EN e-Invoicing Compliance
This Directive was created to help ensure the timely and automatic processing of e-invoices and payments, and make it easier for companies to manage their contracts in any EU country. Public authorities that engaged in public procurement within the EU were required to comply with the standard to be able to receive and process electronic invoices.
Who is affected by the new e-Invoicing Directive?
The Directive applies to EU public sector entities, such as local and national governments and also educational institutions. Although the Directive does not mandate the use of e-invoicing; public sector entities can still continue to accept paper invoices. It essentially means that once a public sector entity receives an e-invoice that meets the new standard then that entity is required to accept and then process it.
Order to Cash and EN e-Invoicing Compliance
Within the Order to Cash cycle, an invoice must be generated and sent to the customer. For suppliers, the quicker that invoice can be processed then the faster they can be paid for providing their product or service.
If you are a supplier doing business with a public sector entity in the EU then you should ensure that your e-invoices meet the standards set forth by the Directive.
Benefits of being e-Invoicing Compliant
Being e-Invoicing compliant improves and shortens the order to cash process by:
- Ensuring data quality within the invoice itself
- Eliminating the potential of data errors by removing the need to manually re-key data
- Reducing the time taken for the delivery of the invoice from days to minutes
- Having fewer lost or missing invoices
- Reducing the risk of invoices being rejected
- Facilitating earlier customer payment
Contact us in Celtrino today to learn more