An e-invoice is an invoice that is sent and received in a structured digital format and is suitable for automatic electronic processing. E-invoicing systems can integrate or are included with accounting systems like Xero, making it easier to manage a business’s bookkeeping.
Research by HMRC has shown that 59% of businesses are familiar with what e-invoicing is. However, only 29% of businesses appear to be currently using e-invoicing, and only 30% of those say they both send and receive e-invoices. The most common method used by businesses for sending invoices is PDF sent by email. But many businesses still use paper and physical mail for invoicing. This will need to change by 2029.
With a change to e-invoicing not becoming mandatory until 2029, there is still plenty of time to prepare. If you would like help on how you can introduce e-invoicing we would be happy to advise you on the best route forward. And watch out for our future articles on the subject by visiting this part of our website. If you want to learn more about how we can help you get ready for mandatory e-invoicing then simply arrange a no fee, no obligation consultation now by calling us on 01482 772261 or emailing info@kaizengroup.uk