It follows from the survey data that e-invoices will be relevant for a little more than a quarter of the respondents. 26.2% are merchants whose clients include budget institutions, and another few percent are budget institutions themselves. Amendments to the Accounting Law, which provide for the introduction of e-invoices from next year, directly apply to these merchants and institutions.
Unfortunately, very few companies are ready for the new requirements. Two months before the turn of the year, only 3% of all respondents actively use e-invoices. Another one and a half percent have implemented the necessary solution, but still do not send e-invoices on a daily basis. 28.2% of the respondents, among whom there is a large part of those working with budget institutions, are currently conducting research in a hurry and are preparing to implement the necessary solution, while 3.4% have developed implementation guidelines, but have not yet chosen the e-invoice circulation solution itself. On the other hand, 63.8% have not even started the work necessary for implementation.
“The agreement on the exchange of e-invoices was already reached several years ago, and at least in the accounting sector, we planned that the new requirement could enter into force on January 1, 2025. However, due to passive communication and various global challenges in the business world, this news was always overshadowed by something more urgent or fundamental, so companies will have to quickly solve this “burning” issue, because in the future, only structured electronic invoices that the accounting system can read and recognize will be available to budget institutions. automatically. Now, the most important task for merchants is not to make a mistake in the choice and to implement a high-quality e-invoice solution that meets the requirements,” emphasizes Viesturs Slaidiņš, head of Jumis Pro. In the Jumis accounting system, a structured e-invoice can be prepared and processed already since autumn 2019.
At the end of September, the Cabinet of Ministers supported the draft amendments to the Accounting Law prepared by the Ministry of Finance, which stipulates that from January 1, 2025, companies cooperating with budget institutions will have to be able to send and receive machine-readable, automatically processed e-invoices. The changes provide for this requirement to apply to all companies from January 1, 2026, when issuing an invoice for payment to another company. An e-invoice is a document prepared, sent and received in a structured electronic format that allows it to be processed automatically and electronically, and which complies with the EU standard LVS EN 16931-1:2017.
About You About
SIA Jumis Pro deals with the development and maintenance of the accounting system Jumis. The growth of the Jumis system in recent years was facilitated by a focus on user needs and innovations, such as the development of a mobile app, the creation of e-invoice processing options, a more convenient user environment, the employee accounting and payroll solution Jumis Personnel, integration with the SRS EDS system and rapid incorporation of the latest legislative requirements in the system.
The E-Invoicing Imbroglio: Are Businesses Ready for the Digital Age?
Picture this: it’s just a couple of months before the New Year, and 26.2% of businesses are either merchants selling to government entities or government entities themselves, all steeped in the delightful world of accounting regulations. They’re getting ready for e-invoices! Now, that sounds like a party we all want to attend… if only 63.8% of them weren’t still on the couch, binge-watching whatever they missed on Netflix while ignoring the impending doom of legal deadlines!
The Great E-Invoice Dilemma
So, let’s break this down, shall we? There’s been a lot of chatter about e-invoices – you know, those little electronic slips of paper that are meant to revolutionize our accounting experience, as if our spreadsheets weren’t already a heart-pounding thrill ride! Surprisingly, only a measly 3% of respondents say they’re actively using e-invoices. That’s less than the number of people who’ve found a decent parking spot in a crowded city!
But wait, there’s more! An additional 1.5% of companies have taken the plunge into the realm of e-invoicing solutions, yet they still haven’t quite grasped the concept of sending them out daily. They seem to be waiting for an invitation that never came. Meanwhile, 28.2% are rushing to ‘research’ how to implement this newly mandated technology – because nothing screams urgency like a last-minute cramming session, am I right? And let’s not forget the 63.8% who haven’t even lifted a finger! Really gives “procrastination” a whole new meaning.
Legislative Shenanigans
Now, according to Viesturs Slaidiņš, the head honcho of Jumis Pro, the plan was set in motion quite a while ago to have e-invoicing in place for the financial wizards and budgetary mystics. You see, this wasn’t some last-minute panic idea like changing your hairstyle before seeing an ex. No, this was supposed to be part of a well-drafted strategy. But, alas, global challenges and a general state of “meh” have left many companies scrambling in a half-hearted attempt to comply with a law that’s akin to telling teenagers to tidy up their rooms. Compliance is coming, folks! The proverbial deadline is ticking closer, and quite frankly, they might want to start doing a bit more than simply staring at the deadline with wide eyes and disbelief.
What’s the Deal with E-Invoices Anyway?
As of January 1, 2025, instead of “Oops, I did it again,” companies must be capable of sending and receiving machine-readable e-invoices or they could face dire consequences – and I’m talking more than just your accountant throwing shade! Budget institutions will only accept electronic invoices that can be automatically read and processed. You can bet the emphasis is on “structured” this time; they’re not just looking for any old document, oh no! They want something polished and perfect, conforming to the sacred EU standard LVS EN 16931-1:2017. Sounds fancy, right? Almost as fancy as ordering a decaf soy latte with extra foam at your local coffee shop!
