Egypt is using digital signature as a reliable new way of invoicing.
Digital signatures are legally binding and the Egyptian government has started to adopt it for tax purposes, in addition with other governmental entities doing so too. In Egypt, e-invoice which is more commonly known as “Elecrtonic Invoice” or “eInvoice” ,is an invoice that can be digitally signed by both parties when one party sends out goods or services to another party. It’s important because it reflects all transactions between two firms/individuals through internet technologies such as emails and online data exchanges, consequently reducing paper consumption .
What is the digital signature?
The digital signature is an electronic authentication technique that provides security for online transactions. It is a process which binds a particular electronic document to a person or entity. The signatory uses public-private key encryption to generate the signature and then embed it into the e-invoices from their computer or mobile device.
Digital signatures can be used for different purposes such as:
- Adding legal validity to documents.
- Securing online transactions with public and private entities.
- Signing contracts online in order to prevent fraud and theft of data.
- Validating e-invoices in order to reduce the time and cost of processing invoices.
In addition, digital signatures allow you to:
- Reduce fraud by reducing manipulation of sensitive data such as credit card numbers and other personal information that may be present on paper documents such as invoices, contracts, etc., but not digitally signed. This is especially important because paper documents are much easier to manipulate than digitally
How to use electronic signature in e-invoice?
Adobe Acrobat Reader’s built-in Electronic Signature feature is typically the most popular way to do e-invoice with an electronic signature electronically.. You use it to authorize the transaction or sign contractual agreements, for example.
The law requires all parties involved in a transaction to sign the invoice electronically.
They must also keep records of the electronic signatures and the software they used for at least five years.
When e-invoicing with an electronic signature, Adobe Acrobat Reader’s built-in Electronic Signature feature is the most popular method., which also provides other options like encrypting data and digitally signing PDF documents in order to achieve higher levels of security when dealing with sensitive information such as invoices.
Is the digital signature safe to use?
The digital signature is secure. The use of a public key infrastructure (PKI) ensures the data has not been tampered with during transmission due to its encrypted state and the signing algorithm digitally signs it, which marks it as authentic for any recipient that knows how to verify these signatures. It’s also impossible to forge one without first acquiring your private keys from you or knowing what algorithms were used in creating them so they don’t match up when verifying them.
Electronic Bill in Egypt: Definition, Features, and Components
Once you’re willing to start using e-invoicing, you need to consider the benefits it can bring along with the precautions that should be taken in order to make sure your business is not put at risk. It might be a good idea to consult a professional if you still have any questions about the matter.
The benefits of e-invoicing
E-invoicing is a safe and cost effective way of conducting business with your suppliers. It enables you to:
- Reduce your carbon footprint as paper invoices are no longer needed;
- Get paid faster thanks to a secure payment system;
- Have an instant access to all your invoices and accounting data;
- Get more control over what’s being purchased by using real time information and detailed reports;
- Save money on postage and printing costs.
The benefits of Digital Signature
Digital Signature is a way of verifying the authenticity of an electronic document. A digital signature can be used to:
- Verify the identity of an individual;
- Verify that a document submitted is the same as a previously signed version;
- Verify the integrity of electronic documents by attaching a timestamp to them.
- Verifying the identity of the person sending an email;
- Verifying the integrity of documents sent from one computer to another.
- Authenticating software applications and system programs.
What are you waiting for? It’s time to start using e-invoicing and digital signatures in your business and enjoy all these benefits!
Conclusion
The digital signature is a unique code that identifies and verifies the identity of an individual or an organization. It is used to verify and sign documents electronically in a secure manner.
– It is a tool used to authenticate users electronically.
Egypt’s digital signatures are legally binding.ital signatures are legally binding in Egypt.
– They can be used in both online and offline communication.
