E-invoicing is a better way to do business: it is cheaper, faster, less erroneous, streamlines directly into accounting processes, and is more environmentally friendly than paper and digital invoicing. Because of the introduction of e-invoicing, the development of business and financial transactions has undergone a digitization process in recent decades.
Although the benefits of implementing e-invoicing for both governments and companies are obvious, with the exception of a few countries, the worldwide adoption level is relatively low.
At the same time, initiatives have been launched per country, which ensures us that the e-invoicing landscape will look very different in the near future (1-5 years). For instance, are you up to date on e-invoicing regulations in South Korea?
The main difficulty for the international rollout of e-invoicing lies in the fact that every country can have its own systems, XML dialect, methodologies, processes and regulations. Most countries will approach e-invoicing as a project on its own, as there is no international organisation setting up a single blueprint that can be implemented in all countries. Because of the differences, it is necessary to have access to organisations, or hire employees, with knowledge about the specific country, language, techniques and other expertises that are needed to make the rollout of e-invoicing possible in each specific country.
Knowing that the e-invoicing landscape can develop rapidly, it is important to be aware of the latest and upcoming changes in the countries where your organization is active. So lets start with South Korea.
ElectronicInvoicing.global has gathered all relevant information about electronic invoicing for over 100 countries. This knowledge base includes South Korea as well. Al information is sourced directly from local authorities, for South Korea this would be National Tax Services (NTS). All information is updated on a monthly basis and well structured for your convenience.
Whether your business is in 10, 50 or more than 100 countries, ElectronicInvoicing.global answers all your e-invoicing questions, for example:
These and more questions will be answered within the knowledge base. But the answer today, could be outdated one year from now. Therefore, the knowledge base will keep you updated on all relevant changes, for all your global business, including South Korea.
Would you like to learn more about our solution to all your e-invoicing questions?
TriFinance Nederland B.V. | De Passage 120 | 1101 AX Amsterdam | The Netherlands | +31 20 580 0330 Disclaimer