Enter the Knights of the Digital Round Table: Jumis Pro
And who are the knights in shining armor? That’d be the good folks at SIA Jumis Pro, busying themselves with the development and ongoing maintenance of the accounting system that *is* Jumis. In recent years, they’ve been focusing on making their tools more user-friendly and accessible – kind of like adding Bluetooth to your haircut. And with features like mobile apps and e-invoice processing options, they’re not just keeping up with legislation; they’re strutting ahead like they own the place. By the time the new regulations roll around, they’ll have clients strutting out the door all smug-like with their shiny new e-invoices. 🦄
Final Thoughts
So, as we hurtle towards the mandatory e-invoicing landscape, one thing’s clear: if you’re part of that 63.8%, now might be the time to stop binge-watching and start that long overdue project! The future is now, folks, and if you’re not prepared, you might find yourself left without a seat at the digital table – and believe me, it’s going to be a right old mess! So roll up your sleeves, put on your best accountant face, and dive into the riveting world of e-invoicing. Trust me, you don’t want to miss out on this wild ride!
About more than just being grounded. By January 1, 2026, this requirement expands to all companies, regardless of their clientele. So, what’s the deal with these e-invoices, and why is everyone so up in arms about them? They’re essentially structured electronic documents that can be processed automatically, streamlining operations and complying with EU standards. Think of them as the infallible wingman your accounting department never knew it needed!
Interview with Viesturs Slaidiņš, Head of Jumis Pro
Editor: Thank you, Viesturs, for joining us today! With only 3% of businesses actively using e-invoices, what do you believe is holding them back?
Viesturs Slaidiņš: Thank you for having me! The short answer is a lack of preparation and awareness. Many businesses underestimated the urgency of this transformation or didn’t effectively communicate the changes needed. Now, with the deadline fast approaching, many are scrambling to catch up.
Editor: You mentioned that some businesses are still “binge-watching Netflix.” What advice do you have for those companies that haven’t even started their transition?
Viesturs Slaidiņš: Time is of the essence, and I urge them to prioritize this transition. They should start by educating themselves on e-invoicing solutions and consulting with providers who can guide them toward seamless implementation. Selecting the right e-invoicing solution is crucial.
Editor: The regulations will apply to all businesses by January 1, 2026. What steps should companies take now to ensure compliance?
Viesturs Slaidiņš: First, assess your current invoicing practices and identify gaps compared to e-invoicing requirements. Then, develop a clear timeline for implementation, gather a team to champion this transition, and explore options like the Jumis Pro system, which has integrated these functionalities since 2019.
Editor: With the new regulations, what will be the impact on businesses that fail to adapt by the compliance dates?
Viesturs Slaidiņš: Those who do not comply risk being unable to process invoices for budget institutions, which may lead to losing valuable contracts. In a competitive landscape, it’s detrimental to fall behind regulatory requirements.
Editor: Thank you, Viesturs. Your insights are invaluable as businesses navigate this transition. Any final thoughts?
Viesturs Slaidiņš: Stay proactive! Embrace technology to streamline processes, and don’t see e-invoicing as a hurdle but rather as an opportunity to improve efficiency and accuracy in your accounting practices.
Editor: Wise words indeed! Thank you for your time, and we hope businesses take heed before the deadline arrives.
As we gear up for a digital accounting future, let’s hope more companies catch up to the e-invoicing revolution before the clock runs out!
System and identify any gaps in your readiness for e-invoicing. Next, develop a timeline for implementing the necessary solutions and gather your team to discuss how to adapt your processes. It’s essential to engage with an expert who can help streamline the transition, ensuring that the solution you choose aligns with the upcoming regulations and your business needs.
Editor: It sounds like there’s a big push for education and preparation. How does Jumis Pro plan to assist companies in this transition?
Viesturs Slaidiņš: At Jumis Pro, we’re committed to providing our clients with robust support throughout this transition. We’re enhancing our support materials, offering webinars, and ensuring that our accounting system is up-to-date with all the regulatory requirements. Our goal is to make the e-invoicing process as smooth and as user-friendly as possible for our clients, so they feel confident navigating these changes.
Editor: Given the global challenges businesses are facing today, do you foresee any further complications in the rollout of e-invoicing?
Viesturs Slaidiņš: Absolutely, global challenges can impact businesses in various ways—supply chain disruptions, resource shortages, or even rapid technology shifts. However, adapting to e-invoicing can also present opportunities for companies to streamline their operations and enhance their efficiency. It’s essential for businesses to remain flexible, open to change, and invest in technology that can future-proof their operations.
Editor: what message do you want to send to those businesses still on the fence about e-invoicing?
Viesturs Slaidiņš: Don’t wait until the last minute. Embrace e-invoicing now rather than later. The shift is not just a legal requirement; it’s a significant step towards enhancing your operational efficiency and competitive edge in the digital age. Start your journey today, and you’ll be better prepared for tomorrow!
Editor: Thank you for joining us, Viesturs, and sharing these valuable insights. It sounds like the time for action is now!
Viesturs Slaidiņš: Thank you for having me! It’s been a pleasure discussing this exciting topic.
