E-INVOICE SOLUTION: WELCOME THE TREND
Vietnam Issues New E-Invoices Decree
The 119 Decree on the implementation of e-invoice in Vietnam has officially been issued and effective from November 1, 2018. The Vietnamese Government plans that by 2020, 90% of firms will use e-invoice for their daily operation.
According to Vietnam Briefing, e-invoice will not only save time and costs but will also reduce the administrative burden and help in account reconciliation, minimizing billing frauds. Moreover, applying e-invoice will save the paper, printing and postal costs. At tax makers’ view, it will enhance the transparency in trading activities, providing a very strong tool to control tax commitments of companies.
The Government estimates that if 2.5 billion invoices are used in a year, firms can save around VND 1 trillion ( US$43.9 million) according to Vietnam Briefing Media.
Paper invoice is a tradition.
Digital invoice is typically a scanned/digital version of the paper invoice. It can be an unstructured PDF or Word invoice that are issued using the different formats of different sending parties. But it does not legally replace paper invoice. Invoice processing and technology providers like DIGI-TEXX has so far offered full solutions to assist accounting departments, bookkeeping companies to process digital invoice at the most optimal and professional level. Solutions cover scanning/retrieving digital invoice from different channels, classify invoice automatically with Document Machine Learning, extract invoice data with advanced OCR, verify invoice data with smart validation rules, ensure the data delivery quality. Many processes are automatically and semi-automatically done.
Evolution of invoicing results on electronic invoice or e-invoice. E-invoice is a data electronic file which is transferred between accounting systems, and it is legally accepted. Visual format as PDF is also available parallelly. The idea is to minimize the human intervention in composing, issuing and in some cases also processing invoices later all.
More importantly, the Government also have basic and common requirements on invoice formats and invoice content which are opportunities for companies to initiate modern and global-standard solutions in processing invoice, gaining effectiveness and efficiency for the accounting payable and purchasing processes.
To optimize these processes, DIGI-TEXX offers the below to our clients:
Digital Transformation on the Business.