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11/09/2019
PROMOS News
That special Xtra something for your invoices
Hardly a workday goes by without a company receiving an annoying paper invoice. Even if your invoice receipt workflow is optimised with automatic processing of scanned invoices through OCR software, this still requires manpower. How can you put that effort to better use? With the new XRechnung standard.
What is XRechnung and when is it coming?
XRechnung is an XML-based data model that allows for the continuous electronic exchange of invoices across different technologies. Not only does this significantly increase efficiency within a company – it will soon also be legally binding for the exchange of invoices with public authorities. By introducing this new standard for the receipt and creation of XRechnung, Germany is setting its own legal foundation for the corresponding EU Standard. This Standard has incrementally become legally binding for the public sector. Following introduction in federal authorities and constitutional organs, April 2020 will bring the next implementation deadline for all other authorities, states and municipal governments. In a final step starting in November 2020, all federal government (and, potentially, state government) suppliers will also be required to send invoices via XRechnung.
Deadlines for the implementation of XRechnung in Germany
What advantages does XRechnung offer?
Electronic transmission through XRechnung opens many doors for the automation and acceleration of the invoicing process. Scanning and clearing are completely eliminated. Furthermore, the quality of the data increases significantly. With the appropriate Customising, invoices can be allocated automatically. If a company regularly receives invoices for the same amount, as can be the case for ongoing service contracts or phone bills, it is possible for these to be automatically posted. The prerequisite for this is invoice processing via automatic workflow such as through easysquare. The system would only forward the invoice to the responsible processor in the case of anomalies, such as a deviation in the invoice amount. By clearly reducing effort in this manner, the company can better concentrate on its core competences.
Does our company need XRechnung?
Regardless of whether your company is legally obliged to create and/or send invoices via XRechnung – its implementation brings enormous savings potential in any case. Get in touch with us and we will advise you on the ideal connection to your system.
