#e-invoicing fatoorah system

[compliancesolution2]

Discover My Fatoorah: Simplifying Your Payment Process

In today's fast-paced digital age, businesses require efficient, secure, and user-friendly payment solutions to thrive. Enter Fatoorah, a revolutionary platform designed to streamline payment processes for businesses of all sizes. By integrating cutting-edge technology with seamless user experiences, Fatoorah is transforming the landscape of financial transactions.

Understanding Fatoorah

Fatoorah is not just another payment gateway. It’s a comprehensive solution that caters to the diverse needs of businesses. Whether you are a small startup or a large enterprise, Fatoorah offers tailored services to ensure your payment processes are as smooth as possible. The platform supports various payment methods, including credit cards, debit cards, and online banking, providing flexibility to both businesses and customers.

Key Features of Fatoorah

User-Friendly Interface

One of the standout features of Fatoorah is its intuitive interface. The platform is designed to be user-friendly, ensuring that even those with minimal technical knowledge can navigate and use it effectively. This ease of use reduces the time spent on training and allows businesses to focus on what they do best.

Robust Security

In an era where cyber threats are rampant, security is paramount. Fatoorah employs state-of-the-art encryption technologies to safeguard sensitive information. This ensures that all transactions are secure, giving both businesses and customers peace of mind.

Seamless Integration

Fatoorah integrates effortlessly with various e-commerce platforms, accounting software, and CRM systems. This compatibility means businesses can incorporate Fatoorah into their existing infrastructure without significant modifications, thus saving time and resources.

Multi-Currency Support

For businesses operating globally, handling multiple currencies can be challenging. Fatoorah simplifies this process by supporting numerous currencies, enabling businesses to accept payments from customers worldwide without any hassle.

Benefits of Using Fatoorah

Increased Efficiency

By automating many aspects of the payment process, Fatoorah helps businesses increase their operational efficiency. Automated invoicing, real-time payment tracking, and detailed financial reporting are just a few of the features that contribute to smoother operations.

Enhanced Customer Experience

A seamless payment process enhances the overall customer experience. With Fatoorah, customers can complete transactions quickly and securely, leading to higher satisfaction rates and increased customer loyalty.

Cost Savings

Traditional payment processing methods often come with high fees and hidden charges. Fatoorah offers transparent pricing and competitive rates, helping businesses save money on transaction fees.

Real-Time Analytics

Understanding payment trends and customer behavior is crucial for any business. Fatoorah provides real-time analytics and detailed reports, giving businesses valuable insights that can inform strategic decisions.

How to Get Started with Fatoorah

Easy Setup

Setting up Fatoorah is a straightforward process. Businesses can sign up on the platform, complete the necessary documentation, and start accepting payments in no time. The onboarding process is designed to be quick and hassle-free, ensuring minimal disruption to business operations.

Customization Options

Fatoorah offers various customization options to cater to the unique needs of each business. From personalized invoices to tailored payment pages, businesses can modify the platform to reflect their brand identity.

Dedicated Support

A dedicated support team is available to assist businesses with any issues or queries they may have. Whether it's technical assistance or guidance on optimizing the platform, Fatoorah's support team is always ready to help.

Case Studies: Success Stories with Fatoorah

Small Business Transformation

A small online retailer struggled with managing payments and keeping track of invoices. After integrating Fatoorah, they saw a significant improvement in their payment processing efficiency. Automated invoicing reduced manual errors, and real-time tracking allowed them to manage their cash flow better. The business owner noted a 30% increase in customer satisfaction due to the smoother transaction process.

Scaling Up with Ease

A medium-sized enterprise looking to expand internationally faced challenges with multi-currency transactions and high processing fees. Fatoorah's multi-currency support and competitive pricing helped them overcome these obstacles. With Fatoorah, they were able to streamline their global payment processes and focus on scaling their operations. The company's CFO highlighted how the platform's real-time analytics provided valuable insights into international sales trends.

Future of Payments with Fatoorah

As technology continues to evolve, Fatoorah remains at the forefront of innovation in the payment processing industry. The platform is continuously updated with new features and improvements to meet the changing needs of businesses and customers alike.

