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Adoption of e-invoicing continues to progress in Latin America, and a notable example of this progress can be seen in recent developments in Colombia and Peru during the month of September.
E-invoicing adoption in Asia has grown quickly in recent years, positioning the region at one of the highest annual growth rates for e-invoicing.
The publication of Directive 2014/55/EU marked a turning point for e-invoicing. Since then, e-invoicing has spread to every corner of the European continent. Prior to this legislation, Denmark, Sweden and Finland were the pioneering countries that took a step forward in implementing e-invoicing. Initially, it started with B2G transactions, and in the near future, mandatory use is expected to be extended to all B2B transactions.
In Europe, electronic invoicing is present in all countries and much of the success of its use is due to the regulatory impulse by the different governments to accelerate its implementation through compulsion. Such is the success of the B2G e-invoicing that the use of it is being extended to the B2B field. In this post, we will see which European countries are already adopting this new modality of invoicing between companies.
The United States is the third-largest country, home to digitalization and artificial intelligence.
Singapore pioneered the use of electronic invoicing - not just in Asia but worldwide. The country began using it in 2003, at the same time as Chile. However, it would be years later that it would become mandatory in Singapore.
One of the particular features of the Asian market is its heterogeneous nature. It is much more diverse, for example, than either the European or Latin American markets. Asia is the largest and most populous continent on Earth. It has a concentration of major economic powers alongside others that are still in the very early stages of development. In such an uneven environment, electronic invoicing is only gradually finding its place.
In Poland, 1.5 billion electronic invoices are issued every year by approximately 1.7 million companies. Although these are significant numbers, the implementation of e-invoicing in this country is far behind most other European states. In fact, regardless of how large these numbers might seem, only 3% of Polish businesses issue electronic invoices.
Electronic invoicing is nowadays used worldwide and is being increasingly implemented in all industries and for all kinds of transactions. In particular, in Germany, nearly 32,000 million e-invoices are exchanged every year. The German Government has legislated to promote their use, given the benefits they bring to both companies and the state itself. Moreover, the European Union has made them mandatory in certain transactions and the private sector makes an increasing use of them.
Electronic invoicing implementation is expanding and more and more used for transactions. It is estimated that in five years’ time this market reaches $20.529 million and becomes the invoicing method for 100% of transactions in many countries.
