More and more nations are beginning to understand that it is crucial to legislate on electronic invoicing and have businesses assume obligations. Read on to know the road to mandatory e-invoicing legislation
What is electronic invoicing?
Electronic invoicing is grouped in the electronic billing category. Trading partners use this method to present and track transactional documents, for example, remittance slips, invoices, and so on, between each other and make sure that they have their trading agreement terms met. As a leading POS solution provider, ConnectPOS helps you with e-invoicing. For example, we help you set up and send electronic invoices to keep your shoppers informed about an owed quantity for services or goods rendered. ConnectPOS places speed and usability high on our priority list, from data loading to invoicing.
Electronic invoicing benefits
- Decrease the carbon footprint
- Decrease costs
- Avoid errors and losses
- Facilitate compliance
- Enhance account reconciliation
- Optimize payment cycles
- Streamline automation
- Cement customer/ supplier relationship
Road to mandatory e-invoicing legislation
ATCUD and QR codes come into effect
Portugal has strived for long on the e-invoicing implementation. As a result, ATCUD (unique document code) and QR codes have become valid this year in this country. It is mandatory for every invoice to include a QR code as well as an ATCUD.
B2G electronic invoicing comes into effect
It was already from April 2020 that every public administration in Cypriot could get and process e-invoices, in compliance with the applicable law. But it was not until January this year that B2G e-invoicing came into force. So, it is mandatory for every public administration supplier to utilize electronic invoicing for transactions with the authorities.
Reinforced SAF-T reporting system
Since 2020, firms in Norway have geared up for a compulsory report to the local Tax Agency leveraging the Standard Audit File for Tax (also known as SAF-T). The local government is now driving its actions and will impose obligations on firms regarding reporting VAT online under the same system.
B2B e-invoicing enforcement
This year is expectedly a key year for nations in Europe. For instance, Spain has an intention of enforcing the Crea y Crece Law. The draft bill includes the compulsory utilization of B2B electronic invoicing. But its utilization will not become mandatory until next year or the upcoming years.
The PEPPOL network welcoming more members
The introduction of the Peppol system was for streamlining European eCommerce in the first place. But what makes it good is that it keeps crossing borders. For example, Japan has taken part in the network to streamline the exchange of e-transactions between firms in this country and the ones in the remainder of this network.
E-invoicing becomes more popular
As the United States has worked hard on the e-invoice project, the pilot program for the e-invoice exchange in this country will most likely be successful.
In conclusion, we hope you can draw a better picture of the road to mandatory electronic invoicing legislation. If you need some help, do not hesitate to reach us to receive more useful guidelines.