How to get compliant with ZATCA e-invoice Mandate?
This is a very common question among the people of the Kingdom of Saudi Arabia. Since, ZATCA’s new e-invoice mandate seems to be causing much concern among organizations. By the end of this post, we will provide the solution to getting your businesses 100% compliant with the ZATCA mandate. So keep reading to know more.
What does e-invoicing mean?
The term “e-invoicing” refers to a form of billing presented in an electronic format to buyers through predefined structured data exchange.
There are two main options for enabling electronic exchange. The first is a point-to-point connection, which most often occurs with electronic invoices. Another option is to link buyers and sellers through a network. e-invoicing relies on this network model because it is scalable and efficient.
What are e-invoices?
E-invoicing is the electronic transmission of invoices in a standardized format. In fact, an e-invoice is a structured invoice with data that can be automatically imported into an organization’s accounts payable system. They typically come with a visual representation of invoice data. Although, they can be temporarily rendered or converted into visual formats.
Electronic invoicing requires two key functions:
- You need to create the e-invoice with the correct structure.
- Buyers must receive electronic invoices from the sellers’ system.
An e-invoice is not:
- PDF and Word documents with unstructured invoice data.
- JPG or TIFF images of invoices.
- E-mail or Web-based invoices in HTML format.
- Scan-able paper invoices (OCR).
- Faxable paper invoices.
E-invoicing’s growth:
E-invoicing is not a new concept. Since 1980, there have been electronic invoices using electronic data interchange (EDI) and XML formats. Recent government initiatives have driven e-invoicing adoption.
The European Union has enacted several laws to encourage e-invoicing. Transposing the e-Invoicing Directive into national law is mandatory since April 2020 for EU countries.
This trend is also followed in the Kingdom of Saudi Arabia. The Zakat Tax and Customs Authority has already made it mandatory, and e-invoicing, also known as “Fatoorah” in Saudi Arabia, is being implemented in two phases. The first one has been completed, while the second has to be implemented by January 1, 2023. Absolute Solutions’ e-invoice management system is the best and simplest way to get ZATCA compliant with e-invoicing before January 2023
E-invoicing’s advantages:
You can reduce your invoicing costs and time by eliminating paper and manual processing. Yet the real benefits of electronic invoicing start with the level of integration you’re able to achieve, not only between your invoicing application and other business applications but also between your trading partners.
Absolute Solutions’ e-invoice management System ensures touch-less invoice processing through integrating e-invoices directly into the solution – freeing up time and resources for more strategic and value-added tasks.
E-Invoices are a great place to begin the digital transformation of your organization and are a critical step towards ensuring that your business operations are scalable and efficient to support future growth.
Advantages of Absolute Solutions e-invoice Application:
Absolute Solution is an IT Solutions company based in Riyadh Saudi Arabia; they provide the best solutions for all government requirements. As a result, their e-invoice application is the best solution you can get for making your business compliant with the ZATCA e-invoice mandate.
The Absolute Solutions e-invoice application has numerous benefits such as:
- 100% Complied with ZATCA
- Effortless integration of e-invoice application.
- Efficient invoice processing system
- Hassle-free billing automation
- Smart and Secure application
- End to end compliance with ZATCA
- User-friendly system
- Supports English and Arabic languages
- Backed with 24/7 customer support
- Available in On-premises and cloud-based subscription models
Conclusion:
E-Invoice application systems are very important for effortless and hassle-free e-invoice integration in your business system. If you have not tried the e-invoice application from Absolute Solutions, then this is the time you should give it a try.
Absolute Solutions is among the best IT Company in Riyadh that offers ZATCA Compliant Fatoorah Application for the effortless compliant of your business with all ZATCA requirements. So,, If you are willing to get ZATCA compliant, contact Absolute Solutions now!