Embracing Digital Wallets

Digital wallets are becoming increasingly popular among consumers. Fatoorah is poised to integrate digital wallet functionalities, allowing customers to store and use their preferred payment methods with ease. This addition will further enhance the convenience and flexibility of the platform.

AI-Powered Fraud Detection

To stay ahead of cyber threats, Fatoorah is investing in artificial intelligence (AI) to enhance its fraud detection capabilities. AI algorithms can identify suspicious patterns and flag potential fraudulent activities in real time, providing an additional layer of security.

Conclusion

In a world where efficient and secure payment processing is crucial for business success, Fatoorah stands out as a comprehensive solution that simplifies and enhances the entire payment process. Its user-friendly interface, robust security measures, seamless integration, and multi-currency support make it an invaluable tool for businesses of all sizes. By choosing Fatoorah, businesses can enjoy increased efficiency, enhanced customer experience, cost savings, and valuable real-time insights, positioning themselves for growth and success in the competitive market.

[taxilla]

Leading globally Fintech and RegTech company Taxilla fully complies with ZATCA/GAZT phase 01 and phase 02 e-Invoice regulations. We have demonstrated experience in offering B2B, B2G, and B2C e-invoicing solutions for ZATCA Data Transformation, Computations & Validations, Optimised Documents, and Workflow, as well as KSA API Integration with Any ERP/Source System.

[sapaadpteltd]

Sapaad is a Cloud POS service provider for the restaurant industry that is compliant with ZATCA’s newly implemented Fatoorah/E-Invoicing Guidelines. It is officially included in the agency’s indicative list of tech providers.

Our Cloud POS and restaurant management system complies with Saudi Arabian regulatory standards for e-invoicing format, content, e-signature, reporting, and clearance.

[davidrusselblr]

What are the Main Benefits of E-invoicing Fatoorah Saudi Arabia

Erpisto #1 E-invoicing Fatoorah Saudi Arabia Electronic invoicing (e-Invoicing) is the electronic exchange of invoice documents between a supplier and a buyer. It entirely automates the invoice capture process, with data read and sent directly from the supplier into the buyer's AP system, independent of invoice format. On a central cloud-based platform, both suppliers and buyers can control billing data. 

Benefits of E-Invoicing Fatoorah Saudi Arabia

Erpisto #1 E-invoicing Fatoorah Saudi Arabia

Processes that are more streamlined and efficient, resulting in a shorter turnaround time.

Organizations can receive invoices in any format from diverse vendors, including image-based invoices, thanks to E-invoicing Fatoorah Saudi Arabia. Electronic invoicing gives you a single place to manage all of your accounts payable data and operations. Business users can quickly access, sync, and aggregate data across multiple systems and devices, with no content duplication.

E-invoicing Fatoorah Saudi Arabia is critical for enterprises to optimize their invoice processing cycles by lowering the number of man-hours necessary for invoice processing, approval, tracking, and chasing bills, as well as human errors. Its implementation leads to a substantially shorter turnaround time. Allowing the team to abandon tasks that are inherently repetitive and time-consuming frees up time for strategic initiatives that create value. Overall efficiencies result in higher savings for the company due to better resource use and increased production.

Greater Transparency and Visibility

Invoices, purchase orders, supporting documentation, and contracts are all more visible with electronic invoicing. It keeps track of bills and keeps extensive audit logs. An end-to-end native mobile E-invoicing Fatoorah Saudi Arabia application provides all of the capabilities.

Accuracy Improvement

Due to better visibility and end-to-end tracking, you can ensure correctness. Validation, approvals, and payment of invoices may all be tracked in real-time. This drastically lowers errors and difficulties, guaranteeing that there are no more inaccuracies that result in overpayments and duplicate payments. As a result, E-invoicing Fatoorah Saudi Arabia is critical for creating a closed audit trail that simplifies tracking and settlement.

Increased Compliance

More than just a platform for filing digital invoices, an e-invoicing system may help you save time and money. E-invoicing Fatoorah Saudi Arabia makes it simple to achieve a greater degree of compliance. It's especially important when it comes to regulatory compliance.

