With mandatory e-invoicing coming into effect in stages commencing 1 August 2024 into next year, law firms in Malaysia must begin preparing for this significant transition to electronically document virtually all commercial activities. The implementation of e-invoicing will impact all law firms, regardless of size. CoreMatter offers a comprehensive solution designed to facilitate this transition smoothly.
Introduction to CoreMatter
CoreMatter is a cloud-based practice management system tailored specifically for law firms. It provides a suite of functionalities including client matter management, fee capturing, invoice generation, court diary management, and extensive reporting. CoreMatter also includes a robust Anti-Money Laundering (AML) module with real-time checks against the United Nations Sanction List and the Ministry of Home Affairs list.
CoreMatter’s system is designed to manage physical records and supports full accounting capabilities, handling client, office, and fixed deposit accounts. It also generates SST and functions like an ERP for law firms. Currently, CoreMatter serves firms in 10 countries, including Malaysia, with about 500 firms using the system.
Key Features of CoreMatter
Client and Matter Management: CoreMatter allows for the creation and management of client information, conducting conflict checks, and managing matters efficiently.
AML Compliance: The system includes an AML module that ensures compliance by checking client names against global and local sanction lists, flagging potential issues for partner approval.
Accounting and Billing: CoreMatter integrates full accounting functions, including the generation of invoices, capturing of fees, and handling of disbursements. The system supports time-based and flat fee billing and can generate detailed invoices that comply with e-invoicing requirements.
E-Invoicing Module: The e-invoicing module in CoreMatter is designed to comply with Malaysia’s e-invoicing regulations. It involves setting up the Malaysian Standard Industry Code (MSIC) and configuring classification codes for various activities and disbursements. The system generates invoices with a QR code that meets the government’s requirements.
How our e-Invoice Module Works
- Setting Up MSIC Code: Law firms will first need to configure their MSIC code and classification types for activities and disbursements to ensure compliance with e-invoicing regulations.
- Creating Matters and Invoices: Creating a matter involves entering client details, selecting the practice area, and adding relevant fees and disbursements. CoreMatter simplifies this process with a user-friendly interface.
- Generating E-Invoices: Once the details are entered, an invoice can be generated. The system provides options for selecting invoice formats, ensuring SST compliance, and adding the required QR code.
- Submitting to LHDN Portal: The invoice, once confirmed, is automatically transmitted to the LHDN portal. The system provides real-time feedback on the status of the invoice, indicating whether it has been successfully submitted and validated.
As law firms in Malaysia prepare for the mandatory e-invoicing implementation, CoreMatter offers a robust and efficient solution to navigate this transition. By leveraging CoreMatter’s comprehensive practice management system, law firms can ensure compliance, enhance efficiency, and focus on delivering quality legal services.
Sign up today for a free demo to learn more about CoreMatter’s innovative solution.
