Digitalization has become a key aspect in all of our lives. New technology has proved to be really effective in cutting operational costs and ensure transparency. SME’s are relying on digital solutions to streamline procedures.
The exchange of an integrated electronic invoice document between a seller and a buyer is called Electronic Invoicing (e-invoicing). The digital invoices reduce operational time and there is no need of printing papers.
E-invoicing provides great support to SME’s and targeted growth can be attracted. It provides accurate financial information about their businesses. It is rooting out corrupt practices and helps in shortening the payment cycle, prevents errors, limits losses and frauds, promotes fair competition, improves supplier and customer relationship.
All around the world, Governments also benefit from e-invoicing because it supports their efforts against poor economy. The Kingdom has suffered from commercial suppression for more than seven decades.
On December 4, 2021, the new E-invoicing regulations came into force in Kingdom of Saudi Arabia with QR code appearing on all B2C invoices.
There will be a phase 2: Integration phase will be started from January 1st, 2023 and implementation will take place step by step.
We can advise clients on the planning, impact valuation, recommendations, support implementation and post implementation of both phases of e-invoicing according to ZATCA regulations.