The Comprehensive Rollout and Impact of Digital Invoices

Launched at the end of 2021, the pilot project for digital invoices (DI) has, over more than two years, expanded to cover most provinces, autonomous regions, and municipalities across China, including planned cities. As system construction deepens, the DI project demonstrates its transformative power. Vertically, DI, as a unit of circulation, integrates the financial and tax systems within enterprises, increasingly appealing to large corporate groups. Horizontally, DI's support for special invoices and business activities has become more extensive, now encompassing most economic activities. Baiwang Cloud has developed comprehensive solutions around DI, including invoice management, expense control, and tax declaration. Additionally, Baiwang Cloud is advancing the development of DI issuance and application for special invoices and business scenarios, catering to the diverse needs of various industries and enterprises.

A Historical Participant in the Development of Electronic Invoices

DI represents a massive project where familiar elements like invoice features, formats, and application functions are revolutionized by digital capabilities, including the removal of tax control equipment and the introduction of new standards for digital delivery and archiving. This evolution is underpinned by significant technological accumulation. Before the full implementation of DI, there was a period of technological research and pilot testing.

In 2015, Baiwang Cloud entered the digital taxation sector, beginning the development and innovation of intelligent applications for electronic invoices, gradually building a strong technical and conceptual foundation. From front-end business activities like mobile invoicing and QR code invoicing to back-end operations like automatic verification and archiving, Baiwang Cloud has consistently advanced. The integration of financial, business, and tax systems, and the concept of centralized control have matured during this period. Experiencing all historical stages of electronic invoice development, Baiwang Cloud has built comprehensive solutions from digital invoice systems to tax declaration, risk control, supply chain management, and intelligent decision-making. Prominent enterprises like PetroChina, ICBC, and COSCO have chosen Baiwang Cloud for their financial and tax management needs. Additionally, Baiwang Cloud has supported over 23 million growing enterprises, helping them rapidly enhance their digital capabilities. Due to its robust technology and rich experience, Baiwang Cloud became a contractor for the State Administration of Taxation's electronic invoice service platform. Throughout DI's iterative applications, Baiwang Cloud has consistently identified technological trends and delivered practical, efficient solutions from the perspective of customer application scenarios.

Product Matrix Evolution in Sync with DI Upgrades

The development of DI application capabilities showcases the revolutionary efficiency improvements brought by digital technology. However, the maturity and speed of multi-invoice support are crucial for DI's success. DI pilot support for various invoice types has evolved through an iterative process, from simple to complex and broad to detailed. For instance, as of January 23, 2024, eleven provinces and cities, including Jiangsu, Fujian, and Shenzhen, have promoted and launched DI platforms for motor vehicle and second-hand car businesses in a "pure digital" form. In line with policy developments, Baiwang Cloud has timely upgraded its DI management applications, introducing solutions for motor vehicle and second-hand car DI management since February this year.

China boasts the world's most comprehensive and diverse industrial chains. Each specific business scenario has unique invoicing logic, information, and operations. Apart from general invoices, the Golden Tax Phase IV introduces several DI types for refined management and taxation in special industries. Baiwang Cloud, recognizing the nuances in each sector, continuously innovates and provides targeted digital solutions to meet the industry's evolving needs.

Special Invoice Types:

1. Unified Invoice for Motor Vehicle Sales

2. Unified Invoice for Second-Hand Vehicle Sales

3. Electronic Air Ticket Itinerary Receipt

4. Electronic Train Ticket

Specific Business Applications:

1. Refined Oil Products

2. Cargo Transportation Services

3. Construction Services

4. Real Estate Sales

5. Real Estate Leasing Services

6. Passenger Transportation Services

7. Agricultural Product Acquisition

8. Sales of Self-Produced Agricultural Products

9. Motor Vehicles

10. Second-Hand Vehicles

11. Second-Hand Vehicles*

12. Tractors and Combine Harvesters

13. Collection of Vehicle and Vessel Tax

14. Rare Earths (XT)

15. Photovoltaic Acquisition

16. Scrap Product Acquisition

17. Cigarettes

18. E-Cigarettes

19. Liquor

20. Medical Services (Outpatient)

21. Medical Services (Inpatient)

22. Toll Fees

Baiwang Cloud has launched DI solutions that meet the needs of over 20 different business scenarios, with ongoing development to support even more. For taxpayers requiring special invoice types, Baiwang Cloud provides comprehensive solutions for issuing, using, delivering, and managing DIs, as well as other tax-related applications such as electronic accounting archives and tax declarations.

 Advantages of Baiwang Cloud's Digital Invoice Solutions

In addition to its technological maturity, extensive experience, and comprehensive support for various invoice types, Baiwang Cloud's DI solutions offer several significant advantages:

1. Strong Compatibility:

   - Compatible with both digital and paper invoices.

   - Provides integrated management functions for all types of value-added tax (VAT) invoices.

2. Multiple Integration Modes and Low Integration Costs:

   - Supports API super interfaces and modular packaging.

   - Facilitates rapid product launch and continuous upgrades.

   - Automatically adapts to tax-enterprise direct connection services, reducing integration costs for enterprises.

3. High Security:

   - Baiwang Cloud is a standard-setter for multiple document formats.

   - Supports agile storage and retrieval of massive hot data.

   - Possesses national-level encryption services and cloud service security patents.

4. High Adaptability:

   - Supports various browsers and common mobile operating systems (Android and iOS).

   - Available in multiple product forms, including apps, WeChat, mini-programs, and DingTalk.

Enhancing Business Operations with Digital Invoices

Digital invoices are fundamental to the smooth operation of businesses. In the DI era, integrated management of business, financial, and tax systems has become a basic requirement for enterprises. Beyond this integration, enterprises must focus on constructing diverse and personalized collaborative management systems during transactions, ensuring compliance and intelligent management of data assets, and preventing and managing financial and tax risks. These elements are crucial components of an enterprise's competitive ecosystem. Baiwang Cloud's advanced DI solutions enable businesses to achieve these objectives, thereby enhancing their overall competitiveness and operational efficiency.