In 2021, the electronic invoicing system was launched in the Kingdom of Saudi Arabia, which is considered an essential step towards improving financial and business operations in the Kingdom. Where a system is required Electronic invoicing Gold and jewelry stores and commercial activities in general issue electronic invoices that comply with the requirements Saudi Zakat and Tax Authority This transformation aims to improve operational efficiency and enhance transparency, but although electronic invoicing has become a necessity for the success of business activity today, applying it correctly, especially in a delicate field such as gold trading, may be somewhat tiring. Therefore, if you are one of the owners of gold stores in Saudi Arabia and you feel anxious, that is okay, as we will show you the solution to the challenges of electronic billing in gold trade. Just follow with us until the end and any fears or problems you have regarding electronic billing will disappear.
You may also be interested Technical challenges in the ERP system and how to avoid themA
What is e-Billing?
Electronic billing is A modern system launched by the Kingdom of Saudi Arabia to convert traditional paper invoices into electronic invoices، This system aims to improve the efficiency of commercial operations such as gold trade, as it allows the easy exchange of invoices between the seller and the buyer, in addition to issuing credit and debit notices and processing them electronically in a unified format compatible with the requirements of the Zakat and Tax Authority.
The importance of the electronic invoicing system in gold trading
First, before starting to present solutions to the challenges of electronic billing in the gold and jewelry trade, it is fair to present at the beginning The 6 most important electronic billing processes:
- Issuing invoices quickly and efficiently
The world is developing technologically day after day, and it is smart to make the most possible use of modern technology in order to facilitate a lot of time and effort for ourselves. This logic is what the electronic invoicing system was built on, as issuing an invoice for the sale of a gold coin is much easier and faster than issuing it using the usual traditional paper methods. .
Thus, the electronic billing system saves a lot of time and effort for gold and jewelry store owners in Saudi Arabia To be available They have time to focus on following up on their business activity such as analyzing sales reports andFinancial statements Thus making informed future decisions based on reliable and accurate information.
- Facilitating calculations
Electronic invoicing automates calculations, reducing human errors as much as possible. It also supports integration with gold accounting programs and gold store management programs.
- Compliance with the law
The electronic invoicing system ensures that gold and jewelry stores or any commercial facility is committed to paying financial taxes on time. Gold store owners in Saudi Arabia are guaranteed to avoid the risk of being exposed to any fines or consequences as a result of non-compliance with paying taxes.
The system also helps reduce tax evasion and this is done by accurately tracking gold store sales operations, which enhances the integrity and credibility of the market.
- Improving operational efficiency
Electronic invoicing speeds up the issuance of invoices compared to traditional methods of issuing paper invoices. This reflects positively on the customer experience, and it also saves gold and jewelry store owners a lot of time and effort in tracking accounting transactions.
- Saving operating costs
Electronic invoicing reduces paper purchasing and printing costs for gold shop owners. It will also help gold and jewelry store owners in Saudi Arabia improve... Financial resources management This is because of the accurate data it provides that can be used in financial analysis to make informed decisions.
- Save data
The electronic invoicing system provides safe and easy-to-recover records in the event that they are accidentally deleted. It also ensures that the data of the gold shop and customers is protected from risk. Al-Talab or disclose it.
Read also about How to solve the problem of duplicate data in the ERP system
The most prominent challenges of electronic invoicing in gold trading
After we have simply explained the meaning of the electronic invoicing system and that it is not just a mandatory tool but a means to support competition and integrity in the gold and jewelry sector in Saudi Arabia. Not only that, but this system contributes to improving operational efficiency and saving time and effort for gold and jewelry store owners.
But you may be wondering now: Since the electronic invoicing system is so important in its contribution to strengthening the gold market in Saudi Arabia, where does the problem lie?
You are indeed right, but let me clarify this matter for you. Despite all the advantages of the electronic invoicing system, a number of Challenges facing commercial activities in the gold sector Among them:
- Track invoice status
With the many and varied daily operations when selling gold jewelry, it is difficult for employees to track each sales invoice and ensure its compliance with the Zakat Authority, which causes it to be rejected by the Zakat Authority. And hill
The crisis is faced by a good number of gold store owners in Saudi Arabia.
- High cost
The electronic invoicing system requires the presence of systems and devices that may require a lot of expenses.
- Staff training
Employees may spend a lot of time and effort training to use the electronic invoicing system, and this affects the workflow.
- Problems related to the preservation and security of information
Some gold and jewelry store owners in Saudi Arabia may have a number of concerns about the store and its customers’ data being hacked and its reputation in the market being affected.
