E-reporting
Simplify your local and international e-reporting requirements with Banqup’s compliant processes.
Automate your invoicing in regulated countries using Banqup’s centralised platform, designed to ensure compliance and enhance efficiency.
What is electronic reporting and why is it important?
Electronic reporting (e-reporting) is the process of electronically sending tax information to the tax authorities in real or near-real time. More and more countries are mandating e-reporting, so that the local tax authority systematically receives the VAT and tax information they need.
To electronically report on your business’ tax and VAT can be difficult without an automated solution in place.
This is why businesses choose Banqup, to automate their e-reporting processes without the need to navigate the various global e-reporting requirements.
With Banqup, your business can ensure compliance with tax requirements through one centralised platform. Banqup adheres to the e-reporting regulations in multiple countries, so that you don’t have to keep up with local changes and regulations, as Banqup will simply do it for you.
Business benefits
Why switch to e-reporting with Banqup?
All-in-one platform
Invoicing, reporting, payments and identity all via one secure centralised platform.
Automated real-time reporting
Automatically collects and transmits the required data to tax authorities, eliminating the need for manual reporting.
Minimising risk of fraud and error
By centralising and securing data exchanges, e-reporting reduces the risks of fraud and error in tax compliance.
Global connectivity
Transact with the likes of Peppol, plus tax authority platforms in over 60 countries around the globe.
Complying with e-reporting regulations
Meeting global e-reporting requirements demands a solution that seamlessly exchanges with local tax authorities, without any manual reporting required.
With Banqup simply create, distribute and process your electronic invoices as normal, while we handle the reporting transmissions behind the scenes. By reporting through Banqup, ensure your business meets your country’s digital reporting requirements and continuous transaction controls (CTC).
(Near) real-time reporting
real-time (parallel) or within a few days upon issuance of invoicing data to tax authorities e.g. Hungary and Spain.
E-invoicing (clearance)
The invoices or relevant data must be transmitted to tax authorities before or shortly after issuance. Taxpayers can either directly send invoices to customers while sharing them with tax authorities (no-clearance e-invoicing) or go through tax authorities first, obtaining preliminary authorisation or using a central IT platform for delivery to customers (clearance e-invoicing).
What are global e-reporting requirements?
Many tax authorities already have e-reporting requirements in place. With Banqup, your business can seamlessly integrate with local platforms, ensuring compliance with regulations set by each tax authority.
Take a look at some of the countries with existing e-reporting mandates:
France - Businesses subject to VAT need to report domestic transactions, carried out with individuals (B2C), cross-border business-to-business (B2B) transactions and transaction payment data.
Greece - All businesses and other entities keeping accounting records pursuant to the GAS and other legal provisions.
Hungary - All domestic invoices must be reported in real-time to NAV within 5 minutes of the invoice issuance.
Spain - Near real-time reporting obligation to SII (Suministro Inmediato de Información) for certain taxpayers and ticketBAI real-time reporting in the Basque country.
UK - Periodic reporting Making Tax Digital (MTD) - businesses must report their tax in a digital way. Phased approach for companies from 2019 until 2026.
E-reporting and VAT in the Digital Age (ViDA)
E-reporting’s role in the ViDA directive
The European Commission's VAT in the Digital Age (ViDA) proposal will establish a comprehensive real-time tax data reporting framework through the Digital Reporting Requirements (DRR) initiative.
The DRR initiative demands all businesses in European Member States to report B2B cross-border invoices on a transaction-by-transaction basis, within two days upon issuance to their local tax authority.
With Banqup, your business can easily meet ViDA's digital reporting regulations as part of your everyday electronic invoicing exchanges. Create, distribute and process electronic invoices via Banqup's user-friendly platform, and automatically report to your local tax authority, ensuring you meet DRR requirements.
Banqup’s value-added-services
Your all-in-one solution!
Tap into compliance, payments, invoicing and automated value-added-services that enhance your invoicing and reporting capabilities.
Smart electronic invoicing
Digitalised processes, automated secure archiving and a seamless audit trail. Benefit from more than just compliant invoicing and reporting, benefit from Banqup’s smart invoicing services.
Payment modules for faster payment processes
From receiving your own business IBAN, to adding payment buttons to your invoices. All solutions that enable faster payment processes in a secure network.
Procure-to-pay automation
Transition to automated procure-to-pay (P2P) processes for seamless invoice management and minimise your manual tasks with Banqup.
Order-to-cash automation
Transition to automated and digitalised order-to-cash processes. With Banqup, benefit from seamless document and data exchange, via any format and any B2G, B2B or B2C channel.