What is eInvoicing?
eInvoicing is short for electronic invoicing and is the process of replacing paper-based invoices and digitalizing their exchange.
Electronic invoices contain all the data present in paper invoices with the addition of a certified email address and/or the addressee’s company code.
Specifically, eInvoices are digital documents that have a specific, structured and machine-readable format which allows governments greater visibility into all the essential data for tax purposes, to ensure that it is present and correct.
These systems prevent oversights in the compilation of invoices, and avoid many frequent errors such as incorrect completion of the seller’s or purchaser’s VAT numbers, and other important data for tax purposes, which can be very time-consuming to obtain later.
They ensure that government records are immediately updated with any transactions that trigger VAT accruals for the public administrations’ coffers and are intended to eliminate fraud and tax evasion, and to facilitate the collection of VAT payments by governments.
New regulations on eInvoicing
Many European countries have already individually introduced eInvoicing systems which resulted in the creation of heterogeneous standards that will have to be homogenized in light of the upcoming EU-wide regulatory intervention.
Companies will require a sufficiently flexible solution to keep SAP and non-SAP systems connected with various national reporting platforms in order to avoid experiencing knock-on delays at company level – and Comply is equipped and ready to help you.
OTHER QUESTIONS YOU MIGHT HAVE