The process of sending and receiving invoices electronically, along with their automated processing, is fundamentally different from exchanging PDF invoices. The use of electronic invoices (e-invoices) ensures faster data processing, fewer errors, and significant savings in both time and costs.
What is E-Invoicing?
E-invoicing is the process of sending, receiving, and processing invoices entirely in a standardized electronic format, such as UBL (Universal Business Language) or XML. Unlike PDF invoices, e-invoices are directly integrated into the recipient’s accounting or bookkeeping software. This eliminates the need for manual data entry or verification, making the process faster and more efficient. Payt automatically sends e-invoices and seamlessly follows up on any outstanding payments.
Peppol Network
To facilitate the exchange of e-invoices, connection to the Peppol network (Pan-European Public Procurement Online) is required. Using Peppol, invoices can be electronically and automatically integrated into your client’s accounting software. Payt collaborates with eConnect to process electronic invoices through the Peppol network.
Is Electronic Invoicing Mandatory?
While not mandatory, e-invoicing is used in public procurement to improve efficiency. The UK has adopted the Peppol (Pan-European Public Procurement On-Line) standard for e-invoicing in certain public sector contracts, especially where interoperability with European suppliers is needed.