2/20/2024 0 Comments Electronic invoicing solutionsNote: Do not confuse pre-defined format with PDFs, despite the similar names. How e-invoicing can lower your risk of fraud reduced training and system development costsīecause the processing is fully automated, the pre-defined format of an e-invoice means it cannot be altered, thereby guaranteeing safety and authenticity, as well as reducing fraud and tax evasion.quicker and cheaper processing as the information in electronic invoices can be fed directly into a company’s payment and accounting software, strengthening the supply chain.faster retrieval of money from customers by reducing the time an invoice or payment is in the post.What are the benefits of e-invoicing?Īccording to the EU website (), the main benefits include: As we mentioned earlier, the total number of e-invoices sent nearly doubled from 2015 to 2019 and will only continue to grow due to increasing national legislation and changing invoicing standards. only 4.5% of small businesses in the UK have used e-invoicingĭespite the struggle these figures suggest, there is growth in the number of European e-invoices being processed.over 75% of companies still send paper invoices.To put that into perspective, 99% of all businesses in Europe are small businesses and exchanging e-invoices is described by the EU as “still being too complex and costly for SMEs.” While 42% of large enterprises say they already receive or send e-invoices, the adoption rate among SMEs is at a much lower rate, with the total just over one in five (22%). E-invoices are sent to your customer’s invoice processing software.Email invoices are sent to your customer’s inbox with the invoice attached.While both are sent online, the difference is their destination: Note: Do not confuse an email invoice with an e-invoice. Your e-invoices are created, sent, received, processed and archived electronically, eliminating the traditional method of printing or scanning, posting or emailing, and then waiting for the recipient to handle them manually. Read more on GXS’s e-invoicing basics blog What is e-invoicing?Į-invoicing is a type of invoicing where all the same information of a regular invoice is provided in a digital format, and paper is completely removed from the process, making it easier, cheaper and more efficient. However, in the business-to-business (B2B) field, e-invoicing in the EU has nearly doubled, from 4.8 billion electronic invoices sent in 2015 to 8 billion last year.įurther, the potential annual financial benefits of e-invoicing are predicted to be around EUR 40 billion across Europe in the B2B field alone, according to a report by French consultancy firm Capgemini. Its speed, cost and accuracy are just three of the reasons why e-invoicing will become the new standard for invoicing and why you should get on board now.Īs a provider of free invoicing software, it can only be a good thing for our users that the future of e-invoicing is now being championed by dozens of countries and organisations.ĮU members and the European Commission have been leading the way for the past decade, stating that its adoption is crucial for the highly competitive European social market economy in the 21st century, and will “help to reap the full economic and social benefits of a digital society.”Īccording to the 2019 Billentis Market Report for E-invoicing, 70% of all invoice processing globally is still paper based, so there is still a long way to go. E-invoicing is in our blood here at Zervant.
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