In the digital era of artificial intelligence, electronic invoicing has become an essential tool to optimize administrative processes, improve efficiency, and reduce costs in companies. In Spain, this system is gradually being implemented, and with Law 18/2022 on the creation and growth of companies, known as the Law Create and Grow, its obligatory nature will be established for most self-employed individuals and small businesses starting in 2025.
According to Article 12 of this law, “all companies and self-employed individuals must issue and send electronic invoices in their commercial relationships with other companies and self-employed individuals.” This will particularly affect self-employed individuals and small businesses that invoice less than 8 million euros, who will need to adapt to this new regulation in just over a year.
New Requirements for Electronic Invoicing
With this new regulation, significant changes will be incorporated into electronic invoicing, such as the mandatory inclusion of additional information like the payment or collection status of invoices, an associated QR code, and references for verification on the Tax Agency’s electronic headquarters. Additionally, the Tax Agency plans to enable an online tool that will allow companies and self-employed individuals to generate their invoices with these new characteristics.
However, digital adoption in SMEs still presents considerable challenges. 47% of Spanish SMEs report a low or minimal level of digital adoption. Despite this, 45% of these companies expect to make a high or very high investment in technology, recognizing its critical importance in maintaining competitiveness.
Challenges and Opportunities in Digitalization
According to the Club de la Pyme, the first 360º global services company for businesses and professionals, digitalization, while beneficial, poses significant challenges such as resistance to change, initial investment in technology, and staff training. In response to these needs, the Club de la Pyme has launched a comprehensive solution that includes tax and accounting advice, as well as electronic invoicing software, facilitating compliance with the new regulations and leveraging the advantages of digitalization to improve business management.
“As companies overcome legislative and technological obstacles, the long-term benefits far outweigh the costs and initial difficulties. This change not only simplifies administrative processes but also enhances the accuracy, speed, and accessibility of financial information. As companies adopt advanced technologies, financial management has become more efficient and strategic,” says Casimiro García, CEO of Club de la Pyme.
AI and Cybersecurity: Priorities in Digitalization
The digitalization process of Spanish SMEs is not new. In 2022, before the entry into force of the Law Create and Grow, small businesses already generated the highest volume of electronic invoices in Spain, accounting for 36.17% of the total, followed by medium-sized companies with 27.48%. Although Artificial Intelligence (AI) has arrived abruptly, 65% of SMEs already consider the use of AI tools as a key option for modernization.
In an increasingly security and regulatory compliance-focused business environment, SMEs are migrating their professional environments to the cloud. 47% highlight the storage, management, and backup of documents and data in the cloud, prioritizing providers with expertise in cybersecurity and critical infrastructure maintenance.
“The emergence of AI and the mandatory electronic invoicing have marked a before and after in terms of process automation, improved data accuracy, enhanced security, and remote accessibility. These are just some of the advantages driven by this digital revolution, but as companies embrace technology, they are preparing for a future where financial management integrates more closely with daily operations, providing a solid foundation for long-term growth and success,” concludes Casimiro García.
The digital transformation of SMEs in Spain is an inevitable and necessary reality to stay competitive in an increasingly demanding market. Companies that adopt these new technologies will not only comply with current regulations but will also be better prepared to face the challenges of the future.
Source: Ecommerce news.