![]() Want to know more about the benefits for your organization? Read our Invoice Processing 2.0 white paper. If goods or services were purchased on credit, the invoice usually specifies the terms of the deal and provides information on the available payment methods. That is when the real benefits of e-invoicing become apparent. An invoice is a time-stamped commercial document that itemizes and records a transaction between a buyer and a seller. 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. A digital invoice is not necessarily an e-invoice.Ĭonfused? I think yes.An e-invoice is always a digital file format, just like a PDF or Word file.A digital invoice is an invoice that can be viewed and processed digitally.An electronic invoice (e-invoice) contains data from the supplier in a structured format that the buyer’s financial system can automatically recognize, without requiring manual data input from the administrator.Dated sources on the internet create a lot of confusion surrounding the correct and modern meaning for the different types of invoices, despite them being fundamentally different. ![]()
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