Best 5 GST Ready Accounting Software in Malaysia

GST has been implemented for 5 months. We all aware that Malaysia Custom department still trying to catch up and fix some problems in the claim and submission of GST-03 form. From end user market, we have manage to identify Best 5 GST Ready Accounting Software in Malaysia.

1) SQL Accounting
This is the most popular accounting software used by Accounting firm and freelance Accountant now. Why they are popular, it's simple and easy to use. Most of the users able to pickup the software in 4 hours training which currently provided by Bifrost Tech Sdn Bhd.

2) UBS Accounting
This is the legacy accounting software that exists in Malaysia market more than 20 years. They have lot's of loyalty customers and more than 90% of the account admin clerk trained to use this software in the school.

3) Q&E Accounting
This is getting hot now as they are going for cloud based. It's not common in normal retail sector but getting popular in service industry.

4) Million Accounting
How will i say about this. It's new and cheap. Has the lowest pricing among others. User interface and stability still a question so far but if you are looking for cheapest, you can consider it.

5) Autocount Accounting 
This is great competitor to fight with SQL Accounting. Both are quite similar and has advantage over certain sector. Autocount has more steps to complete a data entry job compare to SQL, but the interface looks more attractive.

For more details, you can call up Bifrost Tech Sdn Bhd. 04-6459769

Malaysia GST - Is your software ready?

Penang SQL Accounting Software 

On 2015, we will officially move to the GST tax system in Malaysia.

Unfortunately, making the move to the GST tax system won’t be a snap for small businesses and a bit of paperwork will be required.

To help make the transition a little easier for businesses, here are some things that they need to know,

What GST is and how it is different from the existing sales tax and service tax.

1. Single versus multiple stage

Unlike the existing sales tax and service tax, GST is generally charged on the consumption of goods and services at every stage of the supply chain, with the tax burden ultimately borne by the end consumer. This multiple tax levels feature of GST is the fundamental change from the present single-stage sales tax and service tax levied at only one stage of the supply chain.


Penang SQL Accounting Software 

2. Goods and services subject to tax

GST operates on a negative concept - all goods and services are subject to GST unless specifically exempted. For sales tax, the same concept applies where all goods are taxable unless specifically exempted. It is anticipated that the number of exemptions under the present sales tax regime would be significantly reduced.

Service tax, on the other hand, operates on a positive concept where only services that are specifically prescribed are taxable. Under a GST regime, the opposite will apply and a much wider range of services will fall within the GST net than before. The potential of a wider tax base under a GST regime is attractive to governments, as it offers greater flexibility as a revenue measure and promises simplicity compared to the task of administering exemptions and identifying taxable services under the current sales tax and service tax respectively.

3. Tax payment and accounting periods

Time of supply is an important feature under the GST regime as it determines when one should account for GST in the GST returns. The approach used by many countries when adopting GST is that a supply is considered to have taken place at the earliest of the following three events:  the time an invoice is issued; or  the time any payment is received by the supplier; or the time a taxable supply is made.


Penang SQL Accounting Software 

The tax payment by GST registrants is worked out by deducting GST credits (input tax) from GST due (output tax) in the GST return. The GST rules differ from the existing sales tax structure where sales tax becomes due and payable when there is a sale or disposal otherwise than by sale. On the other hand, service tax is only due when payment is received, and where payment is not received, the tax is accounted for at the end of the 12-month period from the date of invoice issued. The GST concept of time of supply is therefore generally wider than the provisions in the existing sales tax and service tax and it will be important for businesses to learn to cope with the change, as there will potentially be changes to the enterprise’s cash flows under the new tax.

Bifrost partner with few accounting and audit firms such as TehEngAun & Co, Lim, Tay & Co, and Khoo Khai Hong & Co to provide professional support for business in Malaysia. Engage Bifrost today to understand how we can help to get your business ready for Malaysia GST Tax. 

Email us support@bifrostech.com or call us at 046459769 or visit us at http://www.bifostech.com/Accounting.aspx

Penang SQL Accounting Software