e-Invoicing refers to the exchange of invoice documents between companies and their clients in an integrated electronic format.
What is e-Invoicing?
Electronic Invoicing or e-Invoicing refers to the exchange of invoice documents between companies and their clients in an integrated electronic format. As defined by the Council Directive 2014/55/EU, e-invoice is an “invoice that has been issued, transmitted and received in a structured electronic format, which allows for its automatic and electronic processing”.
How e-Invoicing works?
e-Invoicing is a part of electronic data interchange transactions that include data in a format that can be integrated into the client’s financial system without the need of human intervention.
e-Invoicing brings savings in administration cost and enables the introduction of value added services around the procurement process. The market of e-Invoicing evolved through service providers that offer various services to meet market demand.
e-Invoicing and European Union
By 2020 e-Invoicing will be the predominant method of invoicing in European Union and all member-states will have to follow a common standard.
This common standard will provide a significant cost reduction and cut the redundant investments and obstacles to a cross-border environment.
The major European Union e-Invoicing milestones are:
e-Invoicing and PEPPOL
The European Committee for Standardisation (CEN) has created PEPPOL in order to define a common set of electronic documents, aimed to set up an open network to enable the exchange of electronic documents with public/private entities.
The objective of PEPPOL is to enable European businesses to easily deal electronically with any European public sector buyers in their procurement processes, thereby increasing opportunities for greater competition for government contracts and providing better value for tax payers’ money.
PEPPOL which is available for public and private use as OpenPEPPOL since 2012. More information about it you can find on the following website: http://www.peppol.eu/about_peppol/about-openpeppol-1
e-Invoicing and Cyprus
e-Invoicing platform was established in Cyprus in order to enable businesses to send electronic invoices to the Government, using European and international standards (including standard mandated by Directive 2014/55/EU) and through the authorized PEPPOL access points.
eBizForAll targets any size of Business as well as business from any industry sector. Our e-invoicing platform can be integrated with SAP ERP system. Interfaces can be developed on demand with other ERP providers easily.
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