France’s Finance 2024 law on dematerialized electronic invoicing will be mandatory for companies from July 1, 2024. Implementing electronic invoicing can be complex, and requires a good understanding of the rules and standards in force. It is therefore important for companies to start preparing now to comply with the law and benefit from all the advantages of electronic invoicing.
Here’s a brief explanation of the reform.
1. The reform will be phased in gradually
2. Switching to electronic invoicing will enable you to
- Automate your VAT declaration,
- Guarantee the reliability of your data,
- Automate billing flows with your partners,
- Improve invoice processing times and costs,
- Eliminate physical storage of invoices.
3. Two transmission flows are to be expected
E-invoicing :
- These are flows with partners subject to VAT and carried out on national territory.
E-reporting:
- These include transactions with partners not subject to VAT in France, as well as transactions with foreign partners. For this type of transaction, it is a matter of declarative transmission of certain invoicing information, rather than complete transmission of invoices.
4. Two installation options are available
Each company has the choice of interfacing its data directly with the Public Billing Platform (PPF), or using a state-registered Partner Platform (PDP).
These partner platforms will offer you :
- Qualify your data to meet government structuring requirements, while limiting the impact of changes on your systems,
- Extended format conversion, enabling you to maintain your existing EDI flows, or the format of your systems,
- Refine the levels of control over your data flows,
- Extend the archiving period beyond the 6 years guaranteed by the French government,
- Extend data flow automation to the rest of your P2P and O2C processes.
Palmer Consulting can support you in bringing your accounting systems into compliance, and in selecting and deploying the right solution. Please do not hesitate to contact us for an initial discussion.
