Businesses struggle with the lack of standardized, HTTP-style protocols for invoicing, leading to manual data entry and incompatibility between different systems.
Existing solutions like cXML, OCI, and EDI are primarily for large corporates and do not cater to the diverse and less standardized needs of smaller businesses. Services like Receipt Bank help with data capture but don't address the underlying lack of a universal, programmatic invoicing standard.
Workarounds Described
- sending paper invoices
- emailing invoices in any format
- manually keying in data from invoices into accounting systems
- grabbing invoice data from a spreadsheet
Implied Software Gaps
- A universal, programmatic invoicing standard that integrates directly with accounting systems.
- Automated data extraction and entry from diverse invoice formats into accounting software.
- Software that allows seamless digital exchange of purchase orders and invoices between different business systems.
InvoiceConnect Protocol
InvoiceConnect Protocol is an open-source, HTTP-based standard for generating, sending, and receiving invoices digitally across any business. It aims to standardize the invoicing process for businesses of all sizes, eliminating manual data entry and improving system interoperability.
- RESTful API for invoice creation and retrieval
- Standardized invoice data model
- Secure authentication and authorization for transactions
- Open-source SDKs for popular programming languages
- Dispute resolution and status tracking mechanisms
Existing Solutions Mentioned