Risk Reduction

With more visibility into trade and transactions, the danger of invoice fraud, human mistakes, duplication, supervision, and other issues is decreased. When an effective system is in place that does not provide much room for such risks to enter the processing cycle, organizations can save countless hours and resources in time spent on cross-verification and due diligence.

Insights on how much money you spend and how much money you save

E-invoicing Fatoorah Saudi Arabia allows you to keep track of every dollar you spend and save. This essentially aids leadership and procurement teams in keeping track of and gathering strategic insights on cost centers, as well as identifying chances to save money, such as early payment discounts. As a result, the data at hand aids in better and more informed decision-making, saving both time and money.

Initiative for the environment

You can eliminate the need for paper-based invoices by switching to electronic invoicing. You may reduce both wastage and expenses connected with paper-based methods employed within your supply chain processes, in addition to being energy-efficient.

Services We Offer:

·         Automatically receive and send invoices

·         Multi-currency, invoice customization

·         Support all invoice formats

·         Integrate with existing systems

·         Archiving capabilities

·         Multiple forms of payments

·         Integrate analytics

·         Safety and support

·         Invoice number.

·         Reminder For Invoices

·         Terms and conditions.

·         A line detailing each product or service

·         Real-time tracking of invoices

·         One-time reporting of B2B invoices

·         Easy creation of e-way bill

·         Helps the buyers

·         Reduction in frauds

·         Reduction in data entry errors

·         Allows interoperability

·         Curb tax evasion

·         QR code

Click to Start Whatsapp Chatbot with Sales

Mobile: +966547315697

Email: sales@bilytica.com

[dynamicssolutionofficial]

ZATCA Approved E-Invoicing (Fatoorah) Rolling Out In KSA

What is E-invoicing (Fatoorah)?

E-invoicing is a process that generates electronic invoices to issue and store them electronically. ZATCA — The Zakat, Tax, and Custom Authority is rolling out the first phase of e-invoicing in the KSA, mandating businesses to adopt it from December 4, 2021. The invoice processing, credit notes, and debit notes in a structured electronic format among seller and buyer will become easy with e-invoicing.

All KSA VAT taxpayers can issue e-invoices for VAT through the electronically integrated system. Not all the copied or scanned paper invoices are e-invoices. E-invoices are not editable after being generated. You can generate credit and debit notes that are VAT compliant regarding the original invoice.

E-invoicing standardizes the business transactions, ensuring the whole process works efficiently and securely. Only credit notes are issued if a buyer returns a product, and there is no option to change the original invoice.

All businesses will issue e-invoices for sales made within the country and exports made from KSA.

E-invoices are not mandatory for;

Imports in KSA

VAT exempted supplies; and

Relevant payments.

Why E-invoice is Introducing in KSA?

E-invoicing (Fatoorah) in KSA is rolling out to enable businesses to work more securely and effectively. This move aims to integrate business data with ZATCA to make the trading system as transparent as possible. The government standardizes the way invoices generate with a machine-readable format. After verifying the e-invoices (Fatoorah) from the ZATCA portal, there will be more chances to detect fraudulent activities. This information helps tax authorities not to conduct audits frequently.

The benefits of e-invoicing include a better experience for the buyers and sellers, as follows:

Streamlined e-invoicing will minimize the chances of slip-ups for business owners.

Real-time invoice generation for the tax proceeds added.

High data security

Fewer chances of scams with an aligned e-invoicing system for validating invoices, resulting in competition and improvement of trade.

Guidelines for ZATCA Approved E-invoicing (Fatoorah) in KSA

The e-invoicing provisions will be valid for all taxable goods and services that are subject to VAT.

E-invoicing (Fatoorah) will be for all B2B, B2C, and B2G transactions.

Printed copy to be provided separately.

All VAT registered business owners within KSA and third parties issuing tax invoices on behalf of a taxable person will mandate the e-invoicing (Fatoorah) process.

The standard language for e-invoicing will be Arabic and English.

E-Invoicing (Fatoorah) Implementation Phases in KSA

Phase One (Generation Phase)

Taxpayers can now generate and store e-invoices, from December 4, 2021. In this phase, you will have access to an e-invoicing (Fatoorah) system compliant with ZATCA.

