E-Invoicing Seamlessly
In compliance with Saudi Arabia’s new e-invoicing regulations
On December 4th, 2020, The Zakat, Tax and Customs Authority, formally known as the General Authority of Zakat and Tax (GAZT) issued its new e-invoicing (FATOORAH) regulations. All businesses and individuals subject to VAT are required to develop systems that generate and store e-invoices before December 4th 2021. Saudi Arabia plans to adopt international practices and increase compliance with tax obligations through the new e-invoicing mandate. The kingdom also hopes to reduce the shadow economy and commercial concealment through this new rule. All those subject to VAT will have to issue and store e-invoices in a structured format compliant with the new regulation. Third-parties who are issuing tax invoices on behalf of residents are also required to comply with the new e-invoicing regulation.
What is an electronic invoice (FATOORAH)?
According to the law, an electronic invoice (e-invoice) is an invoice generated and stored in a structured electronic system with all the tax invoice requirements. Any hand-written or scanned invoices are not considered e-invoices. E-invoicing solutions must be tamper-proof, and appropriate controls should be implemented to ensure data integrity. It should also be able to integrate into external systems via Application Programming Interface (APIs). All those subject to VAT will have to issue and store e-invoices in a structured format compliant with the new regulation. Third-parties who are issuing tax invoices on behalf of residents are also required to comply with the new e-invoicing regulation.
Digitize your invoicing process with Chip & SAP
Chip can help simplify the creation and management of purchase orders and invoices to streamline your entire financial operations in compliance with the new e-invoicing regulations. Our deep industry knowledge Partnership with SAP provide your business with solutions specifically designed for your industry. All those subject to VAT will have to issue and store e-invoices in a structured format compliant with the new regulation. Third-parties who are issuing tax invoices on behalf of residents are also required to comply with the new e-invoicing regulation.
Financial Accounting
Manage all your financial transactions within a centralized ERP system and easily manage your general ledger, journal entries, budgeting, account setup and maintenance.
Sales Management
Create price quotes, enter customer orders, set up deliveries, update inventory balances, and manage all invoices and accounts receivable.
Banking & Reconciliations
Save time by directly connecting with your bank to reconcile collections and payments.
Financial Reporting
Gather a range of profitability, ageing, budget reports, balance sheets, multi-period comparisons, and other financial reports.
RISE with SAP: Business Transformation as a Service
RISE with SAP offers a simplified on-your-terms and on-your-timelines transformation path to an intelligent enterprise. Chip and SAP together bring a tailor-made solution based on your unique requirements; all without high upfront investments and with reduced TCO, faster time to premier value, and the flexibility you need to thrive in a dynamic world.
Chip and SAP together can help you chart a course to holistic business transformation:
Manage your business finances with SAP ERP systems
Explore SAP ERP systems to find out which option is the best fit for your business.
Streamline all your financial operations in one single solution to enhance your growth, profit and efficiency.
What you can do:
- General ledger and journal entries
- Basic cost accounting and monitoring project costs
- Basic budget management
- Banking and bank statement processing
Financial statements and reporting. - Sales tax and VAT
- Multicurrency support
Get a clear view of your operations and streamline all your business processes purely on the cloud, increasing performance and reducing costs.
What you can do:
- General ledger management
- Fixed-asset accounting
- Inventory accounting
- Management accounting
- Payables and receiving processing
- Payment and liquidity management
- Tax management
- Expense and reimbursement management
Deliver powerful insights into your company’s financial status and profitability with SAP S/4HANA, designed to drive accuracy and accountability.
What you can do:
- Order-to-cash Cycle
- Procure to Pay Cycle
- Credit evaluation and management
- Electronic invoicing and ZATCA compliant
- Working capital management
- Dispute resolution
- Collections management