The e-invoice is surely a familiar thing in the businesses and individuals who often exchange the information electronically. But not all folks have realized the baselines of the invoicing so that it is not surprising to see that there are many errors and failures in some transactions.
Before going further, you will want to cover all of the basics of e-invoicing and the importance of compliance to the certain standards for your company or business. Here I am going to share with you the basics of e-invoicing and the reason why a business needs to be compliant to the people in processing the business documents and exchanging the information with their partners.
Electronic invoicing (e-Invoicing) is the electronic exchange of invoice documents between suppliers and buyers. Invoicing, like any other primarily paper-based operation, is traditionally labor-intensive and subject to human mistake, increasing costs and processing times.
E-Invoicing is a long-standing element of B2B transactions and Electronic Data Interchange. Compliance seems to have set e-Invoicing apart from B2B. Surprisingly few finance executives are aware that their firm already sends and receives EDI invoices.
An electronic invoice should contain data from the supplier in a format that can be entered (integrated) into the buyer's Account Payable (AP) system without the buyer's AP administrator having to enter any data.
With electronic invoicing, most businesses can save an incredible amount of cost and time. They can remove the paper and manual processing from the invoicing for good.
The problem comes to the surface when you use one particular ERP software to send the bills to a client who uses a different system. The different languages between the systems could risk misunderstanding or errors. In the end, your staff will need to input the data manually to cope up with the recipient’s own standards. The solution called peppol go will fill this gap more effectively.
The real advantages of e-invoicing will be maximized when you have registered your business to a peppol access point provider. Here is what you need to know about the peppol services.
Peppol is a specially designed set of standards which dictate its network members to transact the documents based on AS2 or As4 EDI protocol.
PEPPOL was co-funded by the European Commission and 18 government departments to streamline the purchase-to-pay process. The PEPPOL network is becoming more widely mandated for transmitting e-invoices.
Sending UBL bills via PEPPOL offers several benefits. The network is protected and only certified access points can access it. The closed network guarantees safe financial data transmission between businesses and governments.
Thanks to our secure billing infrastructure, you can always submit your e-invoices safely. Using the UBL format also assures that every software interprets your papers the same manner.
This automates most of the billing process. Billing automation saves time and eliminates billing mistakes by eliminating the need to manually input payment data. Want to submit an e-invoice via PEPPOL with Galaxy GW? Consider reaching out to the professionals now to find the best solution for you. If you are still considering, proceed reading this article.
Additionally, tender documents may be shared through the PEPPOL network. You may leverage our PEPPOL API to transmit documents from your ERP using Galaxy GW access point. More information about our API may be found on our API website.
The PEPPOL platform is a place where standard papers such as invoices may be traded online. Over 39 nations utilize it. And the number is increasing from time to time, proving that the peppol go has convinced a lot of countries about its perks.
Now we are getting to the main point of the article. How the peppol e-invoicing with peppol network works pretty much the same way as what you usually do in your electronic invoicing tasks. According to PEPPOL experts itself, the peppol access point is the only thing you need to connect to start using the network for exchanging the documents. You can also insert this solution into your existing system or solution.
PEPPOL is a set of service provider guidelines, similar to those issued by Pacific Commerce. When using PEPPOL certified access points, users can send and receive documents with other peppol access points.
PEPPOL-governed documents are transmitted between PEPPOL Access Points in compliance with PEPPOL regulations. Although this paper discusses just these transactions, publications can be in any standard. Allowed connection points, such as Pacific Commerce, perform translation between the required output format (for example, ERP) and the PEPPOL standard. PEPPOL minimizes errors and saves time in document sharing.
In this case, the suppliers will create the electronic invoices sent to their clients software for the payment. They will use the invoicing features of the ERP software. Some software comes up with helpful add-ons which can create invoices automatically.
Sometimes, the clients prefer to receive paper invoices to have solid proof of the payment. They can also digitize the paper bills using the OCR software. This add-on is usually included in updated accounting software or ERP software.
In this case, both the suppliers, clients, and other concerned bodies will need to connect to a certified peppol access point. In each country, there should be a formal peppol access point provider that you can contact to help you out such as Galaxy GW.
Let’s presume that you are the supplier here. Once you are connected, you will create the invoice in your ERP system. This invoice will be sent to your recipient through Galaxy GW’s secure access point network. The invoice will be received by your recipient. Then they can process the payment quickly. There is no need to wait for a long time until the documents are received by your recipients. As a result, the transactions can finish much quicker, resulting in quicker money flow in your company. The payment will be received within 5 days, or more depending on the contracts and agreements of the both parties.
For further information about how the peppol services work, do not hesitate to reach out to Galaxy GW now for clarity.