The following fields are mandatory for e-invoicing:

Seller’s name

VAT registration number

Time

VAT total; and

Value of invoice inclusive of VAT

You do not need to share data and invoices with ZATCA in the generation phase.

Phase Two (Integration Phase)

Phase two will execute in different stages for targeted taxpayer groups. Starting from January 1, 2023, you will be required to integrate e-invoices with the ZATCA system for verification. Integration notification from ZATCA will be received six months in advance.

The integration phase will be more about technical requirements. Your system needs to connect with external systems using APIs and generate a UUID (Universally Unique Identifier), a digital signature, a unique number to differentiate invoices, and a cryptographic stamp.

Types of E-invoices

Tax Invoice

Electronic tax invoices are for B2B and B2G transactions.

Phase 1

Invoices will get issued to buyers in a specific format.

Phase 2

Tax invoices will get processed by ZATCA and stamped, cryptographically.

If the buyer is VAT registered, add the VAT registration number to the invoice; and

QR code is optional.

Simplified Tax Invoice

Simplified tax invoices in phase one are for B2C transactions. Buyers won’t need to use the invoice for input VAT deduction. In phase one, you share simplified e-invoices with customers. All e-invoices should be reported to ZATCA within 24 hours with a QR code.

How will the E-invoicing (Fatoorah) Process Work in KSA?

E-invoicing is more secure and effective. Here’s what you are required to do for each transaction:

Use a compliant e-invoicing system to issue the e-invoice with all the mandatory fields.

Issue a copy to the buyer. In phase two, you forward the invoice to ZATCA’s portal and get it validated.

Save the e-invoice in the system for the future.

Migrating to a cloud-based solution for e-invoicing features will make data storage efficient.

The Kingdom of Saudi Arabia takes a step toward implementing electronic invoicing across the country. All taxpayers must equip themselves with an e-invoicing (Fatoorah) system complying with generation and integration phase requirements.

Dynamics Solution and Technology is a certified Microsoft Gold partner company delivering Microsoft Dynamics 365 Solutions in the UK, Asia (Malaysia, Pakistan, India), and Gulf countries (UAE, Saudi Arabia, Bahrain). We develop and deploy effective business solutions that meet clients’ requirements.

To speak to our specialists, contact us at KSA: +966 566 953 627, UK: +44 20 8133 9686, and UAE: +971 545 127 668 or email us your query at info@dynamicssolution.com or visit dynamicssolution.com

[geotechnosoft]

WHAT IS ZATCA AND FATOORAH IN SAUDI ARABIA?

Tax and Customs Authority (ZATCA) revealed plans to launch their e-invoicing system (Fatoorah) in two phases.

All resident taxable persons in KSA are subject to the electronic invoicing regulation. They must issue electronic invoices along with electronic notes for all their transactions which require the issuance of tax invoices. New regulations and new processes might be stressful for businesses sometimes. We "GEOTECHNOSOFT" serves you with the GTS E-INVOICE SAUDI MODULE  with this module all stress will go gone just like never before. "GEOTECHNOSOFT" has offices across India, and other Middle Eastern countries, ensuring maximum output and meeting all the expectations with the  ODOO Implementation Partner . for further details and demo contact us now.

Contact us at +91 7977196145, 8287811154.

Also visit:http://www.geotechnosoft.com

saurav@geotechnosoft.com

Skype: sauravkumar2000

#odooimplementation #digitalsignature #ds #odoo #erp #erpsolutions #odoo15 #netsuite #powerbi #mobileapp #einvoicing #business #geotechnosoft #CRM #odoo #erp #erpsolutions #odoo15 #netsuite #powerbi #mobileapp #odoopartner #dubai #uae #india #arabworld #middleast #odoopartner #odoopartnerDELHI #ODOOPARTNERNOIDA #ODOOPARTNERPATNA #ODOOPARTNERMUMBAI #mumbai 

[davidrusselblr]

E-INVOICING Fatoorah Saudi Arabia 2021 – REGULATORY & TECHNICAL OUTLOOK

Erpisto #1 E-invoicing Fatoorah Saudi Arabia The Kingdom of Saudi Arabia (KSA) is moving forward with the e-invoicing mandate, with the goal of reaching the first major milestone on December 4, 2021. GAZT's most recent releases enable taxpayers to take the first steps toward implementation.

