Electronic Invoicing with UBL, the New Standard

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For several years now, businesses have been required to send their invoices electronically in the context of government contracts and concession agreements. Electronic invoicing is now also becoming the standard for business-to-business (B2B) invoicing. We’re looking into what this means for you. 

What is an e-invoice?

Alternative terms: e-invoice, e-billing, e-invoicing, or electronic invoice 

An “electronic invoice” is an invoice that is created, sent, and received in a structured electronic format that allows for its automatic and electronic processing. 

Both the sender and the recipient use the same standard format for billing data, which makes it easy for them to exchange information. 

The standard format for that structured electronic form is written inUBL(Universal Business Language). This is a technical language that enables and simplifies the processing of financial information by software.

Why?

Creating, managing, and tracking invoices is a major administrative burden for businesses. According to estimates by the DAV research firm, the rise of e-invoicing could result in areduction in administrative costsfor businesses and individuals of104,931,280 euros. * 

Standardizing and automating all steps in the invoicing process offers many advantages: 

  • More affordable: manual tasks will be a thing of the past. Save up to €9.00 per invoice on the estimated average cost of €12.08. *
  • More reliable: better data—fewer errors
  • Better Collaboration: With Your Accountant and Clients
  • Safer: thanks to automatic monitoring capabilities
  • Faster payment: Electronic invoices are paid, on average, seven days sooner than paper invoices
  • Fully compliant with all legal and tax requirements 

I already send my invoice by email. Isn't that electronic?

Yes, but…
Many business owners send their customers invoices via email, usually in the form of a document such as a PDF. However, this is little more than a digitized paper document. Despite its advantages, such as searchability and easy storage, this format does not allow for fully automated management. It is, so to speak, still a “dumb” document.  

Example
To calculate the total of two invoices (in PDF format), the customer still has to manually enter the two totals into a simple calculator.  

Practical. Start today.

Get a head start on your industry peers and start using e-invoicing today. That way, you'll be fully prepared for current and upcoming government regulations. 

What should you do? Nothing 😊 

Easyboxoffers everything you need for a smooth transition from paper invoices toe-invoices by default . All invoices you create in Easybox immediately comply with all new standards. What’s more, what makes Easybox unique is that you can also receive as PDFs purchase invoices just as easily to UBL . 

It's very simple.  

Do you still have questions? 
We’ll work together to help your business run more efficiently. Our team is here to provide personalized support and is happy to help you get started quickly. 

* ⫘ Sources: