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Electronic Invoice: A Reality
We are just a few months away from the date when electronic invoice becomes obligatory for interactions with the Public Authorities. This represents a great advance for companies, but even so, many have not yet prepared for the change and some are not even aware of it. This is due to the fact that the information that has been published is confusing and even dissuasive. But, what exactly is electronic invoicing?
An electronic invoice is the virtual representation of this document, generated and stored electronically. It replaces the physical document but has identical legal value. The first name to be used was “Telematic Invoice” and later when the new regulations appeared it was replaced by Digital Invoice or e-Invoice.
A common misunderstanding is to consider that an invoice sent in digital format is an electronic invoice. To be considered as such it is essential for the document to be signed electronically, thus guaranteeing its authenticity and integrity and upholding its legal and fiscal value. The digital signature must comply with certain requirements established by the Tax Office, and the signature issuing body must be authorised for this purpose. The structure of the data on the invoice as well as its accessibility and inviolability are also regulated.
Another way of obtaining an electronic invoice is via certified scanning. This process consists of converting paper invoices into signed electronic invoices with full legal validity. After converting them, the original invoices can be destroyed, thus eliminating the cost of their physical storage and recovery. The requirements to guarantee the legal validity of the scanned document are the same as for documents issued electronically, with the added factor that the scanning process must be uninterrupted and the software used must be officially approved by the Tax Office.
This service leads to great benefits, the most obvious of which is paper savings; however, there are much greater advantages. This new invoice is transmitted via electronic means and therefore the exchange is immediate. It is much easier to locate an electronic document than a paper one and therefore the consulting and auditing procedures are much simpler. It is also more difficult to forge an electronically signed invoice than a paper one, as the digital signature can be authenticated immediately without complications. Other advantages are the reduction in costs, the protection of the environment with the elimination of paper and the minimising of errors as human intervention is reduced.
Despite the apparent complications that the digital invoice represents, business content management companies exist which simplify the process for companies. The most commonly-used system to introduce this type of invoices is to outsource the task to a third party, due to the great complexity and high level of requirements. The integral management of accounts payable and accounts due allows not only compliance with legal regulations for the issuing and reception of electronic invoices, but it also covers the handling of all the company’s paper invoicing in a transparent way, with the cost reductions this involves.
Relying on this type of companies is a quick and simple way of complying with the regulations without having to worry about the introduction of a new invoicing model.
Alberto Lepee Rivero
SGAIM Technical Director
