Summary of the IDC MarketScape: European Compliant e-Invoicing 2024 Vendor Assessment:
- Transformative Market Shift: The European e-invoicing market is undergoing significant changes due to mandatory e-invoicing and e-reporting initiatives by EU countries, driven by the EU’s VAT in the Digital Age (ViDA) initiative aimed at improving tax compliance and closing VAT revenue gaps.
- Complex Regulatory Landscape: Organizations face challenges due to diverse business-to-business (B2B) e-invoicing mandates across different countries, requiring tailored solutions to navigate the fragmentation and meet country-specific compliance requirements.
- Integration of Broader Compliance Needs: e-Invoicing is expanding beyond traditional invoice management, with governments leveraging e-invoicing infrastructure for real-time operations and potential integration with environmental, social, and governance (ESG) reporting.
- Focus on Process Automation: Companies are increasingly recognizing that e-invoicing can drive process automation and efficiency gains, integrating with enterprise resource planning (ERP) systems to streamline financial processes and reduce manual workloads.
- Vendor Selection and Strategy: Organizations are advised to proactively monitor regulatory changes, align e-invoicing with business goals, adopt global strategies for consistent compliance, and thoroughly evaluate vendors to ensure they meet specific needs while supporting ongoing operational efficiency and adaptability.
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