We usually talk about issuance, but today’s topic is just as important: the reception of invoices.It is a key source of financial information and a fundamental process for any business in its relationship with its suppliers. Manual management is tedious and prone to errors, which can lead to negative consequences for your business relationships and your company’s profitability. Therefore, below, we break down what electronic invoice reception is and reveal why you should automate it with software like easyap’s.
What is Electronic Invoice Reception?
Technically, electronic invoice reception is the process by which any type of company receives and manages invoices in digital format, instead of on paper. Likewise, it involves four steps:
- The actual reception of the electronic invoice.
- The verification of its authenticity.
- The validation of the data that appears on it.
- The accounting entry into the company’s accounting system.
Unlike paper invoice reception, electronic invoice reception allows companies to automate the process. This way, they save time and reduce the likelihood of errors.Furthermore, it lowers printing costs and paper usage, making it a more sustainable and cost-effective option in the long term.
Therefore, electronic invoice reception is a key and necessary process for any company looking to improve efficiency and reduce costs associated with invoicing and accounting.
What Obligations Does the Electronic Invoice Recipient Have?
On the other hand, when you receive an invoice, whether digital or electronic, you must comply with certain requirements. In Spain, you will have several legal obligations which vary depending on whether you need to issue online invoices or not, according to regulation.
1. Verify the authenticity of the invoice and the digital signature
First, if you are obligated, you must ensure that the received invoice complies with legal requirements and is digitally signed. You must also verify the authenticity of the digital signature and the integrity of the invoice to prevent fraud or data manipulation.
2. Retain them for 5 years
Secondly, all companies must retain received electronic invoices for a minimum period of five years, starting from the end date of the fiscal year to which they refer. This is essential to comply with tax and accounting obligations, as well as in the event of any possible audit.
3. Register them in a software accessible to you and your suppliers
Finally, if you have opted for voluntarily receiving electronic invoices, ensure that your software is compatible with the format used by your suppliers. Additionally, inform them of your address for receiving invoices and ensure they are stored properly.
As you can see, the recipient has an obligation to comply with certain legal requirements. These conditions ensure the authenticity, integrity, and retention of received invoices, whether voluntarily or mandatorily.
How to acknowledge receipt of an electronic invoice?
In this regard, there is another very common question that many of our clients have: How to acknowledge receipt of an electronic invoice?
First of all, an electronic invoice acknowledgment of receipt is a written confirmation that it has been received. In Spain, an electronic invoice acknowledgment of receipt can be done in several ways, depending on your preference.
By email
A common way is through an email message that is automatically sent to the supplier upon receipt of the invoice. This email can include detailed information, such as the invoice number, date, or total amount.
With accounting software
Another way is through a management tool that includes this functionality.Software like easyap’s automatically generates an acknowledgment of receipt upon receiving an electronic invoice. This way, you streamline and speed up the process.
In any case, it is important that the acknowledgment of receipt is clear and detailed. This will ensure its correct accounting and management. You should also keep a copy as proof that you have correctly received the invoice.
What is the receipt date of an invoice?
In turn, regarding the receipt date of electronic invoices, it can be determined more precisely than with conventional invoices.Electronic invoices are automatically registered in the system.
In Spain, the receipt date of an electronic invoice is defined in article 156.2 of the Regulation on invoicing obligations. According to this, the receipt date of an electronic invoice will be the day the recipient gains access to it.
Keep in mind that the receipt date is fundamental for calculating the invoice payment term, as established in the Spanish anti-late payment law. Therefore, it is vital to correctly record the day you receive each electronic invoice to comply with legal obligations and avoid penalties for non-payment.
Why should you use easyap for invoice receipt?
Having clarified what invoice receipt is and its legal implications, let’s get to the core of the article: how easyap’s technology helps you with this accounting process and in your relationship with your suppliers.
Our solution stands out for being complete and secure for the receipt and management of your electronic invoices. With it, both you and your suppliers and partners will enjoy numerous advantages such as the ten that we detail below.
1. Improved relationship with your suppliers
One of easyap’s main benefits is that facilitates communication with your suppliers, primarily, through the well-known supplier portal. In addition, thanks to the automatic issuance of acknowledgments of receipt and the agile and efficient resolution of incidents, your relationship will be smoother and more comfortable.
2. Time Savings
By automating the process you significantly reduce the time you invest in invoice management. This way, your employees can focus on other tasks and areas, and your suppliers, with independent and full access, can also dedicate as much time as they wish without your intervention.
3. Reduction of Human Errors
Our platform eliminates the need to manually enter invoice information. Therefore, data entry errors are reduced and, consequently, the business’s accounting information is much more accurate.
4. Enhanced Security and Privacy
Easyap’s solution uses encryption and secure storage technology. With it, you ensure the security and confidentiality of received invoices and the information they contain. This way, you reduce the risk of fraud and ensure the data privacy of both your company and your suppliers.
5. Integration with Other Accounting Systems
Easyap’s software integrates with various accounting systems and ERPs. Therefore, the process of grouping different formats and invoice types is much simpler, as is their management in the payment process. Furthermore, in your case, you will have a general entry point for electronic invoices.
6. Compliance with Relevant Regulations
At easyap, we adhere to the current legislation of each region. That’s why, our solution complies with all legal regulations regarding electronic invoicing. Therefore, the risk of penalties and fines is much lower.
7. Savings on Material and Storage Costs
Our platform reduces the costs of storing and archiving invoices, as well as those associated with manual managementof them. It is also more economical, as it reduces paper usage and printing costs.
8. Greater Accessibility
easyap’s solution allows you and your suppliers to access electronic invoices from any device and locationwith an internet connection. For this reason, everyone benefits from greater accessibility and in the issuance and reception of invoices.
9. Workflow Management
easyap’s solution is highly efficient throughout the entire process of managing customized workflows and what we call invoice workflow. This way, you provide more facilities for those responsible for each area to approve invoices.
10. Invoice Tracking
Finally, easyap’s system allows you or your teams to track all received invoices and their status in real time.Likewise, it facilitates the treasury management of your business and improves the visibility of accounts payable.
In summary, easyap’s solution stands out as being most complete and secure for both you and your suppliers. It is perfect for the management and, especially, for the reception of electronic invoices.
As you have seen, these and other advantages are fully applicable to all types of companies and markets. We are talking about saving time and money, reducing errors, the confidentiality and security of information, integration with accounting systems, and regulatory compliance. Do you want to know more?
