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E-Invoicing in Large Company – Benefits
Official announcement of ZATCA
Zakat, Tax and Customs Authority has announced mandatory e-invoicing, starting in the 4th of December 2021. Now, with the 1st of January 2024, the implementation of wave 6 commenced and includes all registered resident taxpayers whose turnover was more than SAR 70 million during 2021 or 2022. With those numbers, it seems like ZATCA e-invoicing is mandatory to a large section of KSA taxpayers.
What are the technical requirements? Apart from generating electronic invoices consisting of various mandatory fields, the software used for e-invoicing must be accessible online, comply with security and cybersecurity requirements in the country and allow access by external systems through APIs (Application Programming Interfaces) while enabling submission of compliant e-Invoices to the government. The e-invoicing process in the Kingdom of Saudi Arabia is called FATOORAH and the owners of large businesses benefit a lot from its implementation.
Economic savings
Business expenses cover materials, which include paper, ink and postage costs. Printing is the most frequent task performed in the office. It includes tons of paper as well as the service costs of the printer. You will be surprised how much can you save with E-Invoicing Suite. The estimated savings will reach up to 80%.
Accuracy and efficiency
By implementing the e-invoicing software, you will avoid mistakes that often occur in case of handwritten documents. Misspelled data, errors in numbers – sometimes the whole procedure needs to be done from the very beginning. E-invoicing will also significantly boost your company’s efficiency. The desired document reaches the recipient almost immediately and the process can be easily tracked.
Faster payment
Electronic invoices are transmitted in a structured data format, which translates into automatic processing. This means better distribution time and results in faster payments. What is more, the process is completely secure, legally compliant, and each of your documents is perfectly protected against fraud or interception.
E-invoicing with Infinite IT Solutions
Financial transparency is crucial for business performance, therefore, you need a platform that supports your everyday job. E-Invoicing Suite is a tool offered by Infinite IT Solutions, who is a leader of digitization in the European market.
With over 21 years of experience, the team of IT specialists have helped hundreds of companies to boost efficiency and improve business management. Apart from e-invoicing they also offer e-archive, electronic signature and sales force automation – solutions dedicated to such sectors as banking, insurance, pharma or retail.
As a strong and certified team, they can work as reliable partners who provide solutions to large companies that are tailored to your business needs.
