Get ready for the Crea y Crece Law: here’s everything you need to know
The Ministry of Economic Affairs and Digital Transformation has published a preliminary draft of the Crea y Crece Law, which aims to promote the creation of new businesses, remove barriers to economic activities, combat late payments and support business growth. At NTT DATA, we’re here to break down what this new law means for you and the steps you need to take to comply.
What the Crea y Crece Law covers
This new law brings in several changes that touch on various aspects of launching a business or technology:
- The law includes measures to tackle late payments, such as requiring all businesses and freelancers to use electronic invoicing in their commercial dealings and to monitor compliance with the 60-day payment obligation.
- As part of the Recovery Plan, the law makes it easier to access alternative funding options, such as venture capital, crowdfunding and collective investment, to boost the economy and help new businesses get off the ground.
The Law and electronic invoicing for businesses
The Crea y Crece Law moves toward the implementation of electronic invoicing to reduce late payments, meaning all business owners will need to use electronic platforms—whether private, public, or a mix of both—when issuing and sending these invoices in any commercial transaction. This will improve traceability and give better control over payments.
At NTT DATA, we believe our collaboration should go beyond just technology—it should also address strategy to provide advisory services based on two key points:
- The maturity ofour client’s invoicing processes.
- Choosing the best tech tool to comply with the requirements of the Law, both for issuing and receiving electronic invoices and for providing a platform to track invoice statuses for suppliers.
To implement this strategy, we have adopted a three-phase service approach:
First, we conduct an analysis of the current situation, reviewing the client’s invoicing systems and processes, and identifying any relevant scenarios for issuing and receiving invoices. We also pinpoint potential needs and bottlenecks in the processes and establish a target model.
Next, we analyse and compare different electronic invoicing tools to assess their capabilities and select the one that best fits the requirements of the law. Factors such as the company’s technology roadmap and any additional functionalities needed to operate in other countries, both within and outside the European Union, are also considered.
Finally, after choosing the right tool and identifying existing areas for improvement, we propose a Master Plan to implement the selected tool or help meet the deadlines set by law.
Advantages and key considerations
At NTT DATA, we see this law as an opportunity for our clients, as this digital transformation can have a positive impact on organisations. Some of the main benefits of the Crea y Crece Law include:
- Improved operational efficiency: reducing invoice processing times, errors and time spent checking with suppliers, etc.
- Greater bargaining power with suppliers.
- Less payment uncertainty—smoother cash flow.
- Larger supplier network, eliminating discrimination based on payment methods.
- Improved sustainability by reducing paper use and avoiding printing waste.
However, organisations need to bear the following in mind as this new regulation takes effect:
- Inventory levels will need to be recalibrated in the short term.
- New sources of funding will need to be found.
- Cash flow management will need to be prioritised to ensure liquidity.
- Idle resources on the balance sheet should be minimised, and made available to the business.
In short, the Crea y Crece Law aims to increase productivity and encourage business growth in Spain, especially for SMEs. The Royal Decree is expected to be published by the end of 2025, so that the first companies to adapt to the Law (those with a turnover above €8 million) will have one year to implement it. Therefore, we recommend that companies and professionals start preparing as soon as possible.
At NTT DATA, we can help you take advantage of the changes this law brings, ensuring your company or business can implement an efficient and simple electronic invoicing strategy. Get in touch with us and find out how we can help you.
Experta en la Ley Crea y Crece en One Procurement en NTT DATA
