September Updates: Smart Invoicing, New Product Features & More ??

Welcome to the first edition of our newsletter. This newsletter serves as a point for you to get insights into the Invoicing World, our product features and smart ways to grow your business.

September Overview

A new partnership

We recently celebrated our partnership with 萬事達卡 & CheckAlt ! What does that mean to you if you're an US customer? Simply put, you can wave checks goodbye. Partnering with Mastercard, Hiveage provides businesses with a seamless, secure way to handle online billing and payments. This integration allows clients to accept payments faster, with enhanced fraud protection and global reach. Sign up to the waiting list:

What happened in the Invoicing World in September?

Global Expansion of E-Invoicing: Countries like Latvia, Romania, and Nigeria made significant strides in implementing mandatory e-invoicing systems to combat tax evasion and streamline VAT reporting. Latvia is working towards mandatory e-invoicing for B2B by 2026, while Nigeria introduced a new e-invoicing platform to enhance tax compliance and transparency.

Real-Time Reporting and Fraud Prevention: Countries such as Hungary and Serbia have integrated real-time data collection and AI-driven fraud detection into their invoicing systems. Hungary's VAT system now mandates reporting all B2B and B2C invoices through machine-to-machine communication, with additional tools to catch tax evasion.

Invoicing News

Tax Compliance and E-Invoicing: In the U.S., while mandatory e-invoicing like in Europe isn't as prevalent, there is growing adoption of digital invoicing for tax compliance, especially with federal contractors and large corporations. This week, the focus remains on making the transition to digital invoicing smoother for businesses, particularly with platforms that simplify tax reporting, integrating with IRS systems to streamline end-of-year tax filings.

GST Portal Updates in India: A new invoice management system has been introduced on the GST portal, effective from October 1, 2024. This functionality categorizes invoices based on recipient actions (e.g., accepted, rejected, pending) and will impact the generation of GSTR-2B returns. These updates are designed to improve accuracy and compliance in tax filings.

Thank you for reading! Keep an eye out for our October edition.