also a booming market of customers here, as well! Plenty of Malaysian customers look to the global market for products and services, and they find support in countries like the United States. The only barrier to transacting? Payment.
Businesses need a clear understanding of how to invoice someone in Malaysia before they begin to serve this market. Without a transparent, efficient way of invoicing Malaysian customers, businesses could run into problems with accounts receivable and cash flow. On the other hand, making invoicing as simple and straightforward as possible is a great way to do business without barriers.
If you’re considering tapping into the Malaysian market and need to learn how to invoice someone in Malaysia, read on. Sending an invoice and getting paid are simpler than ever thanks to digital payment solutions.
Information needed to generate an invoice
Let’s start at the beginning, with the invoice itself. Before sending one abroad, make sure it includes the information necessary for the recipient to record and pay it. At a bare minimum, you’ll need to explain the goods or services rendered, the cost, dates and times, and other critical data points that bring transparency to the transaction. Here’s a look at what most invoices will include:
- The issue date, payment due date and NET terms
- Sender and recipient names and contact information
- A unique and identifiable invoice number (for auditing)
- The full amount due for the products or services being invoiced
- A description of the scope of work being invoiced
- Approved modes of payment and/or ways to pay the invoice
Finally, consider the currency that your invoice is in. It’s common practice to issue the invoice with the landed currency in mind, which would be the Malaysian Ringgit (MYR) in this case. That means accounting for the differing values of currency. Adjust the invoice to reflect the difference between USD and MYR, and note any conversion rates on the invoice for full transparency.
Use data capture technology for paper invoices
One of the biggest obstacles for sending an invoice to someone in Malaysia is mode of delivery. You can’t exactly mail your invoice! Instead, it’s best to send a digital version. To do that, look for a platform that offers data capture technology to grab the information from an invoice image and translate it directly into a digital invoice. Not only does this quickly create a digital invoice you can send directly to a Malaysian customer, it also eliminates the human error that can come with manual data entry. And, with the invoice already digitized, your recipient won’t have any trouble clicking through to pay once it’s landed.
Create pay links and payment requests
Speaking of click-to-pay, Veem offers another convenience when it comes to international invoicing: Pay Links. Instead of emailing an invoice to someone in Malaysia, you can generate a unique Pay Link that takes them directly to their invoice. Send it via email, direct message or even text message, without any need for attachments or special software. The link is secure and takes them right to the hosted invoice, where they can view and pay without issue.
As an added bonus, senders can see when the recipient last accessed the Pay Link, even if the invoice remains unpaid. It’s a great tool for transparency and recordkeeping—and peace of mind for international invoicing.
Don’t forget to integrate!
The final pieces of the puzzle in sending an invoice to someone in Malaysia are the integrations that sync the transaction up to your banking and accounting software. Connecting the invoicing and digital payment process to accounting software like QuickBooks or Xero ensures that these transactions are accounted for correctly and in real-time. Automations also keep the clerical work down while reducing human error. The end result is a clearer picture of your international revenue streams, with consistent cash flow that’s easy to manage.
Using Veem to invoice someone in Malaysia
The bottom line for sending an invoice to someone in Malaysia is convenience. The easier an invoice is to create, send, receive, read and pay, the more likely it is that your recipient will make the payment on-time and in-full. Businesses can foster goodwill and strong relationships with their customers and clients in Malaysia by using cross-border invoicing solutions like Veem that make transacting via invoice simple—regardless of the variables involved.
Ready to create, customize and manage your invoices like never before? Schedule a demo with Veem today and learn how to make invoicing the easiest part of doing business abroad.
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