The government of Saudi Arabia (KSA) has implemented e-invoicing (FATOORA) as a mandatory requirement from December 4 this month, under which VAT applicable businesses have to use a compatible system to generate invoices and provide an option to capture QR codes as per Zakat, Tax and Customs Authority (ZATCA) guidelines. This means that suppliers will no longer be allowed to generate or store paper or PDF invoices.
The Belgium-based Odoo, a leader in open source, all-in-one business software, has the localised solution for KSA e-invoicing Phase One already available for their customers. This solution assists all current and future customers to comply with ZATCA quickly and efficiently. While a traditional ERP is expensive and frequently fails to adapt to the unique needs of a business, Odoo’s flexible and simple software allows for the entire e-invoicing solution to be implemented within just a few days.
“As ZATCA announced violations and penalties in relation to e-Invoicing in KSA, our Odoo team is ready to assist taxpayers rapidly so that in just days we make sure they are compliant with the e-invoicing regulations and requirements,” says Pavitra Singh, Managing Director of Odoo Middle East DMCC. “We’ve assisted already the majority of our Saudi Arabian customers to be compliant and avoid any costly penalties.”
The Kingdom has been one of Odoo’s most important and successful regions, and the team continues returning to Riyadh, Jeddah, and Khobar to host their Roadshows, a series of events all around the world that are organised after the release of a new version of the software. With over 7 million users worldwide, the IT giant believes that the FATOORA e-invoicing project is an important step towards building a robust digital economy in KSA, and reaching the ambitious 2030 vision goals set by its leaders.
With their ERP software, Odoo’s KSA customers, the likes of Siefco, Al Bassami International Group and Saudi Red Bricks Company, will be able to manage their finances and stay automatically compliant with the local tax laws with ease and efficiency. On top of that, businesses can manage not just their accounting books, but also their marketing, HR, sales and all other business processes across Odoo’s 60+ business applications.
