Purchase to Pay (P2P) Process Boost in Europe
On 16th March 2010, the Council of the European Union agreed on a general approach on a draft directive aimed at simplifying VAT invoicing requirements, in particular as regards electronic invoicing.
As reported in this press release, the draft directive sets out to ensure the acceptance by tax authorities of e-invoices under the same conditions as for paper invoices, and to remove legal obstacles to the transmission and storage of e-invoices.
Adoption of Purchase to Pay (P2P) Will Increase
As reported here previously, the final legislation may fall short of what had been earlier proposed however it should go a significant way to ease the way forward and help organizations and businesses across Europe to enjoy the efficiencies and lower costs of comprehensive and holistic Purchase to Pay (P2P) processes. (See: What is Purchase to Pay?)