Action plan for e-invoicing in Saudi Arabia

The introduction of e-invoicing will take place in two stages. The first step covers the creation of electronic invoices and related documentation, as well as processing and record-keeping capabilities. On December 4, 2021, this step will take effect. The second stage (the integration phase) covers the most advanced aspects of the E-invoicing Fatoorah Saudi Arabia, such as electronic signatures. Transmission and exchange of electronic invoices via the GAZT web platform. Although the first stage appears to be less demanding than the second, it already contains a number of particular requirements and calls for the commencement of preparation work as soon as feasible. 

Erpisto #1 E-invoicing Fatoorah Saudi Arabia

The e-invoicing regulation's scope 

The e-invoicing requirements in Saudi Arabia will apply to a variety of documents, including normal tax invoices, simplified tax invoices, credit and debit notes, and more. If these documents are distributed electronically, existing tax requirements will be followed to ensure that the content is compliant.

Only KSA residents can use e-invoicing

Regulations for electronic invoicing All taxable persons subject to VAT and third parties issuing tax invoices for taxpayers will be affected. These regulations will also apply to Saudi Arabian residents only. E-invoices can be issued and stored in a specific electronic format Predefined data fields. These requirements apply to third parties that issue tax invoices for resident taxable persons.

The e-invoicing guidelines 

Persons who are not taxable will not be subject to the provisions of this article resident in Saudi Arabia.

The E-invoicing Regulations have been released

KSA's e-invoicing journey began in September 2020 when the E-invoicing Regulation was created. It finally came into effect three months later in December 2020. However, this is only an overview of the requirement. KSA taxpayers We were eager for a more detailed regulation to be released. This was finally achieved in March 2021. The KSA tax authorities just published an important document. Draft of Controls, Requirements and Technical Specifications for Implementing the E-invoicing Fatoorah Saudi Arabia Regulation The following describes the details of the KSA e-Invoicing concept. 

These are the requirements that will soon be enforced.

GAZT published the following documentation at the same moment as the above document:

-Electronic Invoice Data Dictionary

-Standard for Electronic Invoice XML Implementation

-Standards for Electronic Invoice Security Implementation

Local taxpayers now have the documents in their possession and can begin preparations. What documents are included in these documents? Do they contain all necessary information to prepare for the event? 

Mandatory e-invoicing What is the best way to get started?

Let's take a closer look at the documents in order to better understand them.

Current e-invoicing landscapes in KSA.

Requirements, Controls, Technical Specifications, and Procedural Rules to Implement the Provisions in the E-Invoicing Regulation (the Draft Rules Regulation).

This is the main document. Clarifies the requirements for e-invoicing This document identifies the controls, specifications or procedures required to implement the E-Invoicing Regulation Precautions Both phases of the document are addressed:

Implementation of e-invoicing:

Phase 1:Electronic invoices and electronic notes can be generated The following provisions, which include those related to processing and record keeping, are in effect as of 4 December 2002.

Phase 2:Transmission of electronic invoices or electronic notes Sharing them with GAZT will allow you to implement the program in phases. Phases are expected to begin in June 2002.

The regulation defines the technical requirements. The E-invoicing Fatoorah Saudi Arabia the so-called Compliant solution, which must be developed by taxpayers to meet the requirement. A competent authority or professional third party will certify such a solution.

Compliant Solution should allow the generation and sharing of e-invoices or e-notes in a predefined format (XML, PDF/A-3). This concept's most distinctive element is the set of data security and information security measures (unique identifier UUID and QR code), which are all included in the solution.

Universally Unique Identifiers (UUIDs):All e-invoices are individually identified by an unique number. This number is assigned to each document along with its sequential number. UUID is 128-bit number generated by an algorithm that makes it unlikely that any other system will generate the same identifier.

Cryptographic Stamp GAZT will add this field to the electronic document upon receipt of the electronic document after positive verification of the E-Invoice/E-Note. The Cryptographic Stamp is composed of two fields: ECDSA's public key and ECDSA signature. It will be generated with the same digital certificate that was used to stamp electronic invoices.

