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At the most basic level, e-invoicing can be defined as the exchange of an invoice between a supplier and a buyer in an electronic format. However, this definition does not fully bring to light the advantages and innovative character of e-invoicing. Take a moment to think about it: probably most of the invoices you receive at your company nowadays are PDF documents that your suppliers provide via email. The means of exchange (email) and the document itself (PDF) are therefore electronic. Nevertheless, a PDF invoice sent via email â€“ according to the more profound definition of e-invoicing â€“ does not qualify as an e-invoice. This is because other definitions of the term further specify that â€“ to be considered an e-invoice â€“ the document must be issued, transmitted, and received in a structured data format, which allows the recipient to process the invoice automatically and electronically.
What does this mean in detail? To be considered an e-invoice, the invoice document must be provided as a machine-readable data set entry â€“ the most popular one among them being the XML format, which has been developed and optimized specifically for automated document processing. E-invoices are therefore characterized by the fact that they can be created, exchanged, and processed without any manual data entry on either end of the process (buyer or supplier).
Due to their particular format, e-invoices offer many benefits to both buyers and suppliers. The most important among them are:
As per usual when processes are automated, e-invoicing comes with the benefit of cost reduction. While the implementation of electronic invoicing software will require an initial investment, working with a digital and automated workflow significantly reduces running costs. This is mostly due to the elimination of manual labor and the resulting efficiency increase. Companies that opt for e-invoicing can benefit from dynamic discounts as a result of faster payment cycles.
When invoices are processed manually, accounting staff on both the supplier and the customer side must enter data by hand into their ERP system. This work is tedious and prone to error. E-invoices â€“ being exchanged in a machine-readable format â€“ eliminate this source of error completely because they are processed fully digitally. Relevant invoice data is captured, interpreted, and transferred automatically without requiring any manual interaction.
Aside from cost savings, working digitally has other advantages such as improved compliance and security. This is because digital invoice exchange automatically documents and stores all data leading to improved transparency and long-term traceability. For the same reason, e-invoicing reduces the risk of fraud and makes companies fit for external audits.
E-Invoicing substantially improves and accelerates the exchange of invoices between buyers and suppliers. By making it possible that documents are processed fully digitally, e-invoicing minimizes the risk of error and reduces average payment cycles leading to a drop in supplier inquiries. At the same time, supplier satisfaction increases.
E-invoicing is gathering momentum all over the world. With Interface E-Invoice, youâ€™ll be all set for this transformation. Our solution gathers incoming XML invoices, captures their content, and automatically transfers the relevant information into the appropriate fields of your ERP system. For convenient further processing, the machine-readable document is also converted into an easy-to-read PDF.
With Interface E-Invoice, you donâ€™t have to choose between XRechnung and ZUGFeRD, as the solution supports both formats. It also supports PEPPOL BIS Billing 3.0 (which is standard in several European countries), the French Factur-X format, and InvoiceNow from Singapore. Other formats are currently being prepared.
Interface E-Invoice supports you from start to finish. The solution begins by automatically gathering e-invoices from your e-mail inbox or e-invoice portal. It then transfers the invoice to the receiving system and the correct recipient, capturing the invoice data and automatically entering these into the appropriate fields in your ERP system. In addition, the software files the e-invoice in your archive in line with auditing requirements.
With our additional workflow solutions, subsequent tasks, including verification and release, can be performed digitally and automatically within your ERP system. To simplify further processing of invoices, we offer a handy viewer that converts the content of machine-readable documents into easy-to-read PDFs.
Accept invoices in XML format
Electronic invoicing (e-invoicing) is gaining popularity around the world. Indeed, it is gradually replacing both traditional paper invoicing and the more recent PDF invoicing in the B2B and B2G (business-to-government) sectors. In addition, an increasing number of countries are making e-invoicing mandatory in the B2B sector.
Companies, particularly those with international operations and trade relations with foreign companies, should therefore address the issue of e-invoicing as soon as possible.
This white paper provides an overview of the topic of e-invoicing, explains the factors driving its growth, outlines the relevant technical transmission methods, and presents practical deployment scenarios.
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