Several countries have adopted, with some on the way of adopting e-invoicing and e-reporting, as it offers seamless compliance, efficiency, and more. Given below is a quick overview –
What is e-invoicing?
- The process of digitalising invoices.
- A move from paper and PDFs to everything digital and automated.
- Electronic billing between buyers and suppliers.
- Minimises errors and improves compliance.
What is e-reporting?
- Electronic transmission of SAP data directly to tax authorities.
- Also known as real-time reporting.
- Data transmission happens in real-time or near real-time.
- Better estimation of VAT information, performance, etc.
Benefits of e-invoicing and e-reporting
- Increased automation and productivity
- Reduced invoice processing costs
- Increased accuracy
- Seamless compliance
- Fewer chances of tax evasion
- Enables interoperability
- Increased sustainability
E-invoicing and e-reporting provide better efficiency and offer improved cashflow, cost savings, etc. Collaborating with the right electronic invoicing and reporting partner will help you streamline your electronic invoicing and reporting process.
