VeriFactu: a recently coined term, but one of vital importance in the world of electronic invoicing and is here to stay. In this article, we explore this new system in depth, which is an innovative solution developed by the Spanish Tax Agency (AEAT). We will discover what it is, how to identify a VeriFactu invoice, when it came into effect, who it affects, how it works, and the advantages it offers. These are benefits that both the AEAT and companies can take advantage of. In addition, we will show you why easyap is your ally in the process.
What is VeriFactu?
As this is a very new term that you may be hearing for the first time, let's define what VeriFactu is. It is an electronic invoicing system developed by the Spanish Tax Agency (AEAT). The idea behind its development is to simplify and modernize the processes related to issuing and receiving invoices.
In this regard, we can say that the VeriFactu system was created with the clear objective of guaranteeing the authenticity, integrity, and non-duplication of electronic invoices. It is therefore a fundamental element in providing greater security for both companies and the tax administration.
How can you identify a VeriFactu invoice?
Now, how do you know that the invoice you have issued or received is a VeriFactu invoice? Normally, this is something you can easily identify because these documents include a QR code and an electronic seal. These elements, in turn, allow for instant verification of the authenticity of the invoice, as well as validation of its content.
In fact, the QR code included in these electronic documents contains the relevant information that must appear on every online invoice. This includes the tax identification number of the issuer and the recipient, the total amount, the date of issue, and other essential data. This way, anyone can quickly verify the validity of a VeriFactu invoice by scanning the QR code.
How can you tell if your billing system is a VeriFactu system?
And when it comes to implementing software in your company or adapting it to the VeriFactu system, how can you do it? To ensure that your invoicing system complies with VeriFactu requirements, you only need to do one thing: verify that the software has the necessary features to generate electronic invoices with a QR code and electronic seal. It's that simple.
On the other hand, it is also very important to ensure that the software you have in your company is up to date and compatible with the standards established by the AEAT.
In this regard, we would like to take this opportunity to point out that at easyap we have fully adapted to VeriFactu's requirements. Therefore, we can guarantee a highly satisfactory experience for all our customers.
When does VeriFactu come into effect?
Another important issue regarding the AEAT's VeriFactu system is the date on which it became mandatory. After a long legislative process with adjustments to the regulations, on December 6, BOE (Official State Gazette), which details the requirements for electronic business invoicing systems and programs in Spain.
Likewise, this regulation is a direct derivation of the amendment to Article 29.2.j) of Law 58/2003, which is the General Tax Law, which addresses measures to prevent and combat tax fraud. Ultimately, the Verifactu regulation seeks to standardize the formats of invoicing software.
Following the enactment of this royal decree, a ministerial order is expected to be issued wherebysoftware developers will have a period of nine months to comply with the provisions of this law. For their part, companies and self-employed individuals subject to this obligation will have until July 1, 2025 to make the necessary adjustments and comply with the requirements of the Verifactu regulation.
In this regard, it should be noted that, although this implementation may entail a change in billing processes, it represents a significant step forward in terms of digitization and efficiency in business management.
Who does this system affect?
As for which companies must comply with the Verifactu regulation, the rules will apply to all commercial transactions. Therefore, it is mandatory by law for all entrepreneurs, except for those who are already subject to the Immediate Information Sharing (SII) or those who are exempt from the obligation because their turnover is less than €6 million.
In terms of its geographical scope, its implementation covers all of Spain, except for territories with regional tax regimes. In the Historical Territories of Vizcaya, Guipúzcoa, and Álava, TicketBAIhas been implemented, which operates in a similar way to the new system approved for the rest of Spain.
Even so, beyond the fact that it is mandatory, at easyap we insist on the positive aspects of digitizing billing processes in any company. It is essential that all players in the business ecosystem adapt to this new system in order to comply with current regulations and, at the same time, avoid possible penalties or financial fines.
How does VeriFactu work?
As for how VeriFactu works, it is very simple. It is based on the inclusion of a QR code and an electronic seal on electronic invoices issued by one company to another:
– The QR code contains relevant information about the invoice.
– The electronic seal guarantees its authenticity.
Likewise, it is the company that has provided the service or sold the product that issues a VeriFactu invoice. If you have with an optimal system, it will be generated automatically by the electronic invoicing software itself with the QR code and electronic seal. This ensures the integrity of the data and facilitates its verification by the Spanish Tax Agency (AEAT) and other interested parties.
What are the advantages of VeriFactu for the Spanish Tax Agency (AEAT) and for companies?
In turn, we would like to reemphasize the importance of VeriFactu and electronic invoicing, not only because they are mandatory. Its implementation throughout the national business fabric brings with it numerous advantages, both for the AEAT and for companies. Let's take a look.
For the Spanish Tax Agency (AEAT)
– Facilitates the control and auditing of electronic invoices.
– Reduces the possibility of fraud and tax evasion.
– Automates verification processes.
– Streamline the review and validation of invoices.
– Optimize your resources and improve efficiency in tax management.
For companies
– Offers greater security and confidence in commercial transactions.
– The inclusion of the QR code and electronic seal ensures the authenticity of invoices.
– It reduces the risk of forgeries and identity theft .
– Facilitates the management of electronic invoices by streamlining administrative processes.
– Minimizes errors resulting from human error.
– Saves business time and resources, allowing you to focus on higher value-added activities.
What is easyap's role in this process?
Throughout this process the software we develop at easyap can play a fundamental role. Our solution can be the ideal partner for financial directors and entrepreneurs in the process of adapting to VeriFactu. Why?
easyap solutions solutions have been specifically designed to comply with VeriFactu regulations and the requirements established by the Spanish Tax Agency (AEAT). This way, we guarantee that you will be able to issue and manage all your electronic invoices in a format that is adapted and compatible with the VeriFactu system.
At easyap, we offer software with an intuitive and user-friendly interface that simplifies the issuance and management of online invoices. Thanks to its integration with the VeriFactu system, the easyap solution allows you to automatically generate your invoices with a QR code and electronic seal. Therefore, we guarantee the validity and security of each transaction.
In addition, easyap provides you with additional features:
– The tracking of invoice status through the supplier portal.
– Payment management for invoices received.
– The generation of reports, which facilitates the control and financial organization of companies.
With our software, you can even enjoy a specific space for employee expenses. Here, employees can upload and manage company expense invoices, which helps to make invoicing management much more efficient.
Conclusions on the VeriFactu system
What is clear at this point is that the VeriFactu system represents a significant step forward. It is a major step forward in the digitization of electronic invoicing processes in Spain.
Thanks to the inclusion of the QR code and electronic seal, the authenticity and integrity of online invoices is guaranteed. This ensures greater security for both businesses and the tax authorities.
At easyap, we are fully aware of this. So much so that we have been contributing to the digitization of invoicing for companies around the world and in various sectors for more than two decades. This is precisely how we have become a strategic ally in this digital transformation process for numerous companies.
With software like the one we develop, we are offering you a comprehensive and efficient solution that complies with VeriFactu requirements and those of many other tax authorities. In short, we help you simplify and streamline your invoicing, saving you time and resources while complying with current regulations. To learn more and see for yourself, just contact us.
