After making e-invoicing to the public sector mandatory between 2017 and 2020, the France is preparing to generalize the device for domestic transactions between professionals. In less than two years, the 1er July 2024, the almost 4 million French and foreign companies subject to VAT in France will indeed have to be able toe receive and accept dematerialised invoices (e-invoicing) of their suppliers. The latter, according to a timetable staggered between mid-2024 and 2026 depending on their size, will also be required to send their invoices in electronic format to their customers, as well as the data associated with the tax authorities.e-reporting).
Initially set for 2023, this reform, which concerns more than 2 billion invoices exchanged each year, has four main objectives:
- optimize the fight against fraud (ephemeral companies, false invoices, etc.),
- simplify reporting obligations (pre-completion of VAT returns),
- improve real-time knowledge of business activity and the management of public policies,
- increase the competitiveness of companies thanks to the gains of dematerialization.
On the last point, "the gains will be substantial, with at least 4.5 billion euros per year for the economy thanks to a reduction in processing costs and a shortening of payment terms", according to Emmanuelle Levieils, project manager at the project directorate within the Directorate General of Public Finance (DGFip) of the Ministry of the Economy, finance and recovery, which spoke at the Day of the Electronic Invoice recently organized by the FNFE-MPE (European Forum on Electronic Invoicing and E-Procurement). For companies, beyond the constraints, especially in terms of adapting information systems and processes, this regulatory evolution is a great opportunity to accelerate the digitalization of the purchasing chain and gain in performance.
Full article from The Watch Digital Purchasing : "How to turn the constraint of e-invoicing into an opportunity"