- Inaccurate details of the invoice
At each stage of implementing the electronic invoicing system, new details appear that must appear in the electronic invoice and which must be applied clearly and accurately so as not to be subject to rejection by the Zakat Authority.
You may also be interested The latest digital solutions for gold and jewelry stores
The role of the Qirat program in solving the challenges of the electronic boom
as they say Understanding the question is half the answer“It is clear that the challenges of electronic invoicing all revolve around technical problems, and this is where the challenges come into play Carat program In solving electronic invoicing challenges Which is what We'll take it In detail as follows:
- Carat program is The best program for managing gold and jewelry stores in Saudi Arabia With an easy user interface Supports the Arabic languageThis ensures that employees can easily use and train on it in record time.
- Through the Qirat program, you can:To link with the electronic invoicing system for your sales invoices Easily and without any complications or many steps.
- Carat system is fullThe strongest and fastest technical support team It can address any technical problem you face in managing the gold store. All you have to do is contact customer service From here Inform them of your problem and you will immediately have a Qirat system support team.
- The Qirat program provides you with... Comprehensive and accurate sales managementIt links the sales invoice to the representative and includes all of it Accurate data For the date of the transaction, customer data, etc., it can also be printed or sent directly to the customer on WhatsApp, which improves the customer’s experience.
- The Qirat Program helps gold and jewelry store owners in Saudi Arabia to... Registration and evaluation of fixed assetsThe program also works Periodic recording of all operations (Buying or selling) that takes place on fixed assets.
- The Karat Program enables gold shop owners in Saudi Arabia to... Track all daily operations for their stores At any time From anywhere, all you need is your laptop and the Internet, and you, as the owner of the gold store, will be able to view all operations periodically.
- The Qirat program provides you with... Comprehensive and accurate reports Especially for sales, purchases and inventory, which provides you with accurate information about the best-selling and stagnant gold jewelry and thus enables you, as a gold shop owner, to make informed decisions based on accurate information and not just experience.
- Qirat's accounting program is... The best and most powerful gold store accounting program In Saudi Arabia, it carries out the accounting treatment procedures for gold with precision, as it is designed specifically for gold stores in Saudi Arabia.
- The Qirat program helps Track the movement of gold and jewelry stocks Therefore, it is easy toArafa is the best-selling and most popular variety Among customers, which will contribute to deepening the vision of gold and jewelry store owners and their ability to make future decisions that enhance their business and increase their profits.
- program Karat is the best gold store management program in Saudi Arabia And it shows Live pricing for gold This ensures the accuracy of daily buying and selling operations.
In short, the Qirat program is the ideal solution for owners of gold and jewelry stores in Saudi Arabia. It issues electronic invoices accurately and is approved by the Zakat Authority. It also enables gold store owners to follow up on daily operations and track the movement of items with ease. With the Qirat program, a stock inventory can be done in less than 20 minutes. Minute, you can now contact us From here To get to know Carat program services Service is also available Free consultation Just contact us and the support team will respond to you around the clock to receive your requests, inquiries and questions.
For more about the Qirat program, read also about The best accounting program for gold and jewelry stores in the Kingdom
At the conclusion of our blog, there is no doubt that implementing the electronic invoicing system is a real step towards a highly efficient and professional digital economy in the Kingdom. Despite this, a number of gold store owners in Saudi Arabia face a set of electronic billing challenges in gold trade. We have explained the ideal solution to face any challenges related to the electronic invoicing system with the Qirat program, which avoids any obstacles while managing the gold store and helps you adapt smoothly to the new system.
Frequently asked questions
Is electronic billing mandatory for all gold and jewelry stores in Saudi Arabia?
Yes Electronic invoicing is mandatory for all businesses subject to itValue added tax. Source Saudi Zakat and Tax Authority
Is the Qirat program approved by the Zakat and Tax Authority?
Yes The Qirat program is accredited by the Saudi Zakat, Tax and Customs Authority and is 100% compatible with its requirements, as the Qirat program has passed the qualification requirements of the Saudi Zakat and Tax Authority.
What should I do if I encounter any technical problem with the Qirat program?
Please contact the technical support team for the Qirat program, which is available around the clock. All you have to do is contact us and the support teams will reach you immediately to solve any technical problem you face in your store.
How can I get the Qirat program?
You can contact us by email: Info@CloudSecretsKSA.com
Or by calling the company’s contact number directly: 0112110210
Or by contacting the sales number: 0557655245
Our support team will contact you immediately to answer any questions or inquiries regarding the Qirat program, and to obtain all your data and your store data so that you can benefit from the Qirat program.