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 13 December the Council of the European Union approved Italy's request to extend the electronic invoicing obligation until the end of 2024. Among the novelties is also the extension of electronic invoicing to taxpayers under the flat-rate scheme.
To date, we cannot yet speak of mandatory storage of electronic invoices. What is certain is that the obligation to keep them in paper format remains in force.
Even if you are not obliged, why not take a look at electronic storage? Perhaps our guide will introduce you to the many advantages of digitally storing electronic invoices.
I have already said too much, you can find the rest in the article!
What are the limits of storing paper invoices?
As previously mentioned, from a tax point of view, flat-rate tax payers are obliged to store their invoices in paper format.
This rule, is also in force when the PEC or Recipient Code is used for the receipt of invoices, as established by Circular 9/E/2019 of the Internal Revenue Service.
So what do you have to do to store paper invoices?
First, you must download the invoice received and print it out. Then place it in a special folder and keep it, as required by law, for a minimum of 10 years (Article 2220 of the Civil Code).
However, you will agree with us that having rooms full of folders is not the most effective solution:
- If you lose a received invoice, you will have to contact the issuer again to get a copy with the same date and information.
- If your invoices are corrupted, think of a leak in the company's plumbing for example, their value in the event of an audit is compromised.
- The cost of printing and storage space, while not very high in itself, takes its toll in the long run.
- Paper storage is not eco-friendly due to heavy paper waste.
- Finding an invoice in a room where there are thousands of them 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 store them. This therefore also includes taxable persons.
What are the advantages of electronic invoice storage for the flat-rate scheme?
The best alternative for storing your electronic invoices is to use electronic storage.
By choosing this method, you will be able to store your invoices digitally while retaining the legal value of the document, without having a flood of paper documents to manage.
So why not make the most effective and lightweight choice?
In this way, you will no longer have to store your invoices in folders and thus reduce environmental and loss risks.
With the electronic invoice obligation, many software houses have implemented electronic invoicing programmes such as Invoices in the Cloud, a valuable aid for everyone, even those taking their first steps towards digitisation, an intuitive and fast programme.
This software integrates the digital storage of electronic invoices in accordance with the law for the mandatory 10 years, and can allow you not only to manage the active and passive cycle of your invoices, but also to manage collections, analyse expenses and turnover, compile first notes, view reports, and do much more. So, Invoices in the Cloud is not just a software that allows you to store your invoices in accordance with regulations, but a real software for managing your business. Moreover, you will be able to access all its functionalities at any time and from any device.
The advantages of electronic invoice storage are numerous:
- Elimination of printing and storage costs,
- Reduction of the risk of corruption or destruction.
- Reduction of invoice search times.
In addition, electronic storage ensures that invoices maintain the following requirements over time
- integrity: ensures that the document is not altered;
- authenticity: guarantees the identity of the issuer;
- legibility: possibility of accessing the document throughout the storage period;
- reliability: the level of trust that the person reading the document places in the computer document;
- retrievability: guarantees that the document can be found at any time in an intact, authentic, readable and reliable manner, even in the event of audits, checks or inspections.
In addition, you can entrust your software with the management of the entire process, starting from signing, time-stamping and verification of legal requirements, through to the final step of 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 shown above, I recommend you go the safer route and use software, which is still 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