The major challenge here is that invoice documents need to be verified, and Buyers don’t necessarily save invoices in the same format as their Suppliers. It means invoice data being sent from the Supplier’s accounting system and delivered into the Buyer’s accounting system with no human intervention necessary. Straight-through processing is the ideal. As such, the success of your e-invoicing solution will ultimately depend on the level of integration between your ERP / accounting system and that of your customer. Friction manifests itself in manual, human touchpoints in the process, each of which costs extra resources, both in terms of time and money. The overarching objective of an e-invoicing programme is to remove friction from accounting function. This is discussed in greater detail in Gary Benson’s latest blog, ‘ Can you be partially compliant?!’ A good clue is if the provider can confidently discuss things like the role of different legislative directives or the nuanced electronic archiving requirements in various countries. You should not be afraid to interrogate a service provider on compliance, because if they can achieve compliant e-invoicing, they will generally be VERY happy to tell you about all the trouble they’ve gone to in order to accomplish this feat. Having said that, it can be hard for service providers to meet the nuanced requirements of fiscal legislation in different countries and guarantee compliance, never mind to stay ahead of the game and build upcoming legislation into their solutions. If your e-invoice will not stand up to an audit, then it is not an e-invoice and you may have legal difficulties. Do not let a service provider tell you that it is not a priority. This should go without saying but very often does not. An e-invoice acts as a VAT, tax and accounting document, as well as the request for payment.Ĭompliance is a priority.
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