ZATCA E-Invoicing Automation for Wealth & Asset Managers


ZATCA E-Invoicing is typically a manual and time-consuming process, but with Empaxis, Saudi wealth and asset managers can automate these steps.

The Zakat, Tax and Customs Authority (ZATCA) requires all taxpayers in Saudi Arabia to comply with e-invoicing guidelines. Failure to comply may result in a fine as high as SAR 50,000 (~US $13,333).

Of course, the now-required electronic submission of ZATCA invoices will lead to a more modernized and efficient approach for the Saudi government in monitoring and reviewing Value Added Tax (VAT) transactions.

But at the same time, ZATCA e-invoice processing still takes a lot of time, money, and effort.

Electronic Invoice Challenges

Consider all these requirements:

  • Proper formatting
  • Inputting the right data fields
  • Verifying accurate details and calculations
  • Integrating systems properly to send over the correct information

On top of that, increased invoice volumes take up more time and make it harder to scale processes.

Educating staff about these invoicing policies and protocols adds to the complexity.

For wealth and asset managers in Saudi Arabia, they face a lot of these ZATCA e-invoicing challenges when handling advisory and transaction fees.

Manual and time-consuming as the work is, Saudi investment firms are thinking, “there has to be a better way.”

Empaxis ZATCA E-Invoicing Automation Solutions

At Empaxis, we pride ourselves in delivering customized automation and outsourcing solutions for investment managers globally.

Customization is about identifying unique challenges to a specific country or firm type, then developing a reliable and long-term solution.

Through our work with prominent Saudi banks, wealth and asset managers, we closely observed the ZATCA e-invoice processes, and our Empaxis application development team successfully built an automated invoice solution.

ZATCA Application Layer

In one specific use case, Empaxis developed a web-based application with SSRS report generation capability for a prominent Saudi asset manager with several billion US dollars AUM.

This application passes invoices details to the integration layer and generate the final invoice in PDF format.

Empaxis automated all these steps:

  1. Generate invoice/credit note details from the SQL object.  
  2. Share the invoice/credit note details to the integration layer using SOAP services.
  3. Get a signed XML in response from the integration layer.
  4. Save the signed XML invoice/credit note data to the database.
  5. Provide a screen to edit and change the saved XML invoice data.
  6. Generate password-protected PDF invoices using SSRS.
  7. Archive the report and email.  

ZATCA Automation Benefits

For this Saudi asset manager, the benefits of streamlined e-invoicing were apparent:

  • Reduced manual efforts, translating to significant cost savings.
  • Greater accuracy in deliverables
  • Easy-to-access system for Invoice generation
  • Hassle-free integration with their existing APX system
  • Implementation of new features of generating credit notes by integrating with APX
  • Assurance that all operational workflow steps are covered

Saudi Investment Managers Should Embrace Automation

Filing taxes and complying with government regulations can be a challenge in any country. Saudi Arabia is no exception.

The good thing is a process like ZATCA e-invoicing can be automated, and Empaxis has the tools and resources to make it possible.

And when it comes to any manual and routine process, wealth and asset managers in Saudi Arabia should always think about how to leverage technology to do the work, allowing human efforts to focus on activities that bring increased valuable to the organization, like client servicing, gathering and investing assets.

All these automation- and technology- driven activities tie in with the broader goals of Saudi Vision 2030, and as we highlighted in our operations guide for Saudi investment managers, firms that embrace the change will benefit tremendously.

Chat with an Expert

Get the latest in automation, investment operations technology, & outsourcing

Our monthly newsletter features helpful resources, articles, and tips to implement at your investment firm. Enter your email below to subscribe: