Billtrust, a leading provider of B2B order-to-cash software and digital payments services, has launched its first annual E-Invoicing Interoperability and Compliance Report. This report aims to provide insights into the ever-evolving global electronic invoicing landscape, highlighting the dynamic regulatory and technological developments within the field.
The report not only presents a comprehensive compilation of current B2B and B2G (business-to-government) European invoicing mandates but also offers valuable insights, trends, rules, and regulations that can assist companies and organizations in their international e-invoicing initiatives.
According to Billtrust CEO Sunil Rajasekar, electronic invoicing is becoming increasingly prevalent and is here to stay. Over 100 countries have either already transitioned or started moving towards e-invoicing, which is expected to become the predominant model worldwide by 2030. In addition, e-invoicing is crucial for meeting new regulatory obligations imposed by tax authorities. Rajasekar emphasizes the importance of digitization in accounts receivable, and the report serves as a vital resource for B2B companies, highlighting the transition from being an optional choice to a key imperative.
The E-Invoicing and Compliance Report covers various aspects, including the invoicing process and the dos and don’ts of e-invoicing. It also explores the potential benefits of e-invoicing for suppliers, buyers, and tax authorities. The report provides an overview of the different types of e-invoicing currently in practice and explains the two-, three-, and four-corner models of exchange that ensure e-invoicing interoperability. Furthermore, it introduces the five-corner model, which is still in development. The report delves into the European Commission proposal, “VAT in the Digital Age,” discussing its implications. It also emphasizes the importance of Peppol (Pan-European Public Procurement Online), a network based on a four-corner model, which allows businesses to exchange information.
According to Marco Eeman, the Managing Director for Europe at Billtrust, navigating the complex landscape of international e-invoicing mandates and regulations can be challenging for many companies. Therefore, understanding and complying with these mandates effectively ensures international compliance and allows businesses to confidently operate in any market they choose.
Finance leaders rely on Billtrust due to its ability to help control costs, accelerate cash flow, and enhance customer satisfaction. As a leader in the B2B order-to-cash software and digital payments market, Billtrust assists global brands in transitioning from costly paper invoicing and check acceptance to efficient electronic billing and payments. With over 2,600 global customers and more than $1 trillion invoice dollars processed, Billtrust demonstrates its success in delivering business value through industry expertise and a customer-centric culture.
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