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ZATCA E INVOICING
PHASE 2
As the best ZATCA E invoicing solution provider, Veuz Concepts can provide your business with ZATCA compatible E-invoicing software.
Why Our ZATCA Approved E-Invoicing Software?
As the best ZATCA e-invoicing solution provider in Saudi Arabia, Veuz Concepts can provide your business with ZATCA Approved e-invoicing software. Still waiting to get ZATCA compatible e-invoicing in Saudi Arabia? Scroll down to find out more.
ZATCA Compliance
Our e-invoicing software is fully compliant with ZATCA regulations. You can create, send, and store electronic invoices in the format that Saudi Arabia's tax authorities require. Use our ZATCA approved solution to stay clear of potential fines and penalties.
Easy Integration
Our software ensures a smooth transition to e-invoicing without interfering with your ongoing business operations by integrating effortlessly with current accounting and ERP systems.
User-Friendly Interface
Our software offers an intuitive user interface as we value the user experience. This saves time and eliminates errors by enabling your team's swift adaptation to e-invoicing.
Improved Efficiency
Say goodbye to manual invoices. By automating the invoicing process, our e-invoicing software lowers the possibility of errors and speeds up your financial processes.
Safer Data Management
We understand the significance of data security. Modern encryption and secure cloud storage safeguard your confidential financial data.
Real-Time Tracking
Keep tabs on the progress of your invoices in real time. This can help you better manage your cash flow by letting you know when your invoices are received and read by your clients.
Cost savings
The expenses of paper, printing, and shipping are removed with electronic invoicing. You'll not only help the environment become greener but also save money.
Customizable Templates
Use customizable templates to personalize your invoices to reflect your brand. To make your invoices reflect your business identity, add your logo, pick colors, and create a design.
Training and Onboarding
To ensure a seamless transition to electronic invoicing, we provide training and onboarding support for your team.
Customer Support
We provide thorough support to handle any questions or issues that you could run across, ensuring a smooth experience with our software.
ZATCA E-Invoicing: Still handing out handwritten invoices, time to stop!
The Saudi Arabian government is making waves with a law that will become a cornerstone for the Kingdom in dealing with problems such as tax avoidance, money laundering, and various other illegal activities. That is the mandatory requirement of e-invoicing software compatible with the ZATCA (The Zakat, Tax and Customs Authority) E-invoicing application .
The ZATCA E-Invoicing application will now become the one and only way to convert your invoice to e-invoicing format. The Zakat, Tax and Customs Authority, or ZATCA, has formed a new invoicing resolution for Saudi taxpayers , and implementation of it will be divided into two phases. The first phase implementation is already underway and nearing completion with the second phase will be implemented at the beginning of January 2023. Through this process, the Saudi government aims to bring the taxpayers or tax-paying companies under one umbrella in the later stages.
What Exactly Is ZATCA E-Invoicing?
This new resolution aims to bring an end to all paper-based or handwritten invoices by implementing E-invoicing software that is compatible with ZATCA. That will require all taxpayers who are residents of the Kingdom of Saudi Arabia and VAT registered as well as those who represent on behalf of the suppliers to follow this rule.
The resolution stipulates that all invoices must be transmitted electronically, specifically through the ZATCA platform. ZATCA ensures that all invoices are accurate to the dot, transparent, and in compliance with the various regulation and tax laws.
The kingdom, through e-invoicing software , will enable real-time tracking and reporting, making it easier for businesses to manage finance and government agencies to monitor their compliance. Companies that fail to comply may face penalties or fines per the regulations.
The creation of these new electric invoices will lead to the elimination of the obsolete form of handwritten invoices and the exclusion of other forms of paper-based invoices.
The Two Phases of ZATCA
1. The first phase
The first phase, or the integration phase, is a critical step toward implementing the new invoicing systems. Rolled out on December 4th, 2021, the integration phase involved various systems and processes the business uses to create the ZATCA platform. The goal of the integration phase is to ensure that all invoices are transmitted in compliance with the ZATCA standards. The first phase is slightly milder in terms of strictness. The second one expects all taxpayers to follow the regulations to the dot.
It's important to remember that the first phase of the integration process does not stop once the system is up and running. Businesses will need to continue to monitor and maintain their integration with ZATCA to ensure compliance and to take advantage of new features and updates to the platform.
2. The second phase
The second phase will be enforced from the 1st of January 2023, this phase largely will focus on the integration of taxpayers and other groups of companies with ZATCA e-invoicing portal . The second phase of integration will be notified to the taxpayers six months in advance.
Taxpayers must switch and create e-invoices using an e-invoicing system that is compliant with the terms of ZATCA. They must see to it that they must use specific security anti-tampering add-ons, such as cryptographic stamps (e-signature), UUID, and hash, to strengthen safety in their invoice.
For B2B businesses generating a QR code is necessary which must be in the XML format. Within a 24 hours time frame, all invoices should be submitted to the e-invoice portal. Subjective individuals must adhere to a lot of technical and business requirements that are mentioned on the ZATCA website.
How will Saudi Arabia benefit from the use of electronic invoicing systems?
Electronic invoicing systems provide a clear and accurate record of transactions, making it difficult for businesses to engage in fraudulent activities. Electronic invoicing also helps to prevent tax avoidance by ensuring that taxpayers are compliant with the laws and regulations that govern tax declarations. The elimination of paper invoices helps minimize wrongful or illegal and even concealed transactions. Taxpayers can now adhere to the lawfully imposed tax declarations to prevent any tax avoidance. This will also help establish a benchmark in the verification of any business for tax and auditing purposes.
Worried you might not have a ZATCA compatible e-invoicing software?
You have come to the right place, at Veuz Concepts we help you build ZATCA-compatible invoicing software with Odoo. At Veuz we are truly committed to helping you create world-class invoicing software that meets all the zatca e-invoicing requirements . Our experts will help you easily streamline the process which will ensure you have an efficient and secure system, which makes it easier for you to track payments.
It can be a daunting task to undertake to deal with the two phases, especially ZATCA e-invoicing phase 2, as you may encounter various technical and business-related roadblocks. We help you smoothen it out through our expert processes. Let us help you with the best e-invoice software in Saudi Arabia. Contact us today to get started.
Stay updated with our multitude of features: ODOO E-invoicing
It's important to stay updated about Saudi's new e-invoice system. It is critical that you exercise thorough research for its applicability and thoroughly test it so that you do not run into any issues when the system is deployed.
Our software of ZATCA e-invoicing in Saudi Arabia can be the perfect solution for your business. We don't just focus on the efficacy of the system but also your ease of use and other features that will be tailored to your requirement.
FAQ
ZATCA is the Saudi Arabian Tax and Customs Authority electronic Invoicing system. It's a digital platform designed to facilitate the electronic generation, issuance, and management of invoices in Saudi Arabia.
All businesses in Saudi Arabia, regardless of their size, are required to use ZATCA approved e-Invoicing software for issuing invoices and maintaining proper tax records, in accordance with the regulations set by the Saudi Arabian Tax and Customs Authority.
To get started with ZATCA e-invoicing, businesses need to register on the ZATCA platform, obtain the necessary digital certificates, and ensure that their invoicing processes align with the system's requirements.
Yes, ZATCA e-invoicing software can often be integrated with popular accounting software systems, making it easier for businesses to manage their financial records and streamline their invoicing processes. As the best ZATCA e invoicing solution provider, we can help you to integrate into your existing accounting software.
Businesses can generate, send, and store electronic invoices in the required format by ZATCA using our ZATCA approved e-invoicing software. It guarantees compliance with regional tax regulations, speeds up the invoicing process, and uses less manual labor. For a smooth transition, the software interacts with your current ERP and accounting systems.
Yes, data security is one of our top priorities. You data will be safe
Yes. Our software offers customizable templates. You can add your company logo, choose colors, and design invoices according to your needs
ZATCA approved e-invoicing software automates the process of invoicing by reducing the risk of errors and speeding up your financial operations. It lowers the expenses related to paper-based invoicing and enables you to produce and send invoices more rapidly. You can also follow their status in real time.
Even though the software may have an initial cost, it frequently saves money over time. The automation of the invoicing process can save labor costs, and other costs like paper, printing, and shipping