Community
Take structured e-invoicing (PDFs are pictures - worse than paper). Steps:
1. Go for a four courner model and choose a standard for all to use.
2. Convince also banks to join with the basic e-invoicing service where any enterprenaur (20m SMEs in EU) can fill in the invoice form and press send. For repeat invoices it means copy+new invoice number + new amount + send. Nobody can claim that this is difficult.
3. For higher volumes convince ERP providers to deliver invoices in the standard into file transfer.
4. Buyers to make it mandatory - starting from the public sector (saving tax payer's money on the top of any politicians and civil servants agenda + followed by mission to nudge all enterprises across tresholds to digitalization..
5. Save some 250 bn€ on EU-level, lower risk costs and cut the grey economy
Then move to e-receipts. Steps:
1. Go for four-corner model and use the same standard.
2. Convince all e-invoicing service providers to join in and deliver the receipt to the e-adress chosen by the buyer (accounting firms or e-banking)
3. Convince POS-equipment providers to join and support the standard
4. Buyers make it mandatory - starting from the public sector
5. Save some 60 bn€ on EU-level + lower risk costs and cut the grey economy
Then move to automated real time accounting (XBRL), VAT-reporting (ISO ready) etc and make it mandatory. Can we really afford dragging our feet?
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Roman Eloshvili Founder and CEO at XData Group
06 December
Robert Kraal Co-founder and CBDO at Silverflow
Nkiru Uwaje Chief Operating Officer at MANSA
05 December
Ruoyu Xie Marketing Manager at Grand Compliance
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