Despite the fact that a significant number of companies still rely on printer-printed invoices, a regional survey conducted by Grant Thornton in Hungary revealed that the majority use electronic processes that are automated and plan to further expand and improve the use of such systems in the near future. This highlights the growing digitalization trend in accounting and shows that companies are looking to optimize their invoicing practices to achieve greater efficiency and cost savings.

At Grant Thornton, we find it inspiring that the general trend among companies in the region has become to send invoices to their customers with minimal intervention from the old printing methods. However, the latest survey covering the Czech Republic, Croatia, Poland, Hungary and Slovakia also reveals that 40% of surveyed companies still use invoices in paper form, while the PDF format is the most popular and is used in 83% of cases.

Automation of accounting is experiencing increasing progress

43% of them indicated that they already have some form of support for automation, while 30% would like to put them into practice within the next year. They primarily want to modernize the production of legally prescribed reports and statements, as well as the management and monitoring of payment obligations. 40% of respondents have automated report preparation support, and 28% plan to implement such improvements within a year, according to company feedback.

The EU is moving to data-driven electronic invoicing

Grant Thornton in Hungary and Croatia also see the widespread adoption of the new generation of electronic invoicing as a positive development, as it will become mandatory in the EU from 2028 and the transition will require significant IT and administrative efforts from companies.

Delaying the necessary investments could lead to even higher costs in the future. Moreover, delaying the transition would mean missing out on the potential efficiency gains and cost savings that electronic invoicing can bring.

Saving time and money

Electronic invoicing is also beneficial for both issuers and receivers, as it can streamline invoicing practices between companies and save them time and money.

As businesses increasingly adopt electronic and automated invoicing systems, it is important to stay abreast of the latest developments in tax automation solutions. More insight into this topic can be found in the regional survey on e-invoicing, which you can download below. For any additional information, please contact our local experts.

Data source: Grant Thornton Hungary