:quality(80))
Unifiedpost (now Banqup) has developed a data exchange tool that allows Lithuanian businesses to exchange e-invoices more conveniently, automatically exporting them from the seller's accounting system and importijang them to the buyer's systems without using any manual work.
Current Challenges in Lithuanian E-Invoicing
"Currently, Lithuanian businesses that supply goods or services to the public sector must submit invoices electronically through the system managed by the Registry Center 'E. Sąskaita'. However, e-invoicing is still not popular among businesses because there is no common invoice format used by many accounting systems. An exceptional case is the electronic data exchange system (EDI), but due to its specifics, it has caught on and is used only in the trade, HoReCa, logistics and production sectors, while other companies are forced to invest in invoice digitalisation solutions developed by third parties or enter invoice data manually. In order to facilitate the use of e-invoices, the EU allocated funds to the development of the Euroconnector tool, which will help local accounting systems to integrate into the European e-invoice network Peppol. This means that Lithuanian entrepreneurs will be able to exchange e-invoices without large investments - by using the Peppol network, which is widely used in Europe", says Audrius Kirklys, head of Banqup Lithuania, about the innovation in the market.
According to him, with the Euroconnector tool, the process of processing e-invoices becomes easier: the seller's accountant will write an invoice in the accounting system, which will be automatically sent to the buyer's accountant via the Peppol network - he will immediately see the received invoice with all the necessary information in his accounting or invoice management system data. His responsibility is to collect the approvals of the responsible persons in the system, assign the invoices and register the entry.
Transition to the SABIS System
The Euroconnector tool and Peppol become even more relevant because from the 1st of July, Register Center "E. Sąskaita" will be replaced by the new SABIS system. One of the planned ways to submit bills to the public sector is the Peppol network. Companies choosing the latter method will not only be able to send invoices to the public sector, but also exchange documents with other business partners in both local and foreign markets.
The Future of Mandatory E-Invoicing
It is only a matter of time when businesses in Lithuania will be forced to exchange invoices exclusively in electronic format, because in neighbouring countries - Poland and Latvia - this will be mandatory from 2026. This also affects Lithuanian businesses that have trade transactions with these countries. The EC is also taking initiatives to make the exchange of e-invoices mandatory, if trade is carried out between member countries.
"Of course, the future digitalisation can be scary at first glance, but the result of this will be unequivocally positive, because with the introduction of Euroconnector, essential obstacles to effective invoice management will disappear - the likelihood of manual work and human errors that lead to late payments or the appearance of declared taxes will be reduced inaccuracies. No manual data entry, no lost invoices, no paper - a complete standard of modern business", says A. Kirklys.
This tool is publicly available and can be implemented by accounting systems or companies right now.