Inclusion of Qoyod into List of the Approved E-Invoicing Solution Providers for Phase Two
In a pivotal step towards enhancing digital transformation and achieving compliance with the requirements of the Zakat, Tax and Customs Authority, Qoyood has been included into list of the approved e-invoicing solution providers for Phase Two. This achievement reflects Qoyood’s commitment to providing innovative and effective solutions for companies, facilitating a smooth transition to Phase Two e-invoicing and meeting all technical and regulatory requirements with ease.
As part of Saudi Vision 2030, e-invoicing is now mandatory Qoyod ensures
As part of Saudi Arabia’s Vision 2030, the Kingdom seeks to enhance digital transformation in various sectors, and the most prominent of these efforts include the launch of the e-invoicing system. Qoyod is an approved technical solution that helps companies and institutions issue e-invoices that comply with the requirements of the Zakat and Income Authority, which contributes to protecting the interests of merchants and ensuring financial transparency.
The system aims to integrate transactions between the Zakat and Income Authority and commercial projects through Fatoora Portal, which eliminates fraud and unauthorized funds. In light of the difficulty of employing specialized technical teams in all companies, Qoyod provides the most efficient and secure technical solution in the Kingdom, ensuring that companies organize their financial operations and link them to the Authority easily and securely.
In this article, we will discuss how it meets all the requirements of e-invoicing Phase Two, and why it is one of the best approved e-invoicing solution providers in the Kingdom.
The e-invoicing is an advanced digital system that seeks to convert paper invoices into electronic ones, with controls making them acceptable and valid for the Authority, which makes their issuance and exchange easier and simpler, and also preserves them for a longer time without damage or loss and enhances their role as a document that can be relied upon to preserve rights.
The invoice must be prepared electronically from the beginning, as invoices handwritten and scanned are not included into e-invoices, and these invoices are used to prove financial and tax transactions to track supply chains between entities, which helps eliminate the transactions of the hidden economy, monopoly and other illegal transactions that cause economic problems.
The e-invoice is a tax invoice subject to the Value Added Tax Law. Accordingly, e-invoices are divided into two types:
It is the one that is issued from one entity to another, including all elements of the required tax invoice, as stipulated by the Zakat and Income Authority.
It is usually issued from an entity to an individual, including all elements stipulated by the Authority.
There are the steps that help you prepare and create e-invoices of your company through the best e-invoicing solutions provider, Qoyod, that provides you with the best experience for your business. These steps are as follows.
To organize the connection and integration between Qoyod, the best e-invoicing solutions provider, and the Zakat, Tax and Customs Authority, the process must go through two phases defined by the Authority, and these two phases are as follows:
It is the starting step, as it began in December 2021 and was allocated to those subject to the electronic invoicing regulations, and those who represent the person responsible for preparing the invoice. The instructions for converting invoices from paper to electronic stipulated that the electronic invoice should include all the basic elements according to its type, but it was not yet binding, and it was only based on fulfilling some simple requirements for merchants to benefit from the system. At that time, they did not have to use any technical software, which made it simpler, but it did not link institutions and the Tax and Zakat Authority in the required manner.
Qoyod is now an approved e-invoicing
Phase Two e-invoice began to be rolled out in January 2023, during which many more advanced instructions appeared than before. The most notable change in that phase is that the instructions are mandatory, and all merchants and business enterprenurs subject to value-added tax should adopt them. However, there were steps that make the process of complying with these instructions easier, most notably granting a period of 6 months as a notice period for the instructions in preparation for fulfilling the required conditions.
At this phase, the need for technology specialists has become greater to implement the linkage and integration between the entity and the Saudi Income Authority. Since some companies will not be able to provide this type of expertise, Qoyod contributes to linking them to the system with complete ease, as it is simple and easy to use, and it is also approved by the Zakat and Income Authority, and by thousands of companies that use it to run their projects and issue their invoices.
Features of E-Invoicing System
The e-invoicing system has been rolled out to benefit from many features provided by the system that makes business operations smoother and easier, including the following.
The e-invoicing system has been made mandatory for all entities subject to value-added tax in the Kingdom. Accordingly, the conditions for implementing the system can be determined as follows.
Anyone who meets the following conditions must register on the e-invoicing system. These conditions are as follows.
The most prominent provider of electronic invoicing solutions in the Kingdom is Qoyod Accounting System, which is distinguished with its professionalism and ease of use. It also helps companies grow, whether small or large. It is easy to get trained on and use in all accounting and financial aspects, and provides the following advantages:
Qoyod is interested in building an ideal and integrated experience for its subscribers. So, it is easy to link Qoyod accounting system to the Saudi Tax, Zakat and Income Authority, allowing you to exchange data and information efficiently between the two systems, and facilitating the entry of information and values on a regular basis, while reducing errors that may occur unintentionally and saving time and effort.
The integration between Qoyod and the Authority is done by using the linking feature on Qoyod, then choosing the Authority, and then completing the steps and customizing the invoice templates to enter the values and exchange invoices faster. This allows you to obtain accurate and correct data. It also contributes to recording your financial and tax transactions on a regular basis and maintaining adherence to the applicable regulations and avoiding legal accountability.
An APIS interface is used that allows the two systems to be linked and exchange information between them smoothly. Therefore, once the invoice is created on Qoyod, you will find it saved in the Zakat and Tax Authority automatically and without wasting time. With the easy use of Qoyod and its periodic updates, you will not need to hire specialists to handle the system integration and register invoices on the required government platforms.
We have provided you with sufficient information about the best and most important approved e-invoicing solution providers. We have also explained the method by which you can link Qoyod accounting system to the Saudi Zakat and Income Authority, which helps you record your invoices and financial transactions and make them more transparent and clear, which keeps you away from potential human errors. If you use Qoyod in all your accounting and financial operations, this gives your facility higher sustainability and an opportunity for growth due to the clarity of all numbers and the possibility of issuing sound accounting reports. Whether or not you employ people experienced in technical aspects of the company, you must subscribe to Qoyod, which provides you with a trial period that introduces you to its full features, and allows you to know by yourself the reasons which makes your choice of it inevitable, because it provides you with the best experience for your business.
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