What are the Advantages of e-invoice ?
The e-Invoice system also has many advantages for your company. Thanks to this system, you get rid of costs such as paper, ink, and mailing. Your bills will no longer be lost. With the help of computer, you can easily and quickly prepare your invoices.
Since your invoices will be archived electronically, you will get rid of an obligation like invoice storage. Since you will not use paper, you will reduce paper intake and consumption and thus follow an environmentally friendly policy.
After you register for the e-Invoice system once, all invoices you will issue will be e-Invoice. A financial seal will be determined for your company. The duration of these seals is 3 years. Companies registered in the e-Invoice system should also be registered in the e-ledger system. If the counterparty you have invoiced has not switched to the e-Invoice system, you can bill the company. If you switch to the e-Archive system, you can issue an electronic invoice to these companies.
Why is e-invoicing compliance important?
For our clients, e-invoicing compliance is a ‘necessary evil’, as they need to be able to handle VAT and other taxes correctly in order to not incur fines or other penalties, and, of course, to be able to make VAT deductions correctly.
What a company needs to do before getting started
Very often, a company must meet certain requirements before it can get started with electronic invoicing. These requirements may entail the company being obligated to report switching from paper invoices to electronic invoices in order to receive approval from the tax authority, or the service provider having to report that it will start processing invoices electronically on behalf of the client.
In some countries, the supplier must get the invoice recipient’s consent in order to switch from paper invoicing to digital invoicing. This is primarily because, although e-invoicing has been available on the market for a while, in many countries its use is still at an embryonic stage. Many companies do not have the capacity to handle electronic documents. They still work only with paper.
“In some cases, the tax and accounting legislation may not be up to speed either. For this reason, the first question should always be whether or not an electronic invoice constitutes a valid document for tax purposes.”