- Incorrect Data Entry: Errors like inaccurate tax rates or missing mandatory fields can cause compliance issues or payment delays.
- Solution: Implement validation mechanisms in software, train employees on data accuracy, and maintain updated tax codes and customer details.
- Incompatibility with Buyer or Supplier Systems: System incompatibility can lead to transmission failures or formatting errors.
- Solution: Choose a platform supporting multiple formats with interoperability through APIs, and test compatibility with trading partners before going live.
- Lack of Integration with ERP Systems: Standalone e-invoicing solutions can lead to inefficiencies and duplicate entries.
- Solution: Use e-invoicing software that integrates seamlessly with ERP systems and automate data flow to minimize manual intervention.
- Overlooking Archiving and Retrieval Requirements: Governments mandate e-invoice retention, and failure to comply can result in audit issues.
- Solution: Use cloud-based solutions for secure storage and easy retrieval, and set retention policies based on local regulations.
- Missing Deadlines for Invoice Submission: Real-time or near-real-time submission of e-invoices is required by many jurisdictions.
- Solution: Set up automated reminders for deadlines and use solutions that enable real-time transmission and acknowledgment tracking.
Source Fintedu
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See also
- E-Invoicing/Real Time Reporting – What can you find on VATupdate.com
- Worldwide Upcoming E-Invoicing mandates, implementations and changes – Chronological
- Collection of E-Invoicing Guides – Worldwide – VATupdate
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
