What is PD CEN/TR 16931-5 - E-invoicing interoperability bout?
The adoption of e-invoicing within the EU would lead to significant economic benefits. PD CEN/TS 16931 is a series that discusses standards for electronic invoicing (e-invoicing). PD CEN/TS 16931‑5 is a part of multi-series electronic invoicing that focuses on guidelines on the use of sector or country extensions in conjunction with EN 16931-1, and methodology to be applied in the real environment.
PD CEN/TR 16931-5 establishes the essential information elements needed for an electronic invoice to ensure legal (including fiscal) compliance. PD CEN/TR 16931-5 describes how trading partners may extend the core invoice model, and the related business rules and code lists, to support business cases that are specific to their trading environment, while at the same time maintaining semantic interoperability with the core invoice model.
PD CEN/TR 16931-5 introduces extension specification rules, which includes documentation of extension specifications, publication of specifications, governance of extension specifications, identification of extension specifications, and validation.
Note: PD CEN/TR 16931-5 does not define a methodology for the creation of core invoice usage specification, nor does it describe the detailed process of syntax binding.
Who is PD CEN/TR 16931-5 - E-invoicing interoperability for?
PD CEN/TR 16931-5 on e-invoicing interoperability is useful for:
- E-invoicing software professionals
- Organizations in the private and the public sector for public procurement invoicing
- E-invoice contracting authorities/entities
- Procurement industry
- Legal and compliance industry
- Trade officials
Why should you use PD CEN/TR 16931-5 - E-invoicing interoperability?
The adoption of e-invoicing is bringing significant economic benefits. According to The European Commission, the move from paper to e-invoices is expected to generate savings of €240bn over a six-year period and will become the predominant method of invoicing in Europe. BS EN 16931-5 provides you with guidelines on the core invoice models and considers specific environments for dealing with cross-border, cross-sector and domestic trade.
To comply with the provisions of Directive 2014/55/EU [2], guidelines on the optional use of extensions to the core invoice model, including a methodology to be applied in the real environment, are needed. BS EN 16931-5 provides you with this methodology and rules based on key design principles.
BS EN 16931-5 helps to ensure interoperability of e-invoicing thereby contributing to the removal of trade barriers. This will help you expand business operations to newer markets.
