Electronic invoicing: a technological challenge in Panama and the world

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Electronic invoicing: a technological challenge in Panama and the world

Electronic invoicing is advancing rapidly in the world. At the same time, the development of applications that facilitate this process for all stakeholders has gained strength and relevance. Hypernova Labs, always at the forefront and hand in hand with its excellent team of developers, has dedicated itself to creating solutions for companies, government entities and clients that require it.

Electronic invoicing implies a change in mentality and working methods traditional. It is there where the applications play a fundamental role. They become the best allies in the billing process, allowing customers to adapt to current legal and tax regulations and, beyond that, take a step in the digital transformation within their environment.

By Alegri-4freephotos

Electronic invoicing: a technological challenge in Panama and the world

Electronic invoicing and its advantages

When we talk about electronic invoicing, we refer to the process of issuing digital document of a fiscal nature. It has two basic elements:

    • Data message based on universal, open, non-proprietary standard: XML, Extensible Markup Language.

    • Electronic signature based on Public Key Infrastructure, which gives it the necessary security in terms of identity authentication, data integrity and confidentiality.

    • Data certification which guarantees fiscal validity, verified by an authorized third party who will issue a certificate approving both the format and the veracity of the electronic signature.

Environmental benefits

Electronic invoicing offers many advantages in different areas. At an environmental level, the impact on the environment is significantly reduced by eliminating the use of paper. It is estimated that, to prepare one million invoices, 10,000 kg are required. of wood. The issuance of invoices in digital format will reduce the felling of trees by reducing 0.72 Tm CO2 emissions. This has a direct impact on the conservation of forests, better use of water resources and a reduction in environmental pollution.

Administrative advantages

Regarding administrative processes, we find:

    • Time saving and process optimization. Billing time is reduced and the process between companies and clients is streamlined. In the specific case of B2B (company-company) and B2G (company-government entities) electronic invoicing, internal processes are streamlined and communication improves. Likewise, the exchange between the actors involved is facilitated.

    • Avoid human errors. By having an electronic invoicing system, the possibility of human errors when preparing the invoice is minimized since it is an automated process, adjusted to specific parameters.

    • The information will be centralized. As it is a digitally controlled process, the information will be centralized in a single place and available for use in real time, either for paperwork and even for vital decision-making processes.

    • Avoid falsifying invoices. Electronic invoicing by its nature has all the necessary mechanisms to ensure its veracity and comply with the parameters imposed by the corresponding government agencies.

    • Streamlines internal procedures. The availability of the invoice in real time facilitates all the processes associated with invoicing, especially in the accounting and administrative aspects since it allows keeping records on time.

Financial advantages

    • Reduction of printing, storage and document management costs. They reduce the costs associated with the use of paper and printing at the time of issuance, as well as the procedures for receiving and validating external invoices. Likewise, there is a palpable saving by eliminating any expense that is generated by the need for storage and maintenance of physical files. Invoices are stored on servers, safeguarding their integrity and security.

    • Streamlines collection times and income of resources. It reduces the time of billing and notification of the collection to clients, which streamlines the collection processes and the planning of payments to suppliers. This allows to fully comply with the internal policies of collection and payment to suppliers.

By Andrea-Piacquadio-Pexel

What should we evaluate when purchasing an electronic invoicing application?

When making the decision to start the electronic invoicing process for your company, you must make an important evaluation of the systems available in the market to handle this process.

This evaluation must take into account the following points:

    • It must have the approval of the corresponding government entities                                                                                                              
    • Offer a customer search system

    • Consider the need or not of a 100% online system, according to the volume of operations and size of the company

    • Have data backup

    • Technical support when required

    • Constant and automatic updates

Hypernova Labs offers its clients Aludra Cloud, an ecosystem of applications, as its own words put it, that offers excellent options to companies, including electronic invoicing.

Aludra Cloud allows you to manage your sales from anywhere through your Floor Sales application. You can even create and send estimates and invoices if you wish. You can also include your e-commerce portal and make a comprehensive catalog of products and services available to your customers in a mobile application. It offers the facility to customize your catalog, manage offers, perform operations, and create a customer database from customer interactions.

One step further and meeting the needs of the business environment in Panama, Aludra Cloud has an Electronic Billing module, adapted to your needs and the rigorous legal specifications. It has an authorized technical service and is designed to adapt to any system, which facilitates the integration process.

Do not hesitate. Step up and start your electronic invoicing process. Hypernova Labs has everything you need to make this process a light, challenging and technologically advanced journey.

 

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