An E-invoicing system, also called the Electronic Invoicing Processing System, is software created to provide automated invoices to include all relevant details. The procedure of E-invoicing essentially makes the generation of invoices entirely automated for enhanced accuracy. Your business will no longer need paper documentation of anything and save money simultaneously.
The E-invoicing system has become of prime importance in KSA because of specific regulations issued by ZATCA. ZATCA or Zakat Tax & Customs Authority in Saudi Arabia has formulated laws making E-invoicing software crucial for businesses.
The Zakat Tax & Customs Authority made these laws public in December 2020, and there are 2 phases to these laws. Their implementation will become compulsory in December 2021.
The 2 phases include Phase 1, also called the Generational Phase. This phase makes it compulsory for all taxpayers to use E-invoicing systems to create and collect E-invoices.
Phase 2, or the Integration Phase, will start from January 2023 and has been pointed at all taxpaying groups who will be alerted regarding its regulations six months before it initiates.
This integrated automated system provides you with the resources that ensure that you are compliant with the Rules passed by ZATCA. Using the Electronic Invoice Processing system leads businesses to generate higher revenue levels and provides the option of being connected to other approaches to become more productive and successful.
One of the main benefits that the E-invoice system offers, apart from excellent compliance, is that it facilitates more rapid payment processing, lower costs, and enhanced visibility. It allows for the strengthening of the buyer and seller relationship by providing more transparency in all processes.
The electronic Invoicing Solutions has tools that allow you to handle all cash better and prevent any fraud or even duplication from taking place with the help of its one-of-a-kind anti-tampering tools such as a cryptographic stamp, and hash, etc. This way, you won’t have to stress any loss due to invoice exploitation.
In addition to being equipped with anti-tampering tools, the E-invoice app has even more features that make it the best software for staying compliant with ZATCA laws. These features include archiving tools that help record and maintain all invoices, producing electronic invoices with the latest data, and ensuring that the E-invoices have QR codes based on ZATCA regulations for easy sorting and detection.
This modern E-invoice system has what is needed to ensure that every E-invoice is equipped with the main details that include the VAT amount, VAT registration details, and other compulsory information for improved compliance.
Reports are available for you to check aspects of your business’s performance, such as profit levels, existing budget, etc. Analytics is also easily provided. The Electronic Invoice Processing system makes it possible to cooperate with the legal bodies by allowing for E-invoice production in the XML arrangement. This feature also helps meet ZATCA laws, making it the ideal cloud-based tool for businesses to stay compliant.