Marc Hoessels looks at the recent changes to e-invoicing legislation, and the challenges it presents for multinationals looking to automate VAT compliance
E-invoicing is ‘the ability to issue receive and archive invoices in an electronic way taking into account requirements from the local tax authorities’. It can reduce overhead and storage costs improve supplier relationships with clients minimise accounting mistakes and most obviously speed up the invoicing process. E-invoicing has been available for more than a decade but has only recently begun to generate real enthusiasm from the business community largely due to the variety of solutions now available and a clearer articulation of the cost and process benefits. Organisations are now moving towards e-invoicing in larger numbers recognising that the technology will start to replace traditional paper-based invoicing over the coming years.
From a VAT perspective the invoice...
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Marc Hoessels looks at the recent changes to e-invoicing legislation, and the challenges it presents for multinationals looking to automate VAT compliance
E-invoicing is ‘the ability to issue receive and archive invoices in an electronic way taking into account requirements from the local tax authorities’. It can reduce overhead and storage costs improve supplier relationships with clients minimise accounting mistakes and most obviously speed up the invoicing process. E-invoicing has been available for more than a decade but has only recently begun to generate real enthusiasm from the business community largely due to the variety of solutions now available and a clearer articulation of the cost and process benefits. Organisations are now moving towards e-invoicing in larger numbers recognising that the technology will start to replace traditional paper-based invoicing over the coming years.
From a VAT perspective the invoice...
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