Choosing the right e-invoicing provider in Europe is important for your business. You are not simply buying a solution, but you are getting into a partnership. The success of your e-invoicing project depends on the success of that partnership. That’s why you need to keep your eyes open when you select an e-invoice service provider. Here are some things you need to consider when choosing an e-invoicing provider in Europe.
- Tax Expertise
All e-invoicing providers will tell you they are accredited in whatever country you want to operate in; however, that information is irrelevant. You need a provider who can operate successfully in European tax authorities. E-invoicing regulations are constantly changing. You need a provider that will keep you compliant with local laws and fulfill the requirements of local tax authorities.
E-invoicing is relatively new. In Europe, less than 10 percent of invoices are electronic. It took over a decade’s effort to change that. Thus, you need to choose a provider that has experience in tackling the commercial, technical and legislative challenges of e-invoicing.
It does not matter how long an e-invoicing provider has been around. Their strength and stability is not an assurance that they will be around for the next years. Thus, it is important that you make sure your provider will be around for the life of your project. Remember that their commitment to the future is more important than their claims about the past.
- Electronic Data Exchange
Your e-invoicing provider should be able to support other documents that are part of your e-invoicing process. They should enable the exchange of documents and accommodate your communication strategies and security policies and your partners’.
Your e-invoicing provider should easily integrate with your workflow system without requiring replacement of your existing functionality. You should be able to continue using your own financial system to process data, leverage your existing workflow and management tools, and control payment transaction initiation.
- Auditing and Reporting
VAT and sales tax represents a large part of Europe’s GDP. Thus, auditing becomes an important factor to consider in choosing an e-invoicing provider. They should be able to provide related compliance documentation for non-signed EDI documents, reports for multiple audiences, data protection laws, and invoices in human readable- format.