Turn your entire AP/AR invoicing processes digital
Why should you switch to a digital invoicing solution? Because you have to. Electronic invoices are already required by law in several European countries, even when issued between companies.
However, not every digital or digitalized invoice is automatically an e-invoice. An e-invoice is an invoice that can only be issued, processed, and stored electronically using specific document formats. This means that ZUGFeRD or XRechnung are classed as e-invoices, whereas PDF or scanned paper invoices are not.
The e-invoicing standard is an important requirement for exchanging invoices across central networks, such as Peppol, which is already mandatory in many countries.
Software systems for digitalizing invoice processes
Modern software systems for automatically processing electronic invoices can recognize different invoice formats and process them accordingly. If the software also integrates with central invoice portals, electronic invoice exchange is guaranteed for the future.
Those who have been toying with the idea of digitalization should act now and leverage the current momentum of electronic invoicing. Once implemented, the new invoicing approach saves valuable time and resources, while processes remain transparent and accountable ‒ and you can look to the future confidently.
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What does digital invoice processing software do?
If you manage your invoices with software, your accounts payable process is entirely automatic: After you receive the invoice by e-mail or scan the document, the software recognizes the invoice and reads out the relevant data. The system subsequently triggers the account assignment and approval process and stores the invoice electronically. It doesn’t matter where the employees involved in the process are located, the invoice workflow is fully automated.
ELO Invoice gives you full control over your invoice management workflow and can be easily customized to meet your requirements.
All recommended digital invoice processing solutions provide for compliant storage of electronic information and meet the requirements of GDPR and other relevant regulations. Combined with an ECM system, you are off to a good start.
Enterprise content management comprises all technologies, methods, and tools for digitally capturing, storing, and managing all company information (documents, data, images, videos, etc.) in an efficient manner.
E-invoicing through central portals
To promote e-invoicing between businesses and public authorities, numerous countries have already implemented central portals for exchanging invoices. In France, for example, e-invoicing will gradually become mandatory for all domestic B2B transactions starting in 2024. It is only a matter of time before other European countries follow suit.
Despite the different requirements for e-invoice formats at the local level, the central functionality of the invoice portals can be summed up as follows: The invoice issuer transfers e-invoices to the central invoice portal directly or through an intermediary service provider. In the portal, the system checks whether the formal specifications of the invoice data are met. In addition, tax-relevant data is transmitted directly to the relevant authority. After successful verification, the invoice is made available to the recipient for download. The recipient can then retrieve the invoices directly or from the service provider.
PEPPOL (Pan-European Public Procurement OnLine) has gained acceptance as a network for transmitting invoices in the European region and beyond.
