Why shift to Electronic Invoices with Dynamics 365
by December 22, 2021
THE DIGITAL SHIFT
E-invoicing or Electronic Invoicing is a fully automated workflow from one company’s ERP system to another through an integrated accounting solution. It is a method of creating electronic invoices for the purpose of storing them virtually. The e-invoicing, processing invoices, credit notes, and debit notes in a structured electronic format between seller and consumer will then be simple. For more help in Electronic Invoices with Dynamics 365 contact BEG.
Experience and convenience, stored in one cloud
Aside from a better experience and convenience for both customers and sellers, acquiring the e-invoice solution has a variety of advantages:
● Managing the invoices digitally full-on from day one, all in one cloud
● Easy access to real-time invoice and tax compliance, wherever located
● Seamless integration into any system, diminishing interferences or new interfaces
● Validated inbound and outbound invoices to ensure only the right transactions enter the ERP system
● Ability to access and analyze data to drive business growth through business and financial decisions
● Safe and secured data with fewer risks of scams and no fear of being sent to junk mail
Just because it’s digital, does not mean it’s an e-invoice
Despite recognizing a variety of e-invoice formats, not all digital invoices are e-invoices. See which formats do not make the cut:
● Invoices in PDF format, which are usually sent via email. Since PDF invoices are not sent in a structured format, they cannot be processed automatically
● Paper invoices are not considered as e-invoices because they were not issued electronically, despite converting into a digital format
E-invoicing in Saudi Arabia
The Zakat, Tax and Customs Authority(ZATCA) announced the introduction of an e-invoicing law from 4 December 2021. By introducing e-invoicing, organizations can both reduce costs and increase productivity at the same time. They are able to reduce time-consuming manual work and pay more attention to control, business strategy and increased collaboration with clients and suppliers.
What do I need to Know?
● It will come into effect in two stages: generation from 4 December 2021, and integration from 1 January 2023
● The law applies to all taxpayers subject to VAT (excluding taxpayers not residing in the Kingdom), in addition to any party that issues a tax invoice on behalf of the taxpayer, who is subject to VAT
● Issuing and keeping electronic invoices, debit and credit notes: an electronic invoice is generated and stored in data-structured files. Paper, unstructured data files, word, excel, PDF generated documents/ images or
scan copies of images are not considered e-invoices
To know more about our E-invoice solution on Dynamics 365 Business Central, contact us at info@bemea.com. Our experts will be happy to assist you.
