Challenges When New Businesses Use Electronic Invoices

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Challenges When New Businesses Use Electronic

Challenges When New Businesses Use Electronic Invoices

Mar 26, 2024

Electronic invoices are a widely adopted solution in business financial management. However, transitioning from paper invoices to electronic ones often presents challenges for businesses when they first start using electronic invoices.

Difficulties when first using electronic invoices

Electronic invoices are one of the convenient financial solutions that businesses and individuals prefer to use in their operations. However, when first using electronic invoices, businesses may encounter certain difficulties in practice.

Employee training: Businesses need to train employees on the process of using electronic invoices, from creation to processing and storage. This requires time and effort to ensure that employees understand and follow the correct procedures.
Technology investment: Implementing electronic invoices requires businesses to invest in suitable technology systems for creating, managing, and processing invoices. This may require a significant initial investment and ongoing system maintenance costs.
Legal document changes: Transitioning from paper invoices to electronic invoices requires changes and compliance with legal regulations. Businesses need to understand the process and adjust related procedures to comply with regulations.
Conversion of partners and customers: When implementing electronic invoices, businesses need to inform and persuade partners and customers to accept and use electronic invoices. This may require time and effort to carry out the conversion process and ensure good interaction between parties.
Information security: Electronic invoices require the security and protection of business information. It is necessary to have information security measures in place to ensure that invoice data is not accessed or altered unlawfully.
Despite the initial challenges, once businesses overcome the learning curve and adapt, electronic invoices will bring many benefits and conveniences for managing and processing invoices if the appropriate solution is chosen.

K-Invoice: Convenient integrated electronic invoicing in accounting software

The K-Invoice Electronic Invoice software developed by GMO-Z.com RUNSYSTEM is integrated into the current Kaike Smart Accounting software as a new feature, serving retail electronic invoicing, in compliance with Circular 78/2021/TT-BTC of the Ministry of Finance and Decree 123/2020/NĐ-CP of the Government on electronic invoices for sales of goods, provision of services. Some prominent features of K-Invoice include:

Creation, Issuance, Adjustment, Replacement, Cancellation, Conversion of invoices
Sending invoices to customers via email or converting them to paper invoices
Creating invoice templates as required or selecting from available templates
Various types of statistical reports such as invoice usage reports, managing input invoices, Sales Summary
Unlimited access to account management and permissions for each employee
Free storage for 10 years
Batch uploading of product information, customers
Automatic updating of new versions in response to business changes as required by Tax authorities