E-INVOICE PROCESSING SOLUTION

Digital Transformation on the Business

Vietnam Issues New E-Invoices Decree:

The 119 Decree on e-invoice has officially been issued and will be effective from November 1, 2018. The Vietnamese Government forecasts that by 2020, 90% business sentities will use e-invoice for their daily operation.

According to Vietnam Briefing, e-invoice will save time and cost, reduce the administrative burden in account reconciliation and reduce billing frauds.It will save paper, printing and postal costs and enhance the transparency in trading activities by providing a very strong tool to control tax commitments. 

The Government estimates around 2.5 billion invoices will be used in each year. Firms can save up to VND 1 trillion ( US$43.9 million) according to Vietnam Briefing Media.

Problems

The national-wide implementation of e-invoice creates opportunities and challenges. The common issues are:

  • Too many emails arrive daily and in different formats – I might miss some E-Mails
  • I need a solution to capture invoices and other supporting documents for tax audit purposes.
  • I have subsidiaries in 64 provinces – how can I manage the whole e-invoicing process?
  • Is there any software to check if the invoice data is valid and notify me if the invoice content does not match with the PO.?
  • What is the best options to transfer invoice data into an accounting system? 

Smart Invoice Processing Profile

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Invoice Processing Platform: Paper Invoice - Digital Invoice - E-Invoice

 

 DIGI-TEXX Full Solutions:

  1. Invoice auto downloading: Invoices are downloaded automatically from emails or suppliers’ web portal. This avoids manually searching, checking and downloading invoices, saving a lot of time and efforts for the accounting departments. It also avoids missing any important invoice which could lead to payment overdue. 
  2. Invoice ready for retrieval: Downloaded invoices will be automatically categorized and stored in the document management system for future retrieval. Tax accountants can review and  search for any invoices any time, using DMS. 
  3. Auto data extraction and importing to bookkeeping/ accounting/ enterprise systems: Invoice data (from .xml and .pdf) will be extracted, validated (e.g. against PO), input into the required format and imported to the client’s bookkeeping/ accounting/ enterprise systems. All processes will be automatic instead of manual data input and verification. 

Smart Invoice Processing at DIGI-TEXX

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