The implementation of the Electronic Invoice is a topic that has been buzzing the last months, even years, in several Latin American countries. Chile, Mexico and Brazil have already been ahead of the trend for years, but both Panama and its neighbors Costa Rica, Colombia and Peru experienced many changes this 2018 in terms of legislation and regulations.
What do we know so far?
Electronic Invoicing in Panama was in the news on numerous occasions, with the progress reported by the 43 companies in the Pilot Plan (among them clients of Grupo ENX, of which InterFuerza is part of) and the first issuance of this invoice last September.
As explained by the Directorate General of Revenue (DGI) on its websiteThe benefits of the Electronic Invoice will be many, and ultimately one of the sectors with the greatest benefits will be SMEs and businesses thanks to the reduction of costs in fiscal equipment and paper printouts, as well as the ease of handling e-commerce solutions.
Informative chart published by the General Revenue Directorate (DGI) on Electronic Invoicing in Panama and its benefits.
There are already online different guidance resources for the implementation in each type of business. For example, talking about transactions with customers and suppliers, the DGI explains how the transaction would take place in two cases:
B2B Companies or Alliance Marketing
In the case of a business to business (B2B) (Business to Business, B2B), the electronic invoice is sent online to the DGI for approval, and then sent to your customer or supplier with the validation code issued by the DGI.
B2C companies, mostly aimed at their direct customers.
For transactions with operations with final customers (Business to Customer, B2C) (Business to Customer, B2C), the electronic invoice is also sent to the DGI for approval up to the business day following the sale.
The customer will have the option to receive a printed receipt with a QR code that can be scanned to verify your merchant information, or sent to the email address you provide.
For both, if validation is not performed due to internet failures, businesses will be able to bill offline while service is being restored. Additionally, if you connect to an offline billing softwareIf you are connected to an offline billing software, the business will be able to maintain its sales processes without the problem of internet failures.
Which Technology to choose to anticipate the Electronic Invoice
Amidst the uncertainty about the entry into force of electronic invoicing, or even the option of voluntary start-up that the Panamanian government voluntary start-up that the Panamanian government will offer to companies that want it, one thing is certain is that the invoicing model in your business must be on par with the demands of the State and the needs of your suppliers and customers.
The development team at InterFuerza has been working for several months to adjust our invoicing, inventory management, purchasing and product management software to seamlessly integrate with the e-Invoicing system. That's why we organized an event to give asneak preview of what SMBs using management and accounting software should expect.
Another imperative issue in preparing your business for change is the integration of banking into your system to have your entire operation and finances connected.
Faced with this need, we joined our strategic ally Credicorp Digital Community and prepared a space for small businesses in the retail and services industry to solve their doubts regarding the management of their operations and integration to the billing system. that InterFuerza offers for SMEs and entrepreneurs in Panama.
High level speakers from the General Revenue Directorate of Panama, Credicorp Digital Community and InterFuerza Inc, gave useful examples for the action plan that your business should follow to integrate your entire operation to e-Invoicing:
Get a head start on e-Invoicing with InterFuerza