How to implement the electronic invoice in your business

The law of electronic invoicing has been used for two years in Spain. That is why today we want to dedicate this post to explain how to implement the electronic invoice in a simple way. The implementation of the electronic invoice can be seen as a challenge, especially if the level of digital transformation in […]

The law of electronic invoicing has been used for two years in Spain. That is why today we want to dedicate this post to explain how to implement the electronic invoice in a simple way.

The implementation of the electronic invoice can be seen as a challenge, especially if the level of digital transformation in the company is rather low. However, the change is worthwhile, since, aside from its obligation to suppliers in the public area for bills of special economic importance, electronic invoicing is a great opportunity to improve management, reduce costs and, make the business grow.

Currently there are solutions that facilitate the implementation of the electronic invoice in our company. Ideally, they should be able to integrate with the other management tools that we are using to perform a comprehensive management and optimization of our e-bussiness tools. Otherwise there could be complications arising from having to work with two independent programs, such as duplication of information and an extra and totally unnecessary workload.

In this article we will make a simple approach on how to implement the electronic invoice in order to guide the interested companies to carry out their implementation, either integrated in an comprehensive software management of the company – ERP, in other management tools – CRM , SCM-, or in an isolation way.

In addition, if you follow the recommended procedures in the following section, you will be ensuring that you comply with the standards required by the regulation in relation to the electronic invoice if you are suppliers of the public area in Spain, facilitating compliance with the requirements established in the through an automated solution.

Considering that the current Spanish regulatory framework, in line with the European guidelines, is favorable to the digital invoice, aside from mandatory in the case pointed out, all companies that wish to have the possibility to benefit from this new billing model.

Aside from its size and sector, all kinds of business will find the change positive. Making a successful transition to electronic billing may seem complicated, but it will be much easier if we follow the following keys:

Choosing the right electronic billing software

Factura Electrónica

Choosing the electronic billing software that best suits the needs of your company is an essential decision. It will be decisive in making a successful transition.

Some of the criteria to select the solution that best suits your business are:

  • Simple and intuitive operation: Make sure that the solution you choose combines features and benefits that result in a simple and intuitive operation.
  • Functionalities that respond to your needs: for example, have a modular software that can change and grow as the company requires.
  • It must allow the management of the digital invoicing process in an integral and transparent way: not only for the company, but also for suppliers and customers.

In the case of having to invoice electronically with the public administrations, we need a computer program that generates them according to the requirements established in the regulations.

Among other things, you must make sure that the solution meets the recommended format and allows both the issuance and the automatic sending of invoices through the General Point of Electronic Invoices or FACe.

Apart from mandatory cases, the option of the paper format should be offered in the case of all other invoices and have express consent for it, revocable at any time, so we have to have applications that allow them to be issued in Both formats.

  • Invoicing process in an automated way: In order to save costs and time, it is essential to have a solution that fully automates the billing process.
  • Total Integration with other systems: In order to guarantee the authenticity and integrity of invoices, creating at the same time a trust environment that will benefit especially e-commerce, it is necessary to fully integrate with other systems.

Thanks to strategic integration, in short, the programs work together, avoiding duplication and errors both in billing and in other business management processes.

  • Digital signature as a key: The digital signature is the key that you need to be able to implement an electronic company system. Authentication is required in order to interact with the Public Administration and/or suppliers of a certain level. Make sure that the solution you choose has an integrated authentication system, such as Viafirma e-Invoice.

A complete digital transition

The electronic invoice, in fact, should be considered as part of a broader digital transformation project, that leads to fundamental changes in the company through tending initiatives at integrating management needs in an ERP to facilitate electronic exchange of documents or even to delegate electronic companies, thus facilitating mobility.

This means, on the other hand, to take care of the quality of the data through the appropriate integration of the different applications for a management that does not suffer fragmentation problems in local environments, in the cloud as hybrids and, at the same time, allows a perfect multiplatform operation.

The electronic invoice: A world of advantages

As we have pointed out, there are numerous advantages provided by this type of invoicing. Not only because the new times lead to it, and more and more companies are invoicing electronically, but for the simple reason that the change can make our company earn a lot.

As well as to manage it in a more practical and efficient way as to improve business figures. They are advantages of which the public sector is benefiting and also the companies that implement it. An option that at the same time supposes a clear competitive advantage in the current context marked by the digital era.

In addition to being mandatory for suppliers of the Spanish Public Administration since January 15, 2015 (Law 25/2013), which implies being signed with an electronic company based on a recognized certificate, among other requirements, entails innumerable positive aspects both for the Transmitter as for the receiver.

From the greater traceability of the exchanges to the agility in the collections for the companies up tol such important advantages as greater security, time saving, space and simplicity, with the consequent increase of the business efficiency.

facturacion-electronica

Wait, wait… What about the rest of Europe?

We reserved it for another article, but we are ahead of you now. As we said, this invoicing model, is a great ally to be more competitive, since, among other advantages, it also facilitates its issuance, storage and access to invoices, while saving costs, increasing productivity and Profitability of enterprises.

Not surprisingly, many of its advantages are associated with great opportunities that give us the current digital context, helping to successfully face the enormous challenges that this poses in the difficult globalized market.

The so-called Digital Single Market (DSM) in Europe is a clear example of the opportunities associated with digital transformation in general and the digital invoicing process in particular.

Directiva 2014/55/UE  requires Member States to make compulsory use of electronic invoices in public procurement procedures from November 2018, with the aim of facilitating cross-border business relations. This will require the creation of a common standard that is interoperable. A standard that is just around the corner, because the Commission has given the deadline until next May 27 to publish it.

What happens then with FACe, and with the Spanish standards? Will our e-invoice tool be compatible? You will have to wait for the second part of this article to know