How much do you know about electronic invoice storage for lump sum payers? Find out in the article!
You probably know that at its meeting on December 13, the Council of the European Union approved Italy's request to extend the electronic invoicing obligation until the end of 2024. Among the changes is the extension of electronic invoicing to taxpayers under the flat-rate scheme.
To date, we cannot yet speak of mandatory electronic invoice storage. What is certain is that the obligation to keep them in paper format remains in place.
Even if you are not obligated, why not take a look at electronic storage? Perhaps our guide will introduce you to the many benefits of digitally storing electronic invoices.
I've already said too much, you can find the rest in the article!
What are the limitations of storing paper invoices?
As previously mentioned, from a tax point of view, flat-rate taxpayers are obliged to store invoices in paper format.
This rule, is in force even when the PEC or Recipient Code is used for receiving invoices, as established by Circular 9/E/2019 of the Internal Revenue Service.
What do you need to do, then, to store invoices in paper format?
First, you will need to download the received invoice and print it. Then place it in a special folder and keep it, as required by the rule, for a minimum of 10 years (Article 2220 C.C.).
However, you will agree with us that having rooms full of folders is not the most effective solution, for example:
- If you lose a received invoice, you will have to recontact the issuer to get a copy with the same date and information.
- If your invoices become corrupted, just think of a leak in the company's plumbing system for example, their value in the event of an audit is compromised.
- The cost of printing and storage space, while not very high in themselves, take their toll in the long run.
- Paper storage is not eco-friendly because of heavy paper waste.
- Finding one invoice in a room where there are thousands is a waste of time (unless it becomes a Teambuilding in Escape game mode).
Who has to keep electronic invoices?
According to Italian law, both those who issue and those who receive electronic invoices are required to retain them. This, therefore, includes taxable persons.
What are the benefits of electronic invoice substitute storage for flat-rate regime?
The best alternative for storing your electronic invoices is to use electronic storage.
By choosing this mode, you can store your invoices digitally while preserving the legal value of the document, without having a flood of paper documents to deal with.
So why not make the most effective and lightweight choice?
This way you will no longer have to store your invoices in folders and thus reduce environmental and loss risks.
With the electronic invoice requirement, many software houses have implemented electronic invoicing programs such as Invoices in the Cloud, a valuable aid for everyone, even those taking their first steps toward digitization, an intuitive and fast program.
This software integrates digital invoice storage of electronic invoices in accordance with the law for the mandatory 10 years, can allow you not only to manage the active and passive cycle of your invoices, but also to manage collections, analyze on expenses and turnover, compile the first note, view reports and do much more. Invoices in the Cloud is, therefore, not only a software that will allow you to store your invoices in accordance with regulations, but a real software for managing your business. Moreover, you will have the ability to access all of its features at any time and from any device.
The benefits of electronic invoice storage are numerous:
- Elimination of printing and storage costs,
- Reduction in the risk of corruption or destruction.
- Reduction of invoice search time.
In addition, electronic storage makes it possible to ensure that invoices maintain the following requirements over time:
- integrity: ensures that the document is not altered;
- authenticity: ensures that the identity of the issuer;
- legibility: the ability to access the document throughout the storage period;
- reliability: is the level of trust that those reading the document place in the computer document;
- retrievability: ensures that the document can be found at any time in an intact, authentic, legible and reliable manner, including during audits, checks or inspections.
In addition, you can entrust your software to manage the entire process starting from the affixing of the signature, time stamp and verification of legal requirements to the final step that is archiving for a duration of 10 years as required by law.
As you have seen storing invoices for 10 years is mandatory. Between the two possibilities previously shown, I recommend you go for the safer route and resort to software which remains the best choice as it is a risk-free solution: your invoices cannot be corrupted or lost and you can easily find them again in case of need.
Article translated from Italian