What is an electronic invoice?
An electronic invoice is created, established, and processed through the computer system of the organization assigned with a Tax Identification Number (TIN) when providing goods, services, and is stored on the computers of the parties as regulated by the laws on Value Added Tax (VAT). It is an electronic translation of invoices.
Electronic invoices include the following types:
- Export invoices;
- Value Added Tax invoices;
- Sales invoices;
- Other invoices such as stamps, tickets, cards, insurance receipts, etc.;
- Airline invoices, international freight invoices, bank service fee receipts, etc. The form and content are drafted to comply with international practices and relevant legal regulations.
One of the benefits of using electronic invoicing software is:
- Helping businesses reduce costs of printing, sealing, and storing paper invoices compared to traditional transaction methods;
- Helping businesses optimize costs when performing tax administrative procedures;
- Addressing the risk of loss or damage to invoices when using paper materials because the electronic invoice storage system has backups, thus avoiding complete loss of invoice data;
- Electronic invoices contribute to building trust for users of goods and services.
What is accounting software?
Accounting software is an application that integrates accounting tasks to help with accounting entries, company journals, tax declaration, debt collection, cash handling, payments, employee salary processing, etc.
Furthermore, accounting software can also assist businesses in preparing financial reports and cash forecasts when necessary. Accounting software fulfills all tasks from basic to industry-specific tasks suitable for small and medium-sized enterprises (SMEs).
The benefits that accounting software brings to businesses are immense, such as:
- Increasing the accuracy of organizational and business reports;
- Optimizing calculation and data processing activities compared to traditional methods;
- Saving time in calculation and data processing compared to traditional methods;
- Optimizing costs and increasing work efficiency in companies.
Advantages of integrated accounting software with electronic invoices
Accounting software and electronic invoices are indispensable aids for accounting. Integrating these two software can bring significant benefits to both accounting and businesses, such as:
- Save 90% of input procedures: Electronic invoice data for sales and service supply is automatically transferred to the accounting software when invoices are created. This also helps businesses optimize costs in their operations.
- Easier income accounting: Reduces difficulties compared to traditional books and documents.
- Quick and accurate creation, issuance, and sending of invoices via accounting software.
- Reduce the risk of confusion and errors during peak business settlement periods.
- Businesses can manage their sales systems more easily, focusing and clearer throughout the process.
The integration of Electronic Invoice software into Accounting software brings many benefits to businesses.
Considerations when using integrated accounting software with electronic invoices
The data used in integrated accounting software with electronic invoices is extremely large, so businesses need to ensure the following:
- The accounting software is suitable for your business sector and scale.
- The automation capability of the accounting software using modern technologies improves the reporting process.
- The flexibility of the accounting software reflects timely changes.
- The accounting software must be reputable and widely used.
- The software should be user-friendly.
Because the information is created in the final form, namely the electronic invoice, there must be sufficient assurance and reliability about the integrity of the information contained in the electronic invoice.
The integrity assessment criteria are complete information, with no changes other than changes in form during the exchange, storage, display of electronic invoices. Information on electronic invoices can be accessed and used in full when requested.
K-Invoice Electronic Invoice Software developed by GMO-Z.com RUNSYSTEM is integrated into the 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/ND-CP of the Government on electronic invoices when selling goods, providing services. Prominent functions of K-Invoice include:
- Create, issue, adjust, replace, cancel, convert invoices
- Send invoices to customers via email or convert them into paper invoices
- Create invoice templates as required or choose from available templates
- Diverse types of statistical reports such as invoice usage reports, input invoice management, sales aggregation
- Unlimited access devices for account management and permissions for each employee
- Free storage for 10 years
- Batch upload product information, customer data
- Automatic updates when there are changes in business requirements by Tax Authorities
Register to use K-Invoice Electronic Invoice Software now!
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