What is e-invoicing?

E-invoicing is the process of issuing, sending and receiving invoices electronically, instead of traditional charting. This means that invoices are created and managed electronically, making the process digital.

Also, it can be used between companies and customers or even between different companies for their transactions. Billing information typically includes details about the goods or services provided, quantities, prices, taxes, payment terms and other details about the transaction.

The main reasons many businesses switch to electronic invoicing are to improve the convenience, security, accuracy and speed of processes. In addition, electronic invoicing can help reduce paper waste and protect the environment.

myDATA is an electronic transaction reporting system implemented in Greece since January 2021. The purpose of myDATA is to automate the transmission and registration of data on tax transactions carried out between businesses, including sales, purchase, and execution transactions.

Electronic invoicing is directly linked to the myDATA system. Businesses implementing electronic invoicing must send their invoices to the Independent Public Revenue Authority (AADE) through the myDATA system. Data is transferred electronically using specific specifications and protocols to ensure data integrity and security.

Moreover, the myDATA system is based on Automatic Data Exchange (AED). It allows tax authorities to receive information on transactions between companies in order to check compliance with tax obligations.

The introduction of the myDATA system in Greece is part of the effort to transition to more digitalized and automated tax procedures.

From October 1, 2021, businesses (natural and legal persons) with double-digit books and a turnover of more than 50,000 euros and businesses with simple books and a turnover of more than 100,000 euros had to send their income documents electronically.

Also, from November 1, 2021, all other businesses, regardless of their turnover, are obliged to send their income documents electronically. From November 2021, all businesses were obliged to have a mandatory interconnection of their cash registers with the tax office.

These arrangements aim to further digitize and automate tax procedures, The aim is to simplify procedures for businesses and prevent tax irregularities.

Eliminating manual invoices and moving to electronic invoicing means less manual work, less time spent on the processes of issuing, recording and sending invoices, while increasing the accuracy and security of the processes.

One of CustomLAB’s ready solutions is eDATA. This enables the automatic exchange of data with tax authorities, reducing red tape and the possibility of human error. Also, it offers the flexibility to work from anywhere, as the application adapts to every device and every screen.

With the time saved by automated processes, businesses can focus more on their initiatives. They can develop their products and services, and provide better service to their customers. In addition, electronic invoicing and automatic reporting of data in myDATA help to avoid possible irregularities and violations in the tax sector.

In summary, electronic invoicing is a modern practice that helps automate and simplify processes. It saves time and resources and provides environmental benefits.

You can test the features of the eDATA program today. Just fill in your email here and you will be sent a demo with codes and a link to browse the application.