E-invoice

An e-invoice, or electronic invoice, is a digital document that records the details of a transaction between a buyer and a seller. It typically includes information such as the date, the parties involved, the items or services provided, the quantities, prices, taxes, and total amount due. Unlike a traditional paper invoice, an e-invoice is created, sent, received, and processed electronically, often through standardized formats like XML or EDI (Electronic Data Interchange).

E-invoices offer several advantages over paper invoices:

1. Efficiency: Faster processing and reduced manual handling.
2. Cost Savings: Lower costs related to printing, mailing, and storage.
3. Accuracy: Reduced errors due to automated data entry.
4. Speed: Quicker delivery and payment cycles.
5. Compliance: Easier adherence to regulatory requirements and audit trails.

E-invoicing is increasingly adopted in both private and public sectors worldwide, often encouraged or mandated by governments to streamline tax reporting and reduce fraud.