E-invoicing, or electronic invoicing, is a system in which all the information on an invoice is represented in a digital manner. It is a paperless method for creating, sending, processing, and receiving invoices, and even archiving them for future reference.
E-invoicing has been in the global marketplace for quite some time now. There are several regions across globe, including South Korea, parts of latin America and Europe, that have implemented this system. Based on a Billentis market report, the countries with the most successful e-invoicing implementation are distinguishing themselves with high market penetration (Brazil), large volumes of e-invoices sent (Chile), and sophisticated technology (Finland).
India is all set to join the trend by introducing e-invoicing in its tax regime. Are you curious about the workflow of an e-invoice? Here’s an infographic for you.