The Electronic Invoicing Model (e-invoice) is coming soon to the USA.
In June 2021, the Business Payments Coalition Organization and the USA Federal Reserve, via de FedPayments Improvement will rollout a pilot project to establish the framework of B2B electronic invoicing (e-invoice).
This is the first concrete step towards establishing the standards for electronic invoicing system in the USA with an electronic document exchange network between businesses, similar to the PEPPOL e-invoice system implemented in Europe, CFDi in Mexico, DTE in Chile and so forth.
This implies that companies will require their Billing Software (accounts receivable, POS) and their Accounts Receivable Software (ERP, AR) to fully issue and process e-invoices.
In other countries where e-invoice is fully implemented like Italy, Chile and Mexico, e-invoices take form of XML documents digitally signed by the sender, the local Revenue Service of each country, and received in real time by the recipient of the invoice.
Roadmap for e-invoice in USA according to BPC and Federal Reserve:
July – December 2021: tool development analysis and and access point testing.
2022: Development and implementation of a pilot framework for the exchange of electronic invoices.
Novohit as e-invoice Software in the USA
Novohit is ready for native e-invoicing, e-accounting and e-HR since 2012 with over 1B e-documents issued and processed. We look forward to e-invoice in the USA as it will reduce manual effort for both buyers and suppliers and comply with international commerce standards.
