Learn how Electronic Invoicing helps businesses streamline the invoicing process and is the XInvoice standard.
In today’s digital business world, the automation and standardization of business processes is becoming increasingly important. One area that particularly benefits from these developments is electronic invoice processing. This is where XRechnung comes into play, a standard format for electronic invoices in Germany. In this article, we will explain what XInvoice is, how it works and what benefits it offers companies.
XInvoice refers to the standard for electronic invoicing for public clients. It is a purely structured XML-based data model and was developed by the “Koordinierungsstelle für IT Standards” (KoSIT) . XInvoices can be processed without manual data entry or technical effort, unlike paper or PDF invoices. Since November 2020, federal authorities accept invoices exceeding an order value of € 1,000.00 only in XInvoice format.
XInvoice specifies certain data fields and structures that must be included in an electronic invoice. This includes information such as invoice number, invoice date, supplier data, invoice amount and VAT details. The format also enables the attachment of other documents such as invoice attachments or order confirmations.
By using a standardized format, invoice data can be automatically processed and integrated into the recipient organizations’ systems. This reduces manual data entry and minimizes errors. XInvoice also makes it easier to check and archive invoices, as the data is structured and machine-readable.
Converting invoices to public authorities to the new standard may mean effort at first, but it also brings benefits:
Increased efficiency: XInvoice enables faster and more efficient processing of invoices. By automatically processing and integrating invoice data into recipients’ systems, manual steps and errors can be reduced. This results in time and cost savings.
Faster payments: The structured data in XInvoice makes it easier to review and approve invoices. This speeds up the payment process and improves the company’s liquidity.
Legal compliance: Using XInvoice ensures that companies comply with legal requirements. The E-Invoice Act in Germany requires public sector clients to accept electronic invoices in XInvoice format. By complying with the standard, companies can smooth their business relationships with the public sector.
Sustainability: The use of electronic invoices reduces paper consumption and the ecological footprint. XInvoice helps companies act more environmentally conscious and promote sustainable business practices.
DocBits is an advanced and easy-to-use software solution that helps companies process documents intelligently and easily, including XInvoices. The software automatically extracts relevant data from invoices, validates it and enables seamless integration with existing systems.
With DocBits, companies can further streamline the invoice process, save time and increase efficiency. The intelligent software solution ensures error-free processing of XInvoices and enables seamless data exchange with public administration.
XInvoice offers companies a standardized and efficient solution for electronic invoice processing. Using XInvoice enables faster invoice processing, improved payment speed and compliance with legal requirements. Companies can reap the benefits of automation and standardization.
When implementing XInvoice, choosing the right software solution plays a crucial role. With DocBits, companies have an intelligent solution at hand that supports them in processing XInvoices and optimizes the entire document processing process. Take advantage of XInvoice and rely on DocBits for efficient and error-free document processing.