Hash: This will ensure that the sequential numbering is used, and that there is no intervention (such a replacement or deletion) apart from the individual numbering that the taxpayer uses. This element will not contain the invoice data, but it will be used to prevent any modifications of the document. The next invoice will use the hash of that particular invoice. It will be calculated from all elements of the previous invoice (UBL bill, hash, previous invoice, QR code and cryptographic stamp).

QR code: This allows for quick and simple verification of the document using QR camera scanners. It will be encoded using Base64 format, with up to 500 characters.

Counter for internal documents: An independent counting solution that cannot reset and allows for quick detection of fraudulent intervention.

A key feature of the Compliant Solution the ability to connect to the Internet, and to integrate with other systems via an application programming interface (API), will be possible. Thee-invoicing integration capability this regulation will apply to each case and is not detailed in the document.

Technical functionalities (Annex 1)

The Draft Rules Regulation gives a comprehensive overview. Technical functionalities of e-invoicing these will be in force during both phases of implementation. The first phase will see taxpayers focusing on the development of the e-invoice/e note generation feature. Only the second phase will introduce integration capability and the security elements previously mentioned. The Draft Rules Regulation also provides a number of additional features prohibited e-invoice functionalities(e.g. Uncontrolled access, modification capabilities, etc. These must not be used.

E-invoice fields (Annex 2)

Draft Rules include a comprehensive list of fields that are relevant to e-Invoices, as well as an indication of the obligation status. Three statuses can be used to indicate the obligation status for specific fields:

Mandatory (the field must be filled in)

Conditional (must only be used if the condition is met).

Optional (fields not required)

The summary table also shows the E-invoicing Fatoorah Saudi Arabia items that will be mandatory upon completion of phase 1 (4/12/2021) and phase 2, (1/6/2022).

[document 2]Electronic Invoice Data Dictionary

The dictionary also includes a description of different terms are used in e-invoicing documentation. It includes the definition of invoice categories, business terms, and their descriptions, as well as the technical specification of each term (UBL specifications). Finally, it provides the KSA-specific context (if applicable) for each business term. You will also find examples of certain elements in the document.

Standard for Electronic Invoice XML Implementation

This document describes the details of the project in a technical way. Structure of the XML. This is used to generate e-invoices or e-notes. This is the Standard for e-invoicing by KSAIt is based upon the EU standard EN16931-1:2017 and the UBL schema (UBL 2.0). The structure also includes a number of KSA-specific elements that take into consideration the KSA's VAT regime. These include business rules.

The invoice must include a unique identifier (UUID).

Specific transaction codes with defined structures, which identify different invoice types (third party invoices, simplified invoices, summary invoices, export invoices, etc.).

payment means code

Credit and debit notes (specific invoice codes) must be used to justify this type of document.

Invoice must contain the hash (using SHA256 algorithm functions) from the previous invoice

Document must include a QR code

Each invoice must include a counter value

Document must be cryptographically stamped

Not yet available are additional XML files (Shematrin)The e-invoicing consultation It is now final.

Standards for Electronic Invoice Security Implementation

This document refers specifically to two security measures: the QR codes and the cryptographic stamp. These are the heart of the system. The security of e-invoices/e-notes.

This standard gives more details about the Cryptographic stamp for e-invoice Business process (issuing/management), requirements for creation, and use, as also the structure and format E-invoicing Fatoorah Saudi Arabia stamp. It also includes the QR code specification.

We expect more developments

While the regulations have provided a lot of information so far, they are not complete. Releases of e-invoicing Expected Most important are the regulations and requirements that refer to integration features. These will allow for the GAZT's portal allows electronic document exchange. GAZT will publish different API types to help taxpayers integrate .E-invoicing solution with the GAZT e-Invoicing Platform invoice clearance.

The KSA e-invoicing regulations are quite advanced. Businesses now have to determine how the regulations will impact them. These assessments will allow for further analysis of the effects of regulations on businesses. Then, a proper implementation project of E-invoicing Fatoorah Saudi Arabia will be undertaken to meet the first deadline (phase 1), which is set for 4 December 2021.

