As we mentioned in our previous article on the Immediate Provision of VAT Information (SII), from last December 2, 2016, the SII has an already established date of entry into force: July 1, 2017.
By that date all companies with a turnover of over 6 million euros, around 62,000 nationwide, should be prepared to report all transactions online to the Spanish Tax Office's electronic headquarters. The challenge is important since companies must achieve, in a limited time, the adaptation of their accounting processes and their technologies to the new requirement.
Tasks such as checking whether the current accounting operations and invoice registration procedures allow us to comply with the standard, the preparation of the required information or the transfer of records to the Spanish Tax Office, become a priority. On the other hand manufacturers of ERP's are hardly going to provide a complete end-to-end solution and traditional integrators neither.
The requirement of the Tax Agency will mean a significant leap in the level of automation of the accounting and tax departments. This change will surely be laborious, but it will significantly develop an administrative process that in many companies has a component of manual work greater than desired.
And now that we get to improving the process of tax reporting to the Tax Agency, why not work on improving the prior processes?
- Streamlining and automating the receipt invoice process will allow us to reduce the accounting cycle of creditors and suppliers by saving and increasing productivity.
- Evolving customer billing processes to electronic billing procedures will also lead to savings, and a decrease in the volume of payment incidents.
In addition, the improvement of these processes will lead to a SII process that is more agile and less traumatic.
Below are some initiatives, from some of our earlier blog posts, which should be considered, once you start to rethink your accounting processes:
- Electronic processing of 100% of Invoices in ten weeks
- Remove the "I" of ROI (Return On Investment) in Invoicing processes
- Invoice matching automation. Points to take into account
- Tips for efficient Invoice Approval
- Is digitalization the solution to the AP problem?
- easyap presents its Supplier Invoice Processing Cost Calculator
At easyap we are carrying out awareness-raising initiatives that allow our clients to confidently face the challenge of adherence to the regulations.
There is time to get on with the IIS , but not as much as it seems. In easyap we will be pleased to help you. We have the knowledge, the experience, and after 15 years the same keenness as the first day. Contact Us!