PHOTO
DUBAI, UAE : The government of Saudi Arabia (KSA) has implemented e-invoicing (FATOORA) as a mandatory requirement from December 4, 2021, under which VAT applicable businesses have to use a compatible system to generate invoices and provide an option to capture QR codes as per Zakat, Tax and Customs Authority (ZATCA) guidelines. This means that suppliers will no longer be allowed to generate or store paper or PDF invoices.
Odoo, a leader in open source all-in-one business software, has the localized solution for KSA e-invoicing Phase One already available for their customers. This solution assists all current and future Odoo customers to comply with ZATCA quickly and efficiently. While a traditional ERP is expensive and frequently fails to adapt to the unique needs of a business, Odoo's flexible and simple software allows for the entire e-invoicing solution to be implemented within just a few days.
"As ZATCA announced violations and penalties in relation to e-Invoicing in KSA, our Odoo team is ready to assist taxpayers rapidly so that in just days we make sure they are compliant with the e-invoicing regulations and requirements," says Pavitra Singh, Managing Director of Odoo Middle East DMCC. "We've assisted already the majority of our Saudi Arabian customers to be compliant and avoid any costly penalties."
The Kingdom has been one of Odoo's most important and successful regions, and the team continues returning to Riyadh, Jeddah, and Khobar to host their Roadshows, a series of events all around the world that are organized after the release of a new version of the software. With over 7 million users worldwide, the IT giant believes that the FATOORA e-invoicing project is an important step towards building a robust digital economy in KSA, and reaching the ambitious 2030 vision goals set by its leaders.
With Odoo's ERP software their KSA customers, the likes of Siefco, Al Bassami International Group and Saudi Red Bricks Company, will be able to manage their finances and stay automatically compliant with the local tax laws with ease and efficiency. On top of that, businesses can manage not just their accounting books, but also their marketing, HR, sales and all other business processes across Odoo's 60+ business applications.
-Ends-
About Odoo
Odoo is a leading provider of all-in-one open source business software for companies worldwide ranging from startups (1 user) to large enterprises (300,000+ users). Founded in 2005, Odoo thrives in a unique and fully open ecosystem combining the resources of its community and partners to deliver a full range of easy-to-use, integrated, and scalable business applications. The software is available online on www.odoo.com.
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
