A task as classic as it is essential in any business is that of archiving invoices. And it’s essential for several reasons: it ensures regulatory compliance, offers accounting transparency, optimizes internal processes, etc. Whether on paper or in digital format, this task directly impacts the efficient management of your resources and, consequently, your strategic decisions. To help you with it, in these lines, we explain what archiving invoices means in this digital context, how long you should retain them, and the most effective methods for doing so. Furthermore, you will discover that with tools like easyap you can transform the management of your electronic invoices, gaining speed, security, and efficiency.
What do we mean when we talk about archiving invoices?
The concept of archiving invoices is not limited to just storing them. It is a process that involves these other actions:
- Classification. Organizing invoices by date, vendor, or category.
- Retention. Storing them for legal periods to avoid penalties.
- Accessibility. Ensuring they are quickly and easily available when you need them, whether for audits, analysis, or internal consultations.
Nowadays, in the midst of the digital era, you can carry out this process using physical format (i.e., traditional paper invoices) or with digital solutions.
As we mentioned, the trend towards business digitalization has given a more important role to digital archiving systems. By this term, we refer to systems that offer much more security, space savings, and automation.
As an example of this new reality, for instance, the total number of B2B electronic invoices issued in our country was 460,309,458 in 2023. This figure represents an increase of 35.39% compared to the previous year.
How long do invoices need to be archived?
Furthermore, in the previous point, we discussed invoice retention and the stipulated legal period for it. In this regard, the period is regulated by Spanish tax legislation and depends on the type of document:
However, note that these periods may be extended if tax inspections are ongoing.
How to Archive Supplier Invoices? Methods
Regarding how to archive supplier invoices, you should know that there are several methods or alternatives for doing so. Specifically, you can still choose from the following:
- Paper-based. It involves using a invoice folder physical and specific one to classify invoices by date or by supplier. Just make sure to protect them from humidity or deterioration with one made of good material.
- Digitally. This method is based on using software that scans invoices and stores them in a document management system. In this case, we recommend using tools that allow you to include tags or filters to facilitate searching.
- Hybrid. The last and third option is to combine the previous two. That is, both retaining them on paper and utilizing a digital system simultaneously, which gives you a double layer of security.
However, keep in mind that once the mandatory nature and regulation of electronic invoicing is 100% implemented in Spain, paper invoicing (and consequently, hybrid) will cease to make sense.
Advantages of Digitally Archiving Supplier Invoices
However, beyond the mandatory nature of digital invoicing and the requirement to electronically archive invoices, this method provides you with several other significant advantages:.
- Greater accessibility.Software helps you locate any of your electronic invoices in a matter of seconds.
- Advanced security. Cloud storage provides the opportunity for automatic backups. Therefore, your data is saved with full guarantees.
- Authenticity of documents. Certified digital solutions provide legal validity for documents with electronic signatures and certificates.
- Reduced operational costs. With the digital process, you reduce costs associated with physical storage.
- Lower risk of loss or damage. You eliminate the human factor (more prone to errors) and the physical deterioration of documents.
- Time optimization.Thanks to automation and advanced search, you save time and personnel that can be allocated to other areas.
How to archive your own invoices?
Everything we have discussed regarding archiving supplier invoices also applies to your own. However, archiving your own invoices has a different nuance,as it directly impacts your company’s image and professionalism with clients and public entities.
Good practices for archiving your company’s invoices
In this regard, easyap also recommends using digital solutions for your own invoices and documents, as it offers the following:
- Centralization.Everything will be in a single system where you store all issued invoices.
- Automation.Solutions that automatically generate electronic invoices also classify them instantly.
- Verification.These systems help you verify that invoices contain all mandatory information (NIF, VAT breakdown, dates, etc.).
- Legal backing.Digital copies comply with current e-invoicing regulations, provided your software is properly configured.
How to archive invoices digitally?
Data such as the increase in e-invoicing we cited at the beginning reflect a reality: digitalization is becoming the preferred solution for both large enterprises and SMEs. Its multiple advantages contribute to this.
Steps to digitize and archive invoices
Along these lines, efficient software is of vital importance. In fact, once you have implemented one in your company, the step-by-step process to digitize and archive your invoices is easy and fast:
- Initial scanning. Convert your paper invoices to digital format (PDF, XML, etc.).
- Management software. Use a tool that allows you to classify, tag, and store invoices electronically.
- Cloud storage. If you have chosen a secure platform, you can include remote access options, as well as backups.
- Integration with other systems. Connect your invoicing software with your ERP or CRM to consolidate financial information.
How can easyap help you with your invoicing?
At this point, easyap, a leading solution in electronic invoicing management. Our software is designed to meet the needs of large enterprises of various countries, sectors, and sizes.
Among other things, you will have the possibility to:
- Generate invoices. The software completely automates the issuance process, which guarantees regulatory compliance and total accuracy.
- Receive and manage supplier invoices. You will be able to centralize all documents in a single system, with advanced classification and search capabilities.
- Modify invoices. The easyap solution corrects errors and updates information simply and securely.
- Archive invoices digitally.Of course, the software stores your invoices and documents in the cloud with technology that ensures immediate accessibility and protection in case of audits.
There are even more advantages, but with just these, you can forget about manual processes. You also gain in efficiency and can dedicate more time to strategic tasks.
Ultimately, with a good invoice archiving strategy and a tool like the one we provide, your company will comply with all regulations, avoid errors, and simplify financial management. If you want to try it and learn more about easyap and its benefits contact us.
