- E-invoicing and digital invoicing are often confused, with many tax professionals not understanding the differences between digital documents, images of paper documents, and e-invoices.
- As more countries adopt e-invoicing regulations, it is important for tax professionals to familiarize themselves with the fundamentals.
- E-invoices enable a more automated exchange, with data from the supplier in a machine-readable format that can be imported to the buyer’s AP system without manual intervention.
- The primary objective is accuracy and efficiency, with tax authorities emphasizing the benefits of increased tax administration efficiency, compliance accuracy, and reduced tax fraud.
- However, complying with e-invoicing rules can present challenges and costs for companies.
- It is important to view e-invoicing as a strategic business priority that extends beyond a technology project or tax initiative.
Source Vertex
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See also
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
