In its day, it was the abacus. Later, another significant milestone linked to the world of accounting was the emergence of calculators. Today, continuing with this sequence, we could talk about the programs and software that have arisen in light of new technologies. These (and many others) have been advancements and discoveries that, in their context, revolutionized the landscape of their time for businesses and individuals.
Today, your company can make an immense qualitative leap towards digital transformation. How? By automating key processes like automated accountingof invoices. At easyap, we explain how and provide you with the ideal tool for it: our software.
What is an automated accounting system?
We won’t tire of saying it: time and money are the two most important resources for any business. To get the most out of both, process automation is essential. You save on costs, personnel, equipment… But to do that, you must leverage and take advantage of the benefits of new technologies. Systematizing basic business processes, such as automated invoice accounting.
Now then: what exactly does electronic invoice accounting involve? If we were to give a technical definition, we could say that it is the process by which accounting software uses optical character recognition technology (OCR, for its acronym in English). With it, it is capable of reading key information from a received invoice and then automatically creating an entry in a company’s general ledger.
If, on the other hand, we opt for a more humanistic definition, we would say that automated invoice accounting is the process by which a business records and manages its entire invoicing process with a computer program. Likewise, that program handles the issuance, reception, and storage of invoices and similar documents and/or those related to them.
Invoice accounting has traditionally been a practice that consumes significant resources for any business. However, with software like easyap’s,automatic accounting enables companies to streamline and automate their financial processes, reduce errors, and save time and resources by eliminating the need for manual accounting entries.
How does implementing an e-invoicing system benefit your company?
Just as with accounting and the world of numbers and mathematics, there are advancements that revolutionize everything. Adopting advanced technological systems for automated business accounting represents a huge competitive and functional leap. Proof of this is the numerous businesses that benefit from it today.
At easyap, we have over 20 years of experience implementing digital solutions for the automated accounting of invoices for various companies. We’ve seen firsthand how many have benefited from advantages such as those detailed below:
Time Savings
An automated invoicing system allows you to generate a higher volume of invoices, and to do so much more quickly and efficiently. This significantly saves time for your business’s invoicing team.
Error Reduction
Automated invoicing software eliminates much of the manual human involvement in the process. Consequently, it significantly reduces errors in invoicing. This advantage, in turn, helps you save time and, in the long run, money.
Enhanced Tracking and Data Control
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 commercial decision-making, as you have accurate, up-to-date, and detailed information.
Increased efficiency.
A good invoicing system can help your company increase its efficiency, as certain tasks such as issuing recurring invoices are automated, which in turn offers you more time and resources available for other business functions.
Regulatory compliance.
Automatic accounting software will help you ensure that your organization complies with regulations and tax requirements regarding invoicing and VAT. This is becoming more than necessary, given that e-invoicing is mandatory in many parts of the world for numerous commercial operations.
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 demanded by different authorities.
Which companies in Spain are obliged to issue e-invoices?
Precisely in relation to the last advantage we highlighted in the previous point, it is becoming increasingly necessary to have an automatic accounting system. The EU and the governments of many countries already require it as mandatory for operations with them. In fact, it is one of the latest developments in e-invoicing in Europe that is having the most impact recently.
In turn, several countries also require it for the sale and purchase of products and services between private companies. Or they will do so soon.
Focusing on our country, in Spain, the mandatory nature of e-invoicing varies depending on your type of company and the activity you carry out. Below, we detail which companies must implement digital invoicing:
– Companies that commercialize products and services with Public Administrations. Organizations that contract with Public Administrations are obliged to issue electronic invoices since January 15, 2015.
– Companies that bill more than 6 million euros per year are obliged to issue electronic invoices, also since 2015.
– Companies that pay taxes under the monthly VAT regime, which must issue electronic invoices since July 1, 2021.
In this regard, it is important to note that the e-invoicing laws in Spain may change over time and depending on the province and/or autonomous community you are in. Therefore, it is advisable to stay up-to-date on each company’s tax obligations regarding digital invoicing.
How does automated accounting help governments and authorities?
Likewise, the obligation to use automated accounting and online invoicing systems is not a whim of the authorities. Governments have realized the many advantages that this type of software offers. In fact, they are the first who, as public entities, 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, creating a more transparent and integral business fabric in financial management.
– Many audit processes have been streamlined, as accounts are analyzed much more quickly and efficiently with instantly accessible data.
– Tax regulations and 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, to improve transparency and integrity in financial management, to streamline audit processes, and to 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 launched into creating software for automatic accounting. However, not all of them are capable of offering a practical solution that meets the demands of each country, of each company, and of each regulation. This is where we come in, easyap.
Comprised of a team of financial and technological 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 should be like and what requirements it must meet, but we also complement it with other functionalities.
In fact, with easyap you will enjoy a system that goes far beyond what a simple software for automated invoice accounting. With our solution, among other things:
– You will have 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 corresponding authority: SII, TicketBAI, SILICIE…
– You will be able to register each and every one of your employee expenses for travel, per diems, etc.
Obviously, the entire invoicing process is the foundation of the software we will develop. That is, you will be able to issue and receive invoices, as well as access them whenever you or your team wish. And if you want to know more or start defining what the automatic accounting software for your business will be like, you just have to contact us.
