Dubai-based software company CorporateStack has announced the launch of e-invoice solutions in the Egyptian market, through three different packages that suit different business sizes.
As part of its partnership with Vodafone Egypt, CorporateStack will provide its new electronic billing solutions through Vodafone’s V-HUB platform, which is the first digital business solutions marketing platform that provides services to small and medium-sized companies in Egypt.
CorporateStack’s e-invoice solutions aim to support Egyptian companies and institutions of all sizes (large, medium, small and startups), as they contribute to the automation of the accounting system within these companies and help them shift from a paper invoice system to an electronic invoice.
Ahmed El-Haddad, General Manager of CorporateStack Egypt, said that the innovative e-invoice solutions offered by the company inside Egypt are characterized by low cost and ease of use, in addition to simplicity in design, pointing out that the electronic invoice system guarantees a saving of 60% of the costs of the paper invoice system within institutions and companies.
Al-Haddad said that the electronic bill is one of the forms of digital transformation that Egypt has recently implemented under the umbrella of financial inclusion, and the electronic bill system will bring a lot of benefit and direct returns to the financiers and the national economy.
Karim Shehata, Head of Business Sector at Vodafone Egypt, said that Vodafone is always keen to provide all the technical solutions that small and medium companies need through the V-Hub platform, which is why they made available the electronic billing solutions provided by CorporateStack through the platform, because they are characterized by simplicity, ease, and accuracy, which will benefit all companies registered on the platform.
Shehata added that financial management solutions are among the most sought-after solutions by companies, in light of the Egyptian government’s plan to transition to a digital economy, hence the importance of switching to the electronic invoice system.
The e-invoice is the digital document that proves transactions for the sale of goods or services. It has specific components and characteristics. It is prepared, signed electronically, sent and received by the financier through the system, and reviewed and verified in real time by the tax authority.
Regarding the advantages of the electronic bill, Al-Haddad indicated that the electronic bill system in Egypt guarantees complete security of all electronic billing data, while providing proof of legal authenticity for users of the system, by providing the electronic signature feature.
The Egyptian government had recently implemented the electronic invoice project, thus becoming at the forefront of the Middle East countries that implement the electronic invoice system, under the guidance of the Ministry of Finance and the Egyptian government in order to automate, develop and introduce digital transformation in the tax authority, which is beneficial to the financiers. It effectively contributes to the collection of taxes to the state treasury, and accordingly, companies and other institutions were gradually obligated to join and register in the electronic invoice system.