Electronic invoicing is no longer a trend – it’s the norm. eInvoicing is here to stay.
Across the world, countries are turning more and more towards eInvoicing because the process:
- Drastically reduces the cost of processing an invoice.
- Decreases the likelihood of invoice disputes.
- Eliminates manual entry errors.
- Reduces the reliance on paper processing.
- Helps eliminate fraud.
To name a few.
France is the latest region to begin a wider rollout of eInvoicing and eReporting.
Currently, only B2G (Business-to-Government) transactions in France require eInvoicing - mandated since 2017, with all government suppliers required to submit electronic invoices from January 2017.
However, from January 2023, ALL businesses will need to be able to receive and process eInvoices from their suppliers.
Business-to-Business (B2B) eInvoicing will become mandatory in three steps. The scheduled rollout date depends on the size of the company:
- January 2023 for large enterprises
- January 2024 for mid-size companies
- January 2025 for small companies
This means that after 2025, all companies will need to transfer all their invoicing and accounting data for domestic B2B transactions.
With two years until large companies are mandated to use eInvoicing, some companies and Finance leaders may be tempted to put off investing in a solution. However, acting quickly will be vital.
Digitising and automating your Accounts Payable process is the clear way forward. Not only will this empower your teams to quickly and simply process financial transactions, it will also help your organisation to ensure tax and fiscal compliance.
eInvoicing for B2B transactions can help finance departments to reduce cost, minimise human error and process transactions faster. By leveraging fully digital technology solutions such as Proactis, Finance departments can respond to shifting demands and compliance changes as they occur.
We would like to discuss this new mandate with you, and explain how Proactis can help you. Contact us today.