Many businesses have already implemented an electronic invoicing processes. This can often mean having to keep up with the latest standards, especially for Business to Business (B2B) transactions. However, implementing and maintaining multiple individual electronic documents exchanges may lead to complexity, high costs, and other concerns. This is where Factur-X comes in.
Factur-X is the new European standard designed to ease e-invoicing, no matter who your customers may be. Based on European Semantic Standard EN 16931, a Factur-X invoice is an XML file embedded in a PDF/A-3. This is a single, secure option that is equally human and machine-readable. As a result, users add security, universality, and efficiency to the e-invoicing process.
Companies complying with Factur-x also get more than just a data or document conversion process. This standard’s e-invoicing protocols can be smartly embedded into your existing order to cash cycles to enhance account payable workflow. Go from invoice release to collection with a smoothly-running system that gives you all the details you need for full accountability.
- Use a single invoice format for all European customers
Factur-X applies to both B2B and Business to Government (B2G) interactions. Once you adopt this standard, you can use it for every European exchange. What’s more, this encourages consistency across all processes, reducing the time needed to correct errors.
- Preserve IT resources
To keep corporate IT resources independent, managers prefer to connect ERP, CRM, or billing applications to an external e-invoicing solution. Therefore, upgrades and outside interactions won’t interfere with internal IT systems.
- Add new customers or suppliers to existing systems
Adapting to the Factur-X format minimizes disruption. Aside from entering business details, there is no IT change or add-on required. Add to your established commercial or trade document process without losing what already works.
- Embed QR codes quickly
The need to embed a QR code in invoices has become more common. Doing so can secure business content and ease integration later on. Compleo allows you to do this by adding one element in its template process in just a few seconds.
- Offer internal invoice traceability
With an intuitive access to invoice status, your Accounts Payable and Accounts Receivable departments gain autonomy while improving their performance.
- Work with other e-invoicing systems
By using Factur-X, you can communicate with other exchange standards and platforms as well, including Chorus and PEPPOL. Thanks to this, validating and approving documents is easy and there’s no extra setup required.
See for yourself!
Request a live demo to see how our Compleo can be used to quickly and efficiently implement a solution for your request.