Services We Offer:

·         Automatically receive and send invoices

·         Multi-currency, invoice customization

·         Support all invoice formats

·         Integrate with existing systems

·         Archiving capabilities

·         Multiple forms of payments

·         Integrate analytics

·         Safety and support

·         Invoice number.

·         Reminder For Invoices

·         Terms and conditions.

·         A line detailing each product or service

·         Real-time tracking of invoices

·         One-time reporting of B2B invoices

·         Easy creation of e-way bill

·         Helps the buyers

·         Reduction in frauds

·         Reduction in data entry errors

·         Allows interoperability

·         Curb tax evasion

·         QR code

Click to Start Whatsapp Chatbot with SalesMobile: +966547315697 Email: sales@bilytica.com

[davidrusselblr]

E-invoicing Fatoorah in Saudi Arabia | Everything you need to know and more

Erpisto #1 E-invoicing Fatoorah in Saudi Arabia E-invoicing is the future standard in invoices. Its speed, accuracy and cost effectiveness are just three reasons why you should join the e-invoicing movement.

It is a great thing that dozens of countries and organizations are now championing e-invoicing as a future option.

They have led the way over the past decade. They claim that their adoption is essential for the highly competitive social-market economy of the 21st Century and will "help us reap the full economic benefits and social benefits" of a digital society.

The 2019  Market Report on E-invoicing shows that 70% of global invoice processing is still paper-based. There is much more to be done. However, the business-to-business (B2B), E-invoicing Fatoorah in Saudi Arabia has almost doubled. From 4.8 billion electronic invoices in 2015 to 8 million last year,

According to Capgemini, the annual financial benefits of electronic invoicing could be as high as 40 billion for B2B sector.

Erpisto #1 E-invoicing Fatoorah in Saudi Arabia

What is e-invoicing?

E-invoicing allows you to send all of the information from a regular invoice in digital format. This makes it much more convenient, cost-effective, and efficient.

Read more on GXS's e-invoicing basics blog

E-invoices can be created, sent, received and processed electronically. This eliminates the need to print, scan, post, email or email and wait for the recipient's response.

You can forget about:

Printing

Sending

Mailing

Archiving

Notifying payment recipients

Not to be confused with an e invoice, an email invoice should not be confused with an e-invoice. Both can be sent online but the difference lies in their destination

With the invoice attached, email invoices will be sent to your customer.

E-invoices can be sent to the invoice processing software of your customer.

Do I need e-invoicing?

42% of large businesses say they have received or sent e-invoices. However, the rate at which SMEs adopt e-invoices is much lower, with just over one fifth (22%). This is because 99% of businesses are small and e-invoices are still too complicated and expensive for SMEs.

Statistics show that currently:

Over 75% of companies still send paper bills

8 % send invoices by email

9 % still send invoices via fax

only 4.5% of small businesses in the UK have used e-invoicing

Despite these numbers being difficult to see, there has been an increase in the processing of  e-invoices. We mentioned that the number of e-invoices sent almost doubled between 2015 and 2019, and this trend will continue due to changing invoicing standards and increasing national legislation.

What are the advantages of e-invoicing

According to e-invoicing fatoorah in Saudi Arabia the main benefits include:

Customers can get money faster by having their invoices and payments quicker.

Reduced printing and postage prices

The electronic invoices are quicker and more cost-effective to process. They can also be directly inserted into the company's accounting and payment software, strengthening the supply chain.

Lower storage costs

Reduced training and system development expenses

The e-invoice's pre-defined format is indestructible because it is fully automated. This ensures safety and authenticity as well as reducing tax evasion and fraud.

How e-invoicing can lower your risk of fraud

Be aware that PDFs can be confused with pre-defined formats, despite their similar names. Email attachments, scanned invoices, and PDFs are not considered e-invoicing.

E-invoicing Fatoorah in Saudi Arabia will not only reduce the chance of errors, but also save you time and money. A market report estimates that e-invoicing can save you, as the issuer, almost 60% per invoice in costs and the recipient about 65%.

The that the majority of economic benefits won't come from printing and postage savings, but rather from "full-process automation and integration from payment" between trading partners.

The  case study included costs such as printing, payment reminders, cash flow management, and archiving. We wonder if they considered the cost of purchasing paper as well as the larger transportation costs.

