The electronic invoice program in the Kingdom of Saudi Arabia is a qualitative leap in the world of business and e-commerce. Since the implementation of the invoice launched under the auspices of the General Authority of Zakat and Tax, the Kingdom has moved to an advanced system that replaces traditional invoices through modern technology.
What makes this experience interesting is the revolution it has brought about in accounting and financial reporting processes and the simplification of daily commercial procedures. In this article, we will explore the experience of the Saudi electronic invoice program Qoyod and how it is distinguished from other programs, in addition to its great impact on the commercial and economic sectors in the Kingdom, and learn how businesses adopt this system and make the most of
Saudi e-invoice program experience
The experience of the electronic invoice program in the Kingdom of Saudi Arabia relied on its gradual application, as follows:
First stage
Beginning December 4, 2021, taxpayers must produce and preserve invoices electronically using an electronic billing system that meets the criteria of the Zakat, Tax, and Customs Authority.
This stage covers individuals who are subject to the e-invoicing rule, as well as any third parties who issue tax invoices on behalf of VAT-subject vendors.
Second stage
The experience of implementing the electronic invoice in the second phase was gradually ongoing as of January 1, 2023, and is known as the integration linkage stage. At this stage, the taxpayer’s electronic invoicing systems must be linked with the Fatawrah platform of the Zakat, Tax, and Customs Authority, and in addition, the electronic invoices must be issued in the format required by the Authority.
Note
The second phase is implemented gradually, and the Zakat, Tax, and Customs Authority will notify taxpayers of the second phase at least 6 months before the date of implementation starts. Taxpayers must comply with the requirements of this stage and apply them as shown in the schedule specified by the authority.
Features of the electronic invoice program
When it comes to the experience of the electronic invoice program, it provides many features and benefits that contribute to improving the process of invoice management and accounting in companies, which are as follows:
Integration with accounting and bookkeeping
The integration between e-invoice software and accounting and bookkeeping software is crucial; thanks to this integration, it facilitates the process of auditing accounts and automatically generating financial reports, saving time and effort for companies and reducing data entry errors.
Customer Management
The e-invoicing experience helps in centralizing customer information management, allowing companies to track and analyze customer history, invoice history, and payments. Companies can also create customer lists and customize them according to their specific needs.
Automate the invoicing process.
The program provides an integrated system for creating and sending invoices automatically, as companies can create custom invoice templates, fill them with the necessary information, and then send them to customers via e-mail or other communication platforms. It is worth noting that electronic invoices are documented securely and can be easily accessed.
Product and inventory management
It provides a function to effectively manage products and inventory, as products can be recorded, defined, classified, inventory tracked, and available and sold quantities managed, thus helping to improve inventory management and avoid product shortages or accumulations.
Cloud storage
The e-invoice experience enables cloud storage, which means that invoices and associated data can be accessed from anywhere, via any device connected to the Internet. In addition to that, invoices can be managed, created, modified, and sent from a mobile phone, providing convenience and flexibility for users.
Tax calculation and compliance with tax regulations and laws
The electronic invoice software can automatically calculate taxes in accordance with the applicable tax laws and regulations, thus helping to avoid mistakes and ensure correct tax compliance. In addition to that, the program can provide comprehensive tax reports and prepare tax returns easily and effectively.
Add branding to invoices.
When you try the e-invoice software, branding, logos, and distinctive colors can be added to the invoices, which enhances the visual identity of the company and contributes to enhancing brand recognition.
Reporting and analytics
The e-invoice software allows detailed reports on sales, profits, debts, payments, etc. Reports can also be generated quickly and easily, providing companies with powerful insights into business performance and helping them make strategic decisions.
Customizability
The experience of electronic invoicing software allows for customization based on the needs of the company, as templates can be adjusted and the corporate logo added, as well as customizable fields and essential information, assisting in the development of brand identity and the professionalism of bills.
Add and modify fields
It also provides flexibility in adding and modifying fields and information related to invoices, as the program can be adapted to the company’s needs and individual requirements.
The cost of the electronic invoicing program.
If you’re wondering: How much does electronic invoicing software cost? It varies depending on the software and workload. And many more things, but overall, the Qoyod electronic invoicing software provides a fantastic experience at the lowest possible price when compared to competing programs, with many features that make it worthwhile for the price.
Why is Qoyod the best invoicing software?
Qoyod is one of the distinguished programs in the field of electronic invoicing, which is characterized by several aspects, the most important of which are the following:
Ease of use
Qoyod has an intuitive user interface, making it suitable for beginners and non-techists, as you can easily create invoices, manage customers, and track payments without prior programming knowledge.
Analytics and reporting
Provides comprehensive reporting and analysis on sales, earnings, debt, payments, etc., and other important financial statements, as you can rely on these reports to make strategic decisions and better understand business performance.
Integration
Qoyod is compatible with many other accounting programs and business management systems, allowing easy and seamless data exchange to achieve integrity and sustainability in the accounting process.
Customization
The Qoyod e-invoice experience allows you to customize invoices and forms according to your company and brand needs, as you can add the company logo, modify invoice fields, and fully customize them to meet your individual requirements.
Technical Support
Qoyod’s support team provides outstanding technical support and quick responses to inquiries and technical issues you may encounter. You can rely on the support team for help and guidance anytime you need it.
Cost
Qoyod is affordable compared to other alternatives available in the market, as you can choose the plan that suits the needs of your company and budget and take advantage of the full advantages of the program at an affordable cost. Although there is a free electronic invoice program, it may harm your site, so choose an affordable program that is not free, such as the Qoyod Accounting Program.
Online Access
You can access Qoyod from anywhere and via any device with an internet connection, giving you the flexibility and ease of centrally managing billing and financial information.
Security
Data security is crucial in billing software, and Qoyod provides high levels of security, protecting sensitive data for the company and customers, encrypting data, and applying strict security measures to prevent unauthorized access.
Continuous updates
Qoyod is regularly updated to meet technological advancements and legal requirements, and it offers regular updates to ensure continuity of performance, improve features, and fix vulnerabilities.
Conclusion
The experience of the Qoyod e-invoice program in the Kingdom of Saudi Arabia is a revolutionary step towards the technological future, transforming traditional business processes into easy and effective digital processes. This system has proven its ability to simplify procedures, improve transparency, and provide accurate and reliable financial reports.
By moving to e-invoicing through Qoyod, it enhances efficiency and reduces operational costs for businesses in the Kingdom, and thanks to the mandatory requirement for companies to adopt this system, they benefit from reducing the error rate and improving environmental sustainability by reducing paper use. As technology develops and more companies adopt this system, the benefits will continue to grow, and this is expected to positively affect the Saudi economy in general.
The adoption of electronic invoices through the Qoyod program is a crucial step for businesses in Saudi Arabia towards a smoother and more efficient future, and it is worth mentioning that the program also offers all its customers: electronic invoice systems as well as POS systems, warehouses, customers, etc.; thus, it becomes the best accounting software for SMEs.
Now that you know how to try Qoyod software and many other things, try Qoyod now for free, and for 14 days, trying an accounting program like this is definitely worth paying attention to.
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