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With the first phase of e-invoicing already implemented in Saudi, you may be still trying to find out the benefits of transitioning from the traditional printed invoice to the e-invoice.
You may be a little confused about where to start or what should you do to be prepared enough for this change. If you have such questions and concerns, you are reading the right article and about to find out the complete answers to your questions.
Let’s start with how e-invoicing will positively impact your business.
By getting rid of paper transactions, e-invoicing saves you the time, money, effort and physical space for file storage. Guess, you must be already aware of all of that. On the other side, e-invoicing also helps you to streamline your business process and ensures transparency in a way books and records are maintained. We have summarised the benefits below:
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Your business will need a smart integrated solution to host all transactions and processes. This is one of the critical requirements for generating and storing e-invoices. The e-invoice software should allow you to generate complaint e-invoices, archive, tamper-proof, and comes with an access control feature. Over and above, the same software should help you manage various business functions such as accounting, inventory, taxation, payroll and much more in an integrated manner.
Although this change would help and support your business, like any other changes, it will need to be familiar and acceptable first. Training your team will help your employees and organization to be familiar with the system. e-invoicing software that is simple and easy to use will play a key role. It will help your team quickly onboard and use the new system more efficiently.
Reading guidelines and user manuals from Zakat Authority's official website, with all related regulations and requirements, will help you create a checklist to avoid mistakes and errors during this great change.
Your business model and customer type will identify the right e-invoice format that you need to issue. If you sell to another business (B2B model), you will need to issue a tax e-invoice. In case you sell to individual customers (B2C model), you will need to issue a simplified tax e-invoice with a QR code. Also, ensure all the mandatory details as required on invoices are captured.
TallyPrime, a business management software with a built-in e-invoicing solution can help your business comply with e-invoicing requirements. Take a look at the wide range of e-invoicing features in TallyPrime
Not yet on TallyPrime? Take a free demo and experience the product.
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