The benefits of E-Tax Invoice & E-Receipt to Thailand Businesses
Over the past few years, Thai businesses are discovering they must adapt and find opportunities to leverage technology to optimize and find efficiencies within their work processes to remain competitive. One of the basic things that every company must do, is the preparation of the tax invoices for their customers, who purchase their products or use the services.
This process has been done in paper form for a long time, which costs in both money and the time which is spent on preparing and then delivering the tax invoices, but a digital alternative is now becoming a standard alternative to Thai businesses. As a pioneering company, Lyreco is one of the early adopters of E-Tax Invoice & E-Receipt and worked with a local partner, Netbay, to launch this service.
Great Opportunity of Enabling Digitization
Taking notice of the direction towards digitalization from the Revenue Department of the Royal Thai Government, Netbay saw the opportunity of enabling digitization within many customer’s business process and they developed their InvoiceChain service for the preparation, delivery, and storage of the electronic tax invoices and receipts.
This service helps companies to create E-Tax Invoice &
E-Receipt systems in accordance with revenue department standards and Netbay is one of a limited number of official service providers for tax invoices and electronic receipt and one of the market leaders in providing this service.
Lyreco, a B2B leader in the distribution of office supplies, were producing hundreds of thousands of invoices per year in Thailand and saw an opportunity to improve their tax invoice preparation process. They identified Netbay’s InvoiceChain solution, as the most suitable platform to create, deliver and store their customer’s E-Tax Invoices & E-Receipts according to the standards and regulations of the Revenue Department and ETDA.
They worked with Netbay to launch the service in Quarter 2, 2021 and this process has allowed them to deliver invoices quickly and efficiently to reduce costs and streamline their processes when delivering the tax invoice to their B2B customers.
Moreover, their customers can now verify the credibility of the e-Tax Invoice by checking the details of the Digital Signature which attached to the file. This Digital Signature is used to prove the source of data and can prevent any unauthorized modification of the document’s content which can ensure the E-Tax Invoice issued by Lyreco is authentic so others cannot forge the documents.
Sustainable Benefits of Receiving E-Invoices
There are also sustainable benefits for Lyreco’s customers choosing to receive e-invoices; When the tax invoice is in the electronic form, it does not need to be printed as a paper copy anymore. Instead, it is created as an electronic file and delivered to the buyer via the E-Biller system, which allows Lyreco’s customers to download the tax invoice documents immediately by themselves and only printed if really necessary. Not only this, it is also a substitute for keeping copies of documents; originally, a copy of the tax invoice was required and kept for 5 years, it was changed to electronic file storage instead, which reduce the costly process of paper filing and providing storage space.
From the use of E-Tax Invoice, it is expected that the cost of making processing the tax invoices can be more than halved which will also increase the efficiency of customers’ document management later. It enhances the customer experience in purchasing products from Lyreco, which they can receive tax invoice documents via electronic system immediately and can store to view the historical data whenever they want.
It's Time to Go Paperless!
Lyreco’s expect E-Tax Invoice & E-Receipt to become the standard way of invoicing in Thailand within a very few years. By the end of the decade we believe that a traditional paper invoice will be seen very rarely and therefore, as a pioneer, Lyreco are one of the early adopters of E-Tax Invoice &
E-Receipt who embrace the digitalization initiatives of the Revenue Department of the Royal Thai Government.