On February 22 in Warsaw, Tax Care, the largest accounting company in Poland and part of the Idea Bank Group, launched a new online platform called Invoice Cloud, designed to provide a free online platform for issuing, storing and sending invoices. Idea Bank Group’s mission is to connect all entrepreneurs in Poland on the platform.
This is the first platform in Poland for e-invoicing, storage and transmission of invoices available for free to all users: entrepreneurs, accounting offices, consumers and public administration bodies. The goal of the new solution is to eliminate paper invoices in Poland.
In Poland, 1.5 billion invoices are issued every year, and VAT revenue, estimated at PLN 166 billion in 2018, constitute the main source of budget revenues. Invoices are issued by almost 1.7 million companies.
Despite the visible digitization of many areas of economic life in Poland, the issue and further processing of invoices are inseparable from paper. “Even if such a document is issued electronically and sent in this format to the counterparty, it is finally printed and then goes into a binder,” notes Adam Głos, CEO at Tax Care.
Paper reigns in invoices
Research carried out by the Idea Bank Group shows that 72% of entrepreneurs archive paper invoices in their accounting offices and another 26% declare that these documents are stored at the company’s headquarters. This despite the fact that 30% of invoices are issued online, and every fourth invoice is sent to counterparties electronically. Nevertheless, when so many business and private transactions take place online, the estimated 15 million invoices issued by hand on paper is shocking. With its Invoice Cloud, Tax Care, supported by the Idea Bank Group, has a plan to eliminate paper-based accounting documents from economic transactions in Poland.
The platform is extremely safe because it not only meets the IT standards of the banking transaction system but also creates an environment in which documents are sent to counterparties in the form of links protected by a password, not as attachments. The platform is integrated with public administration systems in Poland (REGON, national VAT register), which makes the invoice issuing process a few simple clicks, significantly increasing the security of doing business.
New regulations force companies to digitize
The timing of Invoice Cloud’s launch is not accidental. From January 2018, all companies that pay VAT in Poland are required to keep electronic records of this tax in the form of a Uniform Audit File (JPK), and from July 2018, each entrepreneur that pays VAT must send the Tax office all invoices in electronic format.
“Invoice Cloud is an extremely friendly environment in which the entire life of an invoice, from its issue, transmission to a counterparty or accountant, to its archiving, remains in digital form. There is no reason for the entrepreneur to use paper at any of these stages,” says Adam Głos.
The platform is available to everyone. “We invite all entrepreneurs, accounting offices, consumers and public administration bodies to use it. We believe that Invoice Cloud will become a unique network of entrepreneurs for whom digitization is an essential element of increasing efficiency and increasing business security. Once again, we confirm with this project that the main goal of the Idea Bank Group is to create groundbreaking solutions that support the development of Polish companies,” sums up Tobiasz Bury, CEO at Idea Bank.
Idea Bank Group plans to have 50 thousands user of the platform until the end of 2018.
The Platform is available under the link https://www.chmurafaktur.pl/
Source: Press Release of Idea Bank Group from February 22, 2018.
Photo: Tax Care