The reduction of both could generate reductions in CO2 emissions of a million tones per annum for the and annually save about 12 million trees, which are cut down to create paper invoices.

What is e-invoicing?

Despite the fact that e-invoicing can be confusing due to its numerous technical standards and acronyms it is possible to use the service without having any prior knowledge in finance, accounting, or IT.

There are many ERP systems and invoicing software that can be used by small and medium-sized businesses and entrepreneurs to quickly create e invoices.

We will use our example service to illustrate how we create an e-invoice.

Add the E-invoicing Fatoorah in Saudi Arabia addresses to your invoice after you have created it. This is a unique number sequence that identifies a business, such as a VAT number or Orgnr number, GLN number, DUNS number, IBAN, SAP iDoc number or VAT number. You can obtain this address from your customer.

Click Send to send your e invoice , our e invoicing partner. it converts it into machine-readable format.

then forwards the invoice to your customer's electronic invoicing operator. After a final check of the e-invoice format, the operator transfers it to invoice processing software for your customer.

Once the invoice has been received by your customer, they will be able to pay it using a click of a button. This allows you to receive payment quicker.

What's the  status on B2B eInvoicing?

Although the  two largest countries have adopted B2B electronic invoicing mandates, it is not yet mandatory. It was Italy that required B2B electronic billing at the start of 2019, but it is still voluntary elsewhere.

In Saudi Arabia, B2B e invoicing mandates will be implemented in 2022 and France in 2023. Spain is also expected to follow. The growing VAT Gap, the difference in Value-Added Tax collected and that owed, is driving interest from countries.

Electronic tax invoicing is credited with helping to lower tax compliance costs as well as increasing transparency of business transactions. In fact, the Mexican government implemented a new model that dramatically increased tax collection, as well as reducing the shadow economy.

According to an Commission study, the lost 137 billion in VAT revenue last year. Although the loss is smaller than in previous years, it remains remarkable. It highlights the ineffectiveness and inefficiency of various member countries' VAT enforcement and compliance actions. This could be fixed by e-invoicing.

What are the biggest obstacles to e-invoicing

E-invoicing Fatoorah in Saudi Arabia is still a new technology and faces many technical hurdles, user difficulties, and resistance to change.

These are the major issues:

Because there are many formats and standards, routing problems can arise between e-invoicing service providers

There are variations in the national rules that govern the validity and acceptance of e-invoices. These can be in legal, financial, and administrative terms. This makes it difficult to use them in cross-border transactions within.

Many potential users remain concerned about the security and potential fraud of e-invoicing systems.

There are two options: enter the address incorrectly or make a typo.

Although some of these issues may seem grave, there are solutions. Some vendors may disappear, while others consolidate. The works to improve cross-border transactions. Digital signatures and encrypted transmission processes are continually being improved.

These obstacles aside, more than half of the companies surveyed on e-invoicing agreed that E-invoicing Fatoorah in Saudi Arabia is necessary for their success.

The Institute of Finance and Management (IOFM) emphasized that:

It is important to not get discouraged by the low number of electronic invoices received or to lose patience with the long road to success.

What's the future for e-invoicing

Forward-thinking companies are slowly making progress on the long road to success.

It's interesting to see what has caused a significant gap between the leaders of the e–invoicing market and those who are trailing.

He notes that firms that make e-invoicing compliance an integral part their mission have a "competitive edge that cannot be underestimated going ahead", and that VAT compliance continues to be a driving force behind e-invoicing growth.

Services We Offer:

 Automatically receive and send invoices

Multi-currency, invoice customization

Support all invoice formats

Integrate with existing systems

Archiving capabilities

Multiple forms of payments

Integrate analytics

Safety and support

Invoice number.

Reminder For Invoices

Terms and conditions.

A line detailing each product or service

Real-time tracking of invoices

One-time reporting of B2B invoices

Easy creation of e-way bill

Helps the buyers

Reduction in frauds

Reduction in data entry errors

Allows interoperability

Curb tax evasion

QR code

Click to Start Whatsapp Chatbot with Sales Mobile:

  +966547315697 Email: sales@bilytica.com