E-Invoicing - The Basics
What is e-invoicing?
Electronic invoicing (e-Invoicing) is the exchange of an invoice document between a supplier and a buyer in electronic format. E-Invoices are a legally recognised alternative to paper invoices, and carry the exact same validity. E-Invoices are exchanged in a structured format that allows for automatic processing by the buyer.
E-Invoicing vs paper invoicing
The physical nature of paper invoices means they must be manually handled and exchanged, making them more prone to human error, resulting in increased costs for businesses.
People often confuse digital invoices (such as invoices sent in PDF format rather than print format) for e-invoices. While these do remove the physical element of the traditional invoice, they still need to be read manually and entered into the company’s Accounts Payable (AP) Systems.
E-Invoices contain data in machine-readable format that can be automatically imported into the buyer's AP system. For e-invoices the visual format is not so much of an issue, as the objective is not to view the invoice - due to all the information being automatically processed.
Is e-invoicing for me?
As well as improving your business cash flow and reducing manual processes, there are also legal regulations to consider.
In 2014, the European Parliament and Council voted on Directive 2014/55/EU – on electronic invoicing in public procurement. This Directive dictates that “EU Member States shall adopt e-invoicing so that it will become mandatory for all contracting authorities and their suppliers to receive and process e-invoices complying with the European standard, by April 18th, 2019”.
Essentially if you supply to the Public Sector you need to comply with the e-invoicing standard by April next year
Please Contact Celtrino for more information.
E-Invoicing from Celtrino gives you the ability to trade electronically with more buyers. Regardless of the method used to digitally create and send the invoice (PDF, XML, EDI, HTML), it can be easily converted into an e-invoice structure, and imported in to the buyer’s AP application.
All invoices are presented in electronic format and processed within a secure online account. There’s no need for internal software or expensive IT resources. Designed to easily integrate with existing systems, Celtrino e-invoicing eases the burden on finance teams by removing the need to manually approve, track and store paper invoices.
Celtrino provide instant visibility of all transactions, and enable you to react quickly to customer demands and access real-time data for better decision making.
Celtrino have 30 years’ experience in e-invoicing solutions.
Contact us to learn more about how Celtrino can get you paperless today