(Information sent by the signatory company)

Escoem adapts to the new reality that will imminently affect freelancers and companies with its own digital solution, allowing its clients to access a management program with the possibility of issuing invoices (electronic and in physical format), sending budgets, managing inventory of products, manage collections and payments, record expenses, keep track of staff hours

Granada, December 16, 2022. On September 29, Law 18/2022, on the creation and growth of companies, better known as the "Create and Grow Law", was published in the BOE. This new standard introduces new legislation to expedite the incorporation of new companies, regulates the average payment period, expands the list of economic activities exempt from licences, alternative financing mechanisms are made more flexible and the use of electronic invoicing is generalized.

This law, together with the Anti-Fraud Law Regulations, initiates the process for the definitive implementation of electronic invoicing in all transactions carried out by the self-employed and companies in their commercial relations.

What is the electronic facture?

The electronic invoice is nothing more than the digitization of traditional invoices. This type of invoice will be issued with a specific structure, in XML format, which will facilitate its accounting and administrative treatment.

Indicate that the electronic invoice will include all the information related to the operation carried out, as it has been reported up to now (identification data, tax rate, invoice number, date...). Its issuance and readability will be subject to the computer management software used by the company or freelancer.

What's your objective?

With the electronic invoice, the government seeks to promote the digitization of companies and the self-employed, as well as fight against tax fraud and late payment in commercial operations. To achieve these objectives, the Administration will impose the use of the electronic invoice so that it will obtain more and more information on all commercial transactions at a national level.

When will it be implemented?

Since the publication of the Law, the administration is obliged to approve a Billing Regulation within a period of 6 months. This new regulation will develop the information to be included in electronic invoices and their technical requirements. On the other hand, the bases to be met by the providers of digital solutions will be established, that is, the IT providers who own the management programs.

Once this regulation is published, estimated for March 2023, the following deadlines are established:

• Companies with an annual turnover that exceeds 8 million euros, will have a period of one year after the publication of the Law to use electronic invoicing in their work processes – Estimated date, March 2024.

• The rest of the companies, with a turnover of less than 8 million euros, will have a period of 2 years from the approval of the regulation to adapt to this new obligation – Estimated date, March 2025.

Obligations of companies and freelancers:

1. All businessmen and professionals will be obliged to issue and receive electronic invoices in their commercial relations with other businessmen and professionals, at the same time that they must provide information on the status of the same.

2. Technological solutions must guarantee free interconnection.

3. The recipients of the invoices must be able to access the invoices for a period of 4 years.

4. Both companies and the self-employed must issue and send electronic invoices in their relations with individuals who agree to receive them or who have expressly requested them.

Perpetual change is here to stay, and companies must not only embrace it, but catalyze it. Therefore, prioritizing technology is essential to guarantee the survival of any company. Escoem facilitates access to management and accounting software that is accessible at the following link.

Contact

Contact name: Álvaro Iáñez

Contact description: Contact telephone number: 958535565

Images

https://bit.ly/3W3sY2V

Photo pie: Software - Escoem Author: Escoem