E-reporting
Simplify your local and international e-reporting requirements with Banqup Classics compliant processes.
Automate your invoicing in regulated countries using Banqup Classics 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.
Electronically reporting on your business’ tax and VAT can be difficult without an automated solution in place.
This is why businesses choose Banqup Classic to automate their e-reporting processes without the need to navigate the various global e-reporting requirements.
With Banqup Classic, your business can ensure compliance with tax requirements through one centralised platform. Banqup Classic 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 Classic will simply do it for you.
Why switch to e-reporting with Banqup Classic?
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 Classic simply create, distribute and process your electronic invoices as normal, while we handle the reporting transmissions behind the scenes. By reporting through Banqup Classic, ensure your business meets your country’s digital reporting requirements and continuous transaction controls (CTC). Take a look at some of the ways we cover global e-reporting needs:
(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).
Report in the simplest way, while benefiting from the value-added solutions and services that Banqup Classic has to offer.
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 Classic, 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 our user-friendly platform, and automatically report to your local tax authority, ensuring you meet DRR requirements.
Payments and electronic reporting
In today's tax landscape, integrating payments with electronic reporting is crucial. Some jurisdictions now require payment status updates within 48 hours to curb tax fraud by linking deductions to both invoices and payments. This real-time requirement emphasises accurate reporting, as unpaid amounts cannot be deducted.
The challenge is for businesses to swiftly reconcile transactions to meet tight reporting deadlines, making traditional manual reconciliation methods obsolete.
The solution? Banqup Classics integrated payments and reporting functionality. Integrating payments with reporting automates the linkage between payments and invoices, eliminating manual reconciliation and ensuring timely, accurate compliance.
Banqup Classic automates this process for businesses. To see how simple it is, contact us to book a demo today.
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 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 Classic.
Order-to-cash automation
Transition to automated and digitalised order-to-cash processes. With Banqup Classic, benefit from seamless document and data exchange, via any format and any B2G, B2B or B2C channel.