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What is an electronic invoice?
An electronic invoice, also known as an "e-invoice", is an invoice that is issued, sent and received in an electronic format. To create an electronic invoice, you use structured data based on UBL (Universal Business Language). A pdf document is therefore not an electronic invoice.
This structured data consists of fields that can be recognized and processed automatically by banking and accounting software packages. This means that the processing of electronic invoices is automatic and therefore considerably reduces the administrative burden on accountants and entrepreneurs.
Only advantages
Discover how electronic invoicing makes the life of both accountants and businesses so much easier.
- Easy: you do not need any prior knowledge or training in order to send electronic invoices, you can start right away!
- Automatic: your invoice’s data is read and processed automatically. No manual actions are needed.
- Fast: sending sales invoices, approving and paying incoming invoices - the automatic flow covers each step of the process much more efficiently. And who doesn't like an invoice paid even faster?
- Reliable: fewer manual actions result in fewer errors (in the account number, communication, etc.). You can be sure that you are using the right data and that your invoice will not get lost along the way. Because a considerable number of e-mails do not reach their recipient.
- Secure: electronic invoices have the same legal value as paper invoices. Plus, exchanging e-invoices is even safer as the files are encrypted and can be read by various accounting systems.
- Cheaper & more sustainable: no paper, no stamps, no physical transport, no extra time or staff to manually type or check information... Electronic invoicing is cheaper and more sustainable.
- Governments across Europe are in the process of making electronic invoicing mandatory - by using Banqup’s electronic invoicing solution, you already comply with these future obligations today.
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