The countdown to the mandatory electronic invoicing has begun. The Create and Grow Law could be approved, predictably, in September in the Senate and will enter into force in two phases, depending on the type of company. On the one hand, companies and freelancers with a annual turnover of more than 8 million euros They will have the obligation to apply this measure within a maximum period of one year from the publication of the Law in the Official State Gazette. On the other hand, the rest of the companies will have to apply this measure within a period of three years.
A regulation aimed at promoting the creation of companies and which dedicates a section to the general obligation to implement electronic invoicing between companiesprofessionals and freelancers without exception, with the aim of digitizing business relationships and reducing delinquency.
The Law also establishes the obligation that electronic invoicing services are always capable of operating with each other and do it free of charge for the user, therefore, electronic invoicing platforms must be versatile and robust enough to receive electronic invoices and not cause their users to incur problems. Companies that fail to comply with this obligation could penalties of up to 10,000 euros.
Electronic invoicing allows savings of 60%
Thanks to the digitization of invoicing, Spanish companies will save up to 60% in costs derived from issuing invoices, according to internal data from the Generix Group.
According to the company’s calculations, the average cost of processing a paper supplier invoice in a company is 13.8 euros, while the average amount of an electronic invoice is only 4 euros, so there is a significant saving of 9.8 euros. In the case of a company with a volume of invoices of 50,000 per year, the savings translate into 480,000 euros or 4.8 million euros if the company generates 500,000 invoices per year.
“Small and large companies must move from paper to billing in electronic format as soon as possible. Thanks to digitization, costs are reduced in paper storage and the visibility of invoices is improved in real time, which makes it possible to increase productivity, streamline payment management and improve customer satisfaction”, comments Diana Salazar, B2B Integration Sales Manager at Generix Group. “In addition, automated billing management allows administration departments to free themselves from laborious tasks, reducing errors, streamlining billing itself and opening up the possibility of dedicating time to tasks with greater added value”.
