Get Prepared for Mandatory E-Invoicing
With countries across Europe rolling out mandatory e-invoicing legislation, several of which are aimed at B2B payments, treasurers and finance transformation teams must be ready for a significant transition in how they make and receive payments.
E-invoicing offers many benefits for corporate buyers and their suppliers. For example, an e-invoice contains data from the supplier in a machine-readable format, which can be automatically imported into the buyer’s TMS or ERP. Removing manual data entry from the process saves both time and money for treasurers and teams that chase payments or manage reconciliations.
The growth of e-invoicing and its sibling, e-reporting, is changing how companies do business across Europe. Regulation has been a vital driver in adoption. Since Italy began implementing mandatory e-invoicing in 2014 for business-to-government (B2G) invoices involving the central government, countries around Europe have followed suit.
Aurélien Viry, CEO of Societe Generale Factoring, comments: “Most countries have implemented some B2G e-invoicing processes and are now moving to address B2B invoicing.”