Electronic invoicing is nothing new: Electronic Data Interchange, or EDI—the transmission of information between different organisations by way of various networks—has been a popular means of data interchange for quite a while. However, for all its success, EDI will inevitably be superseded by e-invoicing, and for a number of good reasons: not only is it a faster, more efficient means of lowering operational costs and improving asset and capital management, but it also provides companies with what, if properly managed, can actually be a self-subsidising method of B2B data interchange. Why? Because e-invoicing totally eliminates paper: a supplier can send an invoice to a payer who in turn can view it online. What’s more, using the Internet means that payments can be made instantaneously through now-connected financial institutions, and, if a disagreement between payer and supplier should arise, the difference of opinion can be resolved solely on the Internet. But there are a couple of other, very compelling reason, to migrate to e-invoicing: first, you can integrate all of your company’s financial functions—from accounts payable to capital management; and, second, a you can significantly reduce the cost of your paper transactions—a paper-based process that involves invoice processing, delivery verification, and the costs of issuing and mailing checks can now be done (literally) with the click of a mouse. A number of companies have proved, conclusively, that e-invoicing and e-archiving can lead to significant cost savings and operational efficiencies.
If this is your situation:
- You want to institute a pan-EU e-invoicing and e-archiving system, but you need help negotiating all jurisdictional tax and legal requirements.
- You must create an flexible, yet controllable, e-invoicing/e-archiving system that meshes easily with your company’s existing operations.
- You need to improve your cash flow position by switching from paper to electronic bill presentment.
- Your suppliers and customers are pressing you to begin possessing invoices electronically.
- Your business has grown rapidly—but you don’t have an adequate, or efficient way to e-archive your documents. You need help building and running a centralised e-archive facility.
- You must acquire a thorough understanding of the tax and legal rules regarding e-invoicing and e-archiving.
How PwC can help you.
At PricewaterhouseCoopers (PwC) we have the knowledge, skills and experience to manage every aspect of your e-invoicing and e-archiving needs, from technology and tax issues to legal and accounting concerns. Our highly-trained specialists will not only help your people make the right strategic analysis and provide feasibility studies that will help you define your business case, but we can also provide you with a complete understanding of the impact of technologies such as EDI, XML and digital signatures. Through our international network we can coordinate and manage local and international projects of any size; and you will find that our experience in dealing with third-party contractors—as well as technology-service and billing-system providers—is of immense benefit to you. In addition to coordinating multi-country projects and providing you with project management assistance, we will work with you on compliance procedures and help draft related policies And, and, should the need arise we negotiate on your behalf and obtain rulings for e-invoicing or e-archiving solutions with the appropriate tax authorities throughout Europe. In fact, we can provide ongoing review and validation processes for your e-invoicing and e-archiving set-ups so that you can adapt to the demands of expected legislation. So, whether you need e-invoicing, e-archiving, or both capabilities, our experienced teams will carefully analyse the impact on existing processes and procedures and recommend solutions that will put you in control of an integrated, secure system. Let us show you how.
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