Money Forward Launches “Money Forward Cloud Invoice,” an Invoice Receipt Service for Mid-sized and Enterprise Companies
Invoices Received by Both Paper and Email Can Be Accurately Digitized, Integrated and Stored, Enabling an Online Central Management of Invoices, in Compliance with the Invoice System
Money Forward, Inc. today announced the launch of “Money Forward Cloud Invoice”, an invoice receipt service for mid-sized and enterprise companies. With this new service, invoices can be automatically received and converted into digital data quickly and accurately using AI-OCR and manual operator input. Users will be able to centrally manage all invoices sent by both paper and email on “Money Forward Cloud Invoice”. The service will comply with the revised Electronic Books Maintenance Act and the Invoice System that will be introduced in October 2023.
■ “Money Forward Cloud Invoice” in response to the new regulation
Electronic Books Maintenance Act
The Electronic Books Maintenance Act has two requirements: the requirement when scanning and storing paper invoices sent by postal mail, and the requirement when storing invoices sent by digital format, such as by email or other web services. The latter requirement was revised in January 2022 that all receipts and invoices received electronically must be stored as digital data*. “Money Forward Cloud Invoice” supports both requirements.
*The grace period is set until December 2023.
Invoice System (scheduled in 2023)
Under the new Invoice System, the registration number of the qualified invoicing business must be checked, and the consumption tax category needs to be identified upon receipt of the qualified invoice. By integrating with the National Tax Agency API, “Money Forward Cloud Invoice” automatically confirms that the invoice is from a qualified invoicing business and eligible for purchase tax credit.
■ “Money Forward Cloud Invoice,” the new invoice receipt system
“Money Forward Cloud Invoice” is an invoice receipt service for mid-sized and enterprise companies. It receives all types of invoices, including those sent by postal mail, and converts them into digital data quickly and accurately using AI-OCR and manual operator input. This enables centralized online management of invoices. In addition, by linking invoice data to users’ core ERP system, users can utilize the data for accounting and payment operations. The service is also compatible with the Electronic Book Maintenance Act and the Invoice System.
URL (Japanese): https://biz.MoneyForward.com/payable-invoice/
- Receive and manage invoices in all formats altogether, both e-mail attachments*2 and postal mail.
- Accurate data conversion by AI-OCR and operator correction
- Flexible integration with the core systems currently in use*2
- Enables preservation in accordance with the requirements of the Electronic Book Maintenance Act
- Automatically confirm that the invoice is from a qualified invoicing business*3 and eligible for purchase tax credit.
*2 To be released in September 2022
*3 To be released in April 2023
Information regarding the installment of this service:
- Inquiry form (Japanese): https://biz.MoneyForward.com/library/form/9366/
- Downloadable documents (Japanese): https://biz.MoneyForward.com/library/9363/
The Electronic Book Maintenance Act requires that receipts and invoices received electronically be stored as digital data. Since it is not permitted to store invoices in hard copy if received in digital format, it is no longer possible to centrally manage all receipts and invoices in paper, as was the case in the past. All invoices, whether received digitally or by paper, must be stored and managed in digital data to manage them at one place. Moreover, with the introduction of the Invoice System, there is an additional responsibility of checking the registration number of each invoice for its applicability as a qualified invoice issuing business.
In addition, there are cases where it is difficult to comply with the Electronic Books Maintenance Act and the Invoice System due to the time and cost required for modifications of core EPR systems implemented by medium-sized companies and enterprises.
In response to this situation, we have expanded our service lineup around invoice receipt for mid-sized and enterprise companies. This new “Money Forward Cloud Invoice” can be integrated with core ERP systems. We aim to enable the centralized management of all invoices in digital data, solve the problems of having a combination of paper and digital data, and reduce the back-office workload caused by the introduction of the Invoice System.
■ About the special website for the Invoice System
Special site for the Invoice System
The site provides basic information about the Invoice System, useful information for complying with the Invoice System, and introduction of the corresponding functions of “Money Forward Cloud”. We also offer “Invoice System Check”, guiding users with necessary preparations for the Invoice System with only two questions.
The “#InvoiceForward” Project
We have launched the “#InvoiceForward” project under the concept of “Supporting those who struggle with paper invoicing and making invoicing/payment operations more efficient”. The project aims to promote the digitization of paper invoices. There are issues that arose with the spread of remote work amid COVID 19 pandemic; the workload of receiving, sending, and managing paper invoices, and the need to come to work to respond to invoices. Through this project, we aim to update invoicing operations, realize a flexible working style, and reduce paper to achieve a sustainable society.
■ About Money Forward, Inc.
Name: Money Forward, Inc.
Location: 21F Tamachi Station Tower S, 3-1-21 Shibaura, Minato-ku, Tokyo 108-0023
Representative: Yosuke Tsuji, Representative Director, President, and CEO
Establishment: May 2012
Overview： Leading Fintech/SaaS company in Japan / Listed on Prime Section of Tokyo Stock Exchange
“Money Forward Cloud”, SaaS platform for back-office operation https://biz.moneyforward.com/
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Money Forward, Inc.
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