On the other hand, it is expected that by 2030 electronic invoicing will exceed US$16.68 billion worldwide and an annual growth of 17.40%. In 2021, it was estimated that the use of electronic invoicing enabled savings of around 2.3 billion euros in management costs, which corresponds to 23.15% compared to the previous year. It seems that this modality is beneficial in economic terms for the country. In January 2015, electronic invoicing became mandatory for all those suppliers of the Public Administration in Spain whose invoices exceed €5,000. Who will be required to invoice electronically? On November 30, 2021, the Council of Ministers approved the draft Crea y Crece Law on invoicing for entrepreneurs and freelancers in Spain. The Spanish Government has considered making the use of electronic invoicing mandatory, an initiative that is part of the Transformation and Resilience Recovery Plan, which aims to contribute to business digitalization and minimize late payment in commercial transactions. Therefore, it corresponds to a legal alternative to the traditional invoice issued in physical form. The doubt that many people often have nowadays, does the electronic invoice have the same legal effects as a paper invoice? And the answer is yes.Ī digital invoice is a proof of delivery of goods and services. Do you want to know more about this topic? Continue reading below! Want to know more about the benefits for your organization? Read our Invoice Processing 2.0 white paper.The digital era highlights important changes in the business environment and with it the use of electronic invoicing in Spain will become a mandatory regulation in all transactions of the Public Administration, entrepreneurs and freelancers, starting in 2023. That is when the real benefits of e-invoicing become apparent. The benefits of an e-invoice are negligible or non-existent for the recipient without a smart system that automates invoice processing. The medium an invoice uses to travel between organizations and the way that it is processed is of no concern if it happens quickly and without error. The ultimate goal of a recipient is to book a purchase invoice with as few human actions as possible. The sending party is assured that the invoice will reach the right person faster, at lower costs. Unstructured invoice data issued in PDF or Word formats Įlectronic invoicing is ultimately not an end in itself, but a means of achieving a goal.What is a digital invoice, but not an e-invoice: This contributes to lower working pressure.įinancially accessible online solution contribute to the growing success of digital invoices in favor of the old paper invoice. With optical recognition (OCR) digital invoices are booked into systems semi-automatically. The digital invoice is easy to archive and connect to accounting software. Structured invoice data issued using standard Internet-based web forms.Ī digital invoice is an invoice that can be viewed and processed digitally.Structured invoice data issued in Electronic Data Interchange (EDI) or XML formats.The following guidelines apply to e-invoices: This is due to become the standard format for companies that deal directly with the EC. The European Commission (EC) is working on its successor UBL 2.1. A growing list of governments worldwide has selected UBL 2.0 as their preferred format. The most common formats are EDI and UBL.ĮDI has been a popular standard for a long time, but expensive for SMEs. There are many different formats for e-invoicing and a global standard is currently missing. What is an electronic invoice (e-invoice)?Īn e-invoice is a systematically built digital file with the data in a fixed location and dedicated meaning.
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