The electronic invoice, a new necessity for SMEs

15 Feb 2024. 09:42
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  • SME maturity
    1. Nuevas tecnologías
    Scope to digitize
    1. Business processes

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Due to digitalization, electronic invoicing has gained great importance in recent years. It is presented as a tool that SMEs and freelancers can use to improve their efficiency and sustainability, but also to comply with the new laws.

In this monograph, we will tell you how to apply your electronic invoice to adapt it to the Crea y Crece Law. We will also help you choose the software that best suits your needs.

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Executive summary

Digital transformation has revolutionized business management, and in this context, electronic invoicing emerges as an essential component to enhance efficiency and sustainability. Unlike paper invoices, electronic invoices are digital documents that structure transactional information, not only facilitating accurate accounting but also optimizing administrative processes.

In the realm of small and medium-sized enterprises (SMEs) and self-employed individuals in Spain, electronic invoicing is not just an advanced option but a strategic imperative. Its implementation not only modernizes operations but also brings tangible benefits such as reducing costs associated with printing and sending paper invoices and accelerating payment times.

This shift towards digitization is not just a business trend but also a legal requirement supported by regulations like the Crea y Crece Law in Spain. This law aims to improve transparency, combat tax evasion, and facilitate traceability of commercial operations. However, according to the SERES Electronic Invoice Study 2021-22, SMEs still have a way to go in its adoption.

Electronic invoicing is classified into two types: unstructured and structured formats. We will focus on the latter, which uses XML language and complies with regulations like Facturae in Spain. This structured electronic invoice requires minimal data, such as issuance date, information of the issuer and recipient, description of operations, unit price, tax rate, and more, according to Royal Decree 1496/2003.

To invoice electronically, an electronic accounting system and qualified certificates for digital signatures are required. The advantages for SMEs choosing electronic invoicing are evident. It improves operational efficiency by eliminating paper documents, significantly reduces costs, and contributes to the accuracy and traceability of transactions.

The Crea y Crece Law, with its principles of facilitating the creation and growth of companies, imposes the obligation of electronic invoicing. This law establishes measures such as the obligation to issue, send, and receive electronic invoices, and sanctions for non-compliance.

When choosing electronic invoicing software, SMEs should consider various aspects. Evaluating the initial situation, compliance with regulations, adaptability and compatibility of the software, and the list of FACe providers are crucial steps. Additionally, they must ensure that the software is user-friendly, scalable, secure, affordable, and has good technical support.

In conclusion, electronic invoicing not only responds to technological trends but is also a strategic tool for Spanish SMEs. It improves efficiency, reduces costs, contributes to environmental sustainability, and strengthens trust in the business environment. The conscious choice of a suitable model becomes a crucial investment for a solid and sustainable financial future.

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