CorporateStack, a software solutions specialist in the field of digital transformation, participated in the Unlock Growth Series, which launched its first event recently, which was attended by nearly 100 small- and medium-sized companies.
During the event, Ahmed Al-Haddad, the Director of CorporateStack Egypt, reviewed and explained the advantages of applying the new electronic invoice system and its effects on the work environment within companies in order to integrate small- and medium-sized companies into the digital economy in accordance with the current trends of the state.
Al-Haddad also revealed the latest innovative solutions offered by CorporateStack in the Egyptian market with regard to electronic billing.
He pointed out that it was decided from day one to participate in providing electronic invoice solutions, and so — to become distinct from its competitors —the company moved towards providing a platform to communicate with the company’s customers and issue invoices directly from it and follow them periodically, in addition to its primary role, which is instantly integrating with the Egyptian Tax Authority.
Al-Haddad added that his company offered a three-month free e-invoice system as a contribution from CorporateStack in supporting small- and medium-sized companies.
In the recent period, the Egyptian Tax Authority directed that all companies of all sizes must have their own system for issuing electronic invoices.
This requires companies to search for the best technical solutions available to implement these instructions, and CorporateStack’s vision from the beginning was to provide an easy and integrated system for the electronic billing system, which helped old and new customers to join the system quickly and easily.
With regard to the advantages of the electronic bill, Al-Haddad explained that it guarantees complete security of all billing data and that it provides proof of legal authenticity for users of the system by providing an electronic signature feature.
The electronic invoice system in Egypt also allows for a unified coding of all goods and services through the electronic invoice, which represents greater security for users.
He added that the system is based on sending a notification in real time to the buyer and seller as soon as they share their billing data.
It also offers the ability to save, print, and review invoice data through the system and the ability to link the electronic invoice to any of the ERP systems in the country through the use of application programming, which are provided by the company based on the implementation of the technical solution.
Furthermore, Al-Haddad pointed out that e-invoice solutions are characterised by their low cost and ease of use, in addition to the simplicity of their design.
E-invoice solutions also guarantee saving 60% of the costs of the paper billing system within institutions and companies, he said, explaining that the electronic bill is the digital document that proves transactions for the sale of goods or services, and that it has specific components and characteristics that are reviewed and verified in real time by the tax authority.
The Egyptian government announced the implementation of the electronic invoice project last year, thus becoming at the forefront of Middle Eastern countries that implement the electronic invoice system.
This was under the guidance of the Ministry of Finance and the Egyptian government to automate, develop, and introduce a digital transformation in the Tax Authority, which benefits the financiers and contributes effectively to the collection of taxes to the state treasury, and accordingly companies and other institutions have been gradually obligated to join and register in the electronic invoice system.