Business has been thrown into confusion following the launch of new European Union regulations that came into force on 1 January 2004.
The new rules are designed to help businesses in the UK and across the rest of Europe to switch to electronic invoicing, which can reduce costs and speed cash flow.
According to David Foster, chief executive of Burns e-Commerce Solutions, the potential annual saving to British business of switching to electronic invoicing could be as high as Ј12.5 billion. However, many businesses will now postpone action due to contradictory reports about the changes:
“There are signs of confusion everywhere – even the Financial Times has reported this issue incorrectly. From the reports we have read about the new regulations, you could easily conclude either that all businesses must accept electronic invoices or that sending electronic invoices is illegal. Clearly both of these positions cannot be correct.
