Verifactu: master the electronic invoicing process

Crea y Crece Law and the Anti-Fraud Law: What do they have in common and what are the differences between them?  

Both laws, although with specific objectives, share a common purpose: to promote digitalization and transparency in business processes.  

Crea y Crece Law (Law 18/2022): this is a regulation passed in the Spanish Parliament with the aim of promoting the creation and growth of companies, as well as reducing late payments in commercial transactions.  

• Objectives:  

1. To facilitate the creation of companies by reducing the minimum share capital to just one euro, instead of the €3,000 previously required. In addition, it introduces reforms to make it easier to set up companies electronically through the Information Centre and Business Creation Network (CIRCE).  

2. Promote digitalization through mandatory requirements for all companies, including the receipt and issuance of electronic invoices. 

3. Reducing late payment with an average payment period, which will serve as a criterion for accessing subsidies and public tenders. 

Anti-Fraud Law (Law 11/2021): 

• Objectives: 

2. Ensure fiscal transparency through invoicing systems that maintain the integrity, preservation, accessibility, legibility, traceability, and immutability of records. 

3. Combat tax fraud by banning software that allows hidden accounting to evade taxes and reducing cash payment limits. These are set at €1,000 when at least one party is a business or professional, €2,500 for payments between individuals, and €10,000 if the payer’s tax residence is outside Spain. 

Both laws promote digitalization and transparency in business processes, although they approach it in slightly different ways. The implementation of these regulations presents an initial challenge for SMEs, but also offers long-term benefits in terms of efficiency, control, and compliance. 

What is Verifactu? 

Verifactu is a system driven by the Tax Agency, as part of the Anti-Fraud Law, aimed at digitizing and controlling the invoicing process in real-time. 

Main Features of Verifactu: 

• Generation of Records: Each invoice issued must generate a unique and automatic record, including cancellations or corrections. 

• Security and Accessibility: Records must be immutable, legible, accessible, and securely stored. 

• Automatic Data Transmission: Invoicing applications must be capable of automatically sending the invoicing records to the Tax Agency. 

• Event Recording: Applications must also record events related to invoicing, ensuring complete traceability of actions taken. 

Verifactu will be mandatory for invoicing software used by businesses and self-employed individuals starting from July 1st, 2025. 

How It Affects Your SME’s Invoicing 

The implementation of Verifactu will have a significant impact on SME invoicing. Key points include: 

1. Mandatory Digitalization: SMEs will be required to use approved invoicing software that meets the regulations. This will require an initial investment in technology and training to adapt to the new systems. 

2. Transparency and Control: This system will provide greater control over business transactions, eliminating the possibility of issuing false or duplicate invoices. 

3. Time and Resource Savings: The digitization of invoices and automation of data transmission to the Tax Agency will save time and resources in managing invoicing and administrative tasks. 

Tools to Meet Verifactu’s Requirements 

• Holded: This platform includes invoicing, accounting, CRM, and other business management software. Plans for small businesses start from €14.50/month, and for self-employed individuals, from €7.50/month. 

• Billin: A cloud-based invoicing tool that complies with Verifactu standards to ensure invoice authenticity and security. It offers a free trial and a basic plan starting at €6.60/month. 

• FacturaDirecta: An online invoicing software designed for SMEs and self-employed individuals that automates the transmission of invoices to the Tax Agency and includes the necessary QR code. Plans start from €0 for small businesses. 

The implementation of Verifactu represents an important step towards digitalization and transparency in SME invoicing in Spain. Although it may present an initial challenge, the long-term advantages in terms of efficiency, control, and regulatory compliance are significant. 

For SMEs, it is crucial to stay informed and prepare for the transition to electronic invoicing. Adopting approved invoicing software and ensuring compliance with the regulations will be essential to fully benefit from this new regulation. 

Ready to master the electronic invoicing process with Verifactu? Start today and take your SME to the next level of efficiency and transparency!