In its day, it was the abacus. Later, another major milestone linked to the world of accounting was the advent of calculators. Today, continuing with the sequence, we could talk about the programs and software that have emerged in the wake of new technologies. These (and many others) have been advances and discoveries that, in their context, revolutionized the landscape of the moment for businesses and individuals.
Today, your company can take a huge qualitative leap toward digital transformation. How? By automating key processes such as automatic invoice accounting invoices. At easyap, we explain how and provide you with the ideal tool for this: our software.
What is an automatic accounting system?
We will never tire of saying it: time and money are the two most important resources in any business. To get the most out of both, process automation is essential. You save on costs, personnel, equipment... But to do so, you must rely on and take advantage of new technologies. Systematizing basic business processes, such as automatic invoice accounting.
Now then: what does electronic invoice accounting actually consist of? If we had to give a technical definition, we could say that it is the process by which accounting software uses optical character recognition technology (OCR) to read key information from a received invoice and then automatically create an entry in a company's general ledger.
If, on the other hand, we opt for a more humanistic definition, we would say that automatic invoice accounting is the process by which a business records and manages its entire invoicing process using computer software. Likewise, this program handles the issuance, receipt, and storage of invoices and similar documents and/or those related to them.
The fact is that invoice accounting has always existed, consuming significant resources for any business. However, with software such as easyap, automatic accounting allows companies to streamline and automate their accounting processes, reduce errors, and save time and resources by not having to make accounting entries manually.
How does having an invoicing system benefit a company?
As happened in the past with accounting and the world of numbers and mathematics, there are advances that revolutionize everything. Using advanced technological systems for automatic accounting in a business is a huge competitive and functional leap forward. The proof of this is that numerous businesses are now benefiting from it.
In our case, we have been implementing digital solutions for the automatic accounting of invoices from multiple companies for over 20 years. As a result, we have seen that many of them have benefited from advantages such as those detailed below:
Time savings
Having an automated billing system allows you to generate a higher volume of invoices. Not only that, but you can do so much more quickly and efficiently, saving time for the team responsible for billing in your business.
Error reduction
Automated billing software eliminates much of the human involvement in the process. This also means that errors in the billing process are likely to be reduced. This advantage will also save you time and, in the long run, money.
Improved tracking and greater control of data
Digital solutions for automatic invoice accounting allow you to track your income and expenses more effectively. This benefit, in turn, is very useful for business and corporate decision-making, as you have accurate, up-to-date, and detailed information at your fingertips.
Increased efficiency.
A good billing system can help your company increase its efficiency, as certain tasks such as issuing recurring invoices are automated, which in turn gives you more time and resources available for other business functions.
Compliance with regulations.
Automatic accounting software will help you ensure that your organization complies with tax regulations and requirements regarding invoicing and VAT. This is becoming increasingly necessary, given that electronic invoicing is mandatory in many parts of the world for numerous commercial transactions.
In short, having an invoicing system can help you and your company be more productive and efficient, reduce errors, save time, and comply with the regulations and tax requirements imposed by the various authorities.
Which companies in Spain are required to use electronic invoicing?
Precisely in relation to the last advantage we highlighted in the previous point, it is increasingly necessary to have a system for automatic accounting. The EU and the governments of many countries already require it as mandatory for transactions with them. In fact, it is one of the most recent developments in electronic invoicing in Europe that has had the greatest impact in recent times.
In turn, several countries also require it for sales of products and services between private companies. Or they will do so in the near future.
Focusing on our country, in Spain, the obligation to use electronic invoicing varies depending on the type of company you are and the activity you carry out. Below, we detail which companies are required to carry out digital invoicing:
– Companies that sell products and services to public administrations. Organizations that contract with public administrations are required to issue electronic invoices as of January 15, 2015.
– Companies with an annual turnover of more than €6 million are also required to issue electronic invoices since 2015.
– Companies that pay VAT on a monthly basis which must issue electronic invoices from July 1, 2021.
In this regard, it is important to bear in mind that laws on electronic invoicing in Spain may change over time and depending on the province and/or autonomous community in which you are located. Therefore, it is advisable to keep up to date with the tax obligations of each company in relation to digital invoicing.
How does automatic accounting help governments and authorities?
Likewise, the obligation to use automatic accounting and online invoicing systems is not a whim of the authorities. Governments have realized the many advantages offered by this type of software. In fact, as public companies, they are the first to have taken advantage of benefits such as the following:
– They have improved and become more efficient in the use of their resources.
– Tax fraud has been reduced, making the business community more transparent and honest in its financial management.
– Many audit processes have been streamlined, as accounts are analyzed much more quickly and efficiently with instantly accessible data.
– Regulations and tax requirements are met, as accounting data is available more accurately and in real time.
Therefore, we can say that automatic accounting helps governments and authorities to be more efficient, improve transparency and integrity in financial management, streamline audit processes, and ensure compliance with tax regulations.
What role does easyap's automatic invoice accounting software play?
What has also happened is that numerous technology companies have rushed to create software for automatic accounting. However, not all of them are able to offer a practical solution that meets the requirements of each country, each company, and each regulation. This is where we come in, easyap.
Composed of a team of financial and technology specialists, we have extensive experience developing and implementing accounting solutions in different markets and countries. That's why we not only know what each software program should be like and what requirements it must meet, but we also accompany it with other functionalities.
In fact, with easyap you will enjoy a system that goes far beyond what is a simple automated invoice accounting software. With our solution, among other things:
– You will have access to a supplier portal where they can check the status of their invoices.
– You will have a system compatible with any ERP.
– You will have a space from which you can report and declare your taxes to the relevant authority: SII, TicketBAI, SILICIE...
– You will be able to record each and every one of your employees' expenses related to travel, per diems, etc.
Obviously, the entire billing process is the basis of the software we will develop. In other words, you will be able to issue and receive invoices, as well as access them whenever you or your team want to. And if you want to know more or start defining what the software for automatic accounting for your business will be like, just contact us.
