Electronic invoices contain all of the information required in a traditional, paper invoice in an encrypted format, including data on the sender and recipient, such as their name and Tax ID number, the date of the invoice, the sender's legal address, the amount of the invoice and the percentage and amount of VAT, among other information. Furthermore, the document includes an electronic signature, which is generated using a digital certificate that has been provided to the sender of the invoice by a Tax Agency_approved certificate company. This combination of factors provides a Electronic Invoice with sufficient reliability so as to indisputably guarantee its integrity and the authenticity of its origin.
Here's why: Approval for invoice factoring doesn't hinge on your company's credit history. Instead, it depends on the creditworthiness of your customers. Companies that purchase invoices will evaluate your customers based on their stability and payment track record. The invoice factoring company's main concern is determining how likely your customers will pay and how quickly. Apart from your customers meeting qualifications, your invoices must also pass certain criteria. There can't be any existing primary liens on your invoices, meaning no other company should have a claim on the payments once they arrive. This ensures that the company purchasing your invoices has a clear right to collect the funds in your place.
The decision to automate Accounts Payable _ Their Accounts Payable (AP) department consisted of 13 people processing in the region of 180ꯠ invoices per year from suppliers across Europe. Invoices need to be approved by 250 individuals from 3 offices in the UK, 11 depots and 2 manufacturing plants, in addition to users in mainland Europe.