The imminent entry into force of the Crea y Crece Law has been very well received in the national business sector. Among its new features, the most applauded are the ease of forming Limited Liability Companies and the new measures for the fight against late payment.
The main way the Law requires to fight against delinquency is to make the Electronic Invoice mandatory in commercial relations of companies and freelance workers. The introduction of this measure will involve an initial economic effort, but it is also an evolution in business digitalization that will represent a great investment for the future.
What does the Law refer to concerning the Electronic Invoice
One of the main proposals of the new regulation is the imposition of the use of the Electronic Invoice as a means to digitalize business relations, reduce transaction costs and facilitate transparency in commercial trade.
It is also a key measure for effectively tackling late payments in commercial transactions. The first condition for achieving this is to have reliable information on actual payment terms. In order to achieve compliance with these deadlines, incentives have also been provided for those companies that meet them. These companies will also have priority access to public subsidies. Companies that do not comply with the stipulated deadlines may be penalized in public procurement.
The Law also refers to the regulatory development of the technical and information requirements that must be included in the Electronic Invoice and the systems that process it in order to control the payment date and determine the average time in which companies make their payments. In addition, the issuers of invoices must provide access to the necessary software so that the recipients can manage their invoices free of charge during the general limitation period of 4 years.
Given that small companies suffer the most from bad practice in relation to payment terms, it should be them who manage the initiatives that encourage payment without delays. Large companies will be more controlled regarding the management of payment to their suppliers. At the same time, it offers smaller companies a longer period to adapt to the mandatory implementation of the Electronic Invoice. The period established is 2 years for small companies while large companies, those that invoice more than 8 million euros annually, the timeline for implementation of definitive solutions for Electronic Invoicing is 1 year, starting from the publication of the Law in the BOE.
eDiversa Group and the Electronic Invoice
In the last several years, in the eDiversa Group, we have been consolidating our presence in the market to the point where we are a European reference as an integral supplier of solutions for electronic document interchange and document management. Recently, the business technology magazine, CIOApplications Europe which acts as a platform of debate and reflection on innovative business solutions, published its special annual edition which included a ranking of the top 10 companies for electronic invoice solutions and eDiversa Group was a part of it.
Our Electronic Invoicing solutions include manual proposals that are economic and easy to use, from those cases in which only a moderate amount of invoices are sent up to personalized portals for both issuers and receivers of invoices, incorporating developments to streamline the entire invoice management flow.