How should enterprises that haven't yet kept up with the digital pace respond to the challenges of fully digitalized e-invoices?

In September 2020, China officially proposed the "dual carbon" strategy, with the goal of reaching "carbon peak" before 2030 and achieving "carbon neutrality" before 2060. Driven jointly by this strategy and China Golden Tax Phase IV, tax management is undergoing a major shift from "managing tax by invoice" to "governing tax by data." At the same time, the form of invoices is also undergoing an upgrade from traditional paper invoices to fully digitalized e-invoices (i.e., "fully digitalized e-invoices").

From policyLevelLook,Fully Digitalized E-invoice's invoice receipt pilot has been widely carried out nationwide. At present, all 36 provinces, municipalities, and autonomous regions across the country (including separately listed cities) have fully achievedFully Digitalized E-invoicePilot coverage. In addition, Caikuai Document No. 6, the "Notice of the Ministry of Finance and the National Archives Administration on Standardizing the Reimbursement, Booking, and Archiving of Electronic Accounting Vouchers," has already standardized electronic accounting archives that meet archive management requirements, allowing them to no longer need to be kept in paper form. This series of policy changes clearly indicates that "paperless invoicing" and "no printing of invoices" have become an inevitable trend for the future.

Especially in recent years, as the volume of electronic invoice issuance has continued to grow rapidly, non-tax documents such as bank receipts and bank statements are also rapidly transitioning to paperless formats. To respond to this trend, the Ministry of Finance has already issued an electronic voucher standard of "structured data + format file encapsulation + electronic signature." However, many enterprises still do not know how to adapt to this policy, how to restructure their original ways of working, how to make the management of electronic accounting vouchers more compliant, how to ensure smooth data flow, and how to enable enterprise archive data to be consulted and retrieved in a timely manner.

However, asFully Digitalized E-invoice's popularization, enterprises with different levels of informatization will face different challenges:

For enterprises still using traditional manual management methods, employees need to manually downloadFully Digitalized E-invoiceTo local storage, which undoubtedly increases the workload. Finance personnel when handlingFully Digitalized E-invoicethere may be difficulties in links such as acquisition, storage, and management.

For those that already have certain information systems but can only support scatteredFully Digitalized E-invoice's basic transfer and storage functions, they also need to pay high costs to break through the technical barriers between various information systems to ensureFully Digitalized E-invoicesmooth circulation and effective management.

For enterprises that already have financial digital systems or archive management systems, they only need to take the receivedFully Digitalized E-invoiceStored in the invoice pool, enabling full-process traceability of subsequent business information. In this way, invoice bookkeeping, archiving, and data circulation can all operate compliantly.

The application of electronic accounting vouchers is no longer limited to specific invoice types or industry sectors, but comprehensively covers various invoice types and industries. At the same time, the data structure of invoices has also been greatly expanded, no longer containing only the information of the invoice itself, but also covering business information related to the invoice. For example, contract numbers, the association status between business documents and invoices, and bank receipt numbers are all included. In addition, payment status is also recorded in detail, including whether payment has been made, bank receipt numbers, and other information. The data structure of accounting vouchers includes key information such as voucher number, accounting period, voucher summary, and debit/credit direction.

From the perspective of the enterprise's long-term interests, facingFully Digitalized E-invoice's popularization, enterprises should promptly build and optimize financial digital systems. Through such systems, enterprises can achieveFully Digitalized E-invoice's full-process accounting processing, connecting withFully Digitalized E-invoicerelevant business information, ensuring internal and externalFully Digitalized E-invoiceAble to flow flexibly. This not only meets enterprises' viewing and audit needs, but also ensuresFully Digitalized E-invoice's compliance and convenience are truly and effectively implemented.

Beijing Kailing Technology Co., Ltd.As aProvider of enterprise business-finance-tax digitalization solutions，CanAccording to enterprise needs, provide business solutions for sales management systems, procurement management systems, output invoicing systems, input invoice receiving systems, image management systems, financial booking systems, electronic accounting archives, etc., professionally and efficiently assisting enterprises in the digital management transformation and upgrading of business-finance-tax.

If you have any business-finance-tax digital transformation needs, welcome to contact us. Beijing Kailing Technology will serve you wholeheartedly.