5 myths about e-invoicing that you shouldn’t believe
Very soon, Colombian companies will be faced with a process of technological change. With the e-invoicing pilot project now up and running, the DIAN plans to extend this mandatory system among the majority of taxpayers, as occurred in other countries such as Mexico, Brazil or Chile.
However, as it stands today the uptake rates for e-invoicing in Colombia are still low, giving rise to uncertainties among companies. So, for this post we decided to debunk the 5 most common myths and false beliefs about this system:
e-Invoicing is very costly
Companies reluctant to implement this technology due to the economic costs it might entail are totally mistaken. The tax authorities usually provide solutions free of charge for those taxpayers who only generate invoices occasionally. In most other cases, when the billing volume is higher, it is necessary to adopt a technological solution that automates the process. Nevertheless, this is an investment which is quickly recuperated. This is because with electronic invoices, savings can reach up to 90% compared to the traditional process on paper.
e-Invoicing is only suitable for big companies
The system’s benefits can be appreciated at any level, both in large and small companies. And in addition to the lower economic costs, the taxpayers can manage their affairs more efficiently. The important thing is to choose the right solution for each type of business.
An e-invoice is not as valid as a bill on paper
Some taxpayers do not trust electronic invoices. However, it is necessary to reiterate that they enjoy exactly the same legal and fiscal validity as documents on paper. This is acknowledged by the regulations governing the system.
e-Invoicing is not secure
On the contrary, e-invoicing is safer than paper billing. We must bear in mind that this technology includes mechanisms such as e-signature or timestamping that ensure document integrity and validity. We should also add that the automation process minimizes the possibility of errors.
e-Invoicing is only suitable for experts
You don’t need to be an IT whiz kid to use the system. In fact, the EDICOM electronic invoicing platform is integrated with the company’s usual ERP management system. This way, Administration department employees do not have to make changes in their work processes, as they continue to work in an environment they are already familiar with. The only difference is that a good many of the tasks are automated, which boosts productivity.