There is still time for companies to prepare for mandatory electronic invoicing

Huge amount of invoices are switching from paper to digital

With the entry into force of the law, for now, a few invoices per month are sent to companies electronically, but in the next 5 years this number may increase dramatically, not only due to Hungarian regulations, but also due to the European Union’s ViDA rules, which make electronic invoices essential. It is expected that legislators will soon make electronic invoice acceptance generally mandatory for domestic transactions. Therefore, it is worth developing a system now that will work even in the case of a larger amount of invoices and not only in domestic transactions. “Just because energy providers are making it mandatory to switch to electronic invoicing for companies, tens of thousands, or even hundreds of thousands, of invoices are being converted from paper to digital every year. From an administrative point of view, we definitely recommend that the company create a separate email address for receiving invoices. In fact, this will become the dedicated postal address for electronic invoices,” informs Zsolt Nyári.

Documents created electronically cannot be archived on paper

The new regulation may pose a greater challenge for businesses in digital archiving. Most companies are not used to archiving electronically yet, as they mostly accept paper-based documents. However, digital archiving has its own mandatory set of rules, and if there is an error in this, the documents will not be considered authentic. “It is very important to emphasize: documents generated electronically and received in this way cannot be archived on paper. We can print them out because it is easier to see the invoice, but for authenticity, invoices received electronically must be archived electronically,” emphasizes the expert from K-X Consulting.