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Madrid, March 10. – The Government has opened the ‘Create and Grow’ Law to public consultation, which obliges companies to exchange invoices electronically. Citizens will be able to transfer their observations and comments regarding this new norm to the Executive until March 22.
According to the Ministry of Economy, the Law, in force since September 2022, aims to promote the creation of companies, facilitate their growth and generalize the use of electronic invoicing in order to fight late payment and abusive payment terms to suppliers. Ministry representatives have also stressed that it is not advisable to delay the implementation of an electronic invoicing solution and that it should be done as soon as possible.
Along the same lines, the Regional Manager of Pagero, Ana Cerbilla, has expressed that, according to the company's global experience, they know that "when new regulations arrive, companies delay the adoption of solutions to comply with government requirements for the investment that entails and the management of change”. But, in her opinion, this approach is not the correct one because “the transition to electronic invoices should not be seen as an obligation, but as an opportunity to speed up, make the business more efficient and optimize resources. If it brings many positive aspects, why not do it now?" added Cerbilla.
Reasons to turn electronic invoicing into an opportunity
Electronic invoices have numerous advantages for companies. First of all, they are an effective method to fight late payment and the extension of abusive payment terms that some companies use with their suppliers, according to the Ministry of Economic Affairs and Digital Transformation. The reason is that the transaction becomes endowed with greater transparency because it is done through a platform that acts as an intermediary and the data can be monitored by the Administration, which will act if it detects that the dimension of the problem of delays in payments is shoot.
Secondly, electronic invoicing translates into eventual cost savings for companies because its implementation involves a low investment and simplifies work.
Lastly, electronic invoices contribute to monitoring compliance with commercial delinquency regulations, which increases transparency. This means that companies can obtain data from the State Observatory of Delinquency on the companies that pay their suppliers the worst, as detailed by the Ministry. In addition, the new 'Create and Grow' Law, thanks to electronic invoices, facilitates the possibility of obtaining information on the percentage of invoices that companies pay on time.
Electronic invoicing already has a strong penetration in certain sectors such as consumer goods, automobiles or health supplies, but its presence in other business areas is still a minority. But its advance is "inexorable" and it is not going to stop. Countries like Italy have it established and the European Commission is taking steps in the same line. For this reason, it is advisable to implement platforms such as Pagero to join the advance that electronic invoices represent as soon as possible.
It is the leading company in electronic invoicing issues worldwide. It does this by offering a Smart Business Network that connects buyers and sellers for automated, secure, and compliant exchange of purchase orders, invoices, payment instructions, and other business documents. With an open cloud-based network and a wide variety of value-added applications, Pagero helps companies optimize their order management (O2C) and purchasing (P2P) processes, generating accurate and reliable business information so that it is made the most of it. All of this regardless of geographic location, industry, size, or systems used.
Europa Press Communication: 91 359 26 00
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