Send all your sales invoices electronically directly from your Dynamics ERP system to your customers, regardless of where they are situated in the world. You can start improving the efficiency of your document flow today with a single, digital document flow for accounts receivable automation.

ZATCA E-INVOICING IN SAUDI ARABIA

The Zakat, Tax and Customs Authority (ZATCA) announced the introduction of an e-invoicing law on 4 December 2021. By introducing e-invoicing, organizations can both reduce costs and increase productivity at the same time. They can reduce time-consuming manual work and pay more attention to control, business strategy, and increased collaboration with clients and suppliers.

WHAT DO YOU NEED TO KNOW?

• It is coming 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.

THE ZATCA E-INVOICE PROCESS:

Whether you are a buyer or supplier, there are aspects of the e-invoicing process that you must be prepared for once the mandate is in place. There are two stages involved in the process as defined by ZATCA.

• Generation: generate and issue invoices electronically in the ZATCA defined format

• Integration: report the invoices to ZATCA

An e-invoicing rollout brings several positive impacts for businesses. Through this digital transformation opportunity, businesses will experience:

• Faster payments

• Reduced costs

• Faster processing and payment cycles

• Increased AP productivity

• Focus on high-value activities

• Increased accuracy

• Improved cash management

E-Invoicing on Finance & Operations

作者 Business Experts Gulf