P2P EN e-Invoicing Compliance
EU Directive 2014/55/EU calls for the definition of a common European standard (EN) on e-invoicing.
It was implemented in April 2019, and requires European public sector bodies to be compliant in order to receive invoices in electronic format from their suppliers. According to Billentis, the volume of European invoices sent electronically in 2019 is expected to increase by about 55% from 2018, due to the Directive.
It is not yet a requirement for suppliers, however there is a push to mandate it in the near future. Nevertheless there are numerous benefits for suppliers. According to EESPA, The cost of processing a paper invoice can be up to €13. Depending on the level of automation, the net benefits can be savings of between €4-12 per invoice
There are over 150,000 e- Invoice receiving organisations connected across 20 Euro countries, plus Singapore, Canada, USA. According to the Irish Office of Government Procurement, e-invoicing adoption rates of up to 25% can be expected within 3 years across Europe.
Celtrino operate a fully efficient and operational purchase to pay solution that is developed to maximize the benefit of e-invoicing. For public bodies that are mandated to comply with the Directive, they no longer need to purchase a wide range of software licenses or to integrate different tools to communicate with different trading partners. Suppliers in turn can trade electronically with any buyer in the EU public sector.
Benefits of e-invoicing
- Efficiency in payment time and clarity on invoice processing
- Access to an extended trading partner network
- Business productivity
- Access to documents for audit purposes
- Manual data entry
- Document storage clutter
- Printing and postage costs
- Invoice processing efforts and costs
Using Celtrino as an e-invoicing partner ensures that electronic invoices sent/received can be easily imported in to your back-office systems application. The information in the invoice can be readily leveraged for business insights and Celtrino provide services to suppliers and buyers for them to capture these business insights
Celtrino provide instant visibility of all transactions, and enable users to react quickly to customer demands and access real-time data for better decision making.
Celtrino have 30 years’ experience in e-invoicing solutions, and are the exclusive e-invoicing provider to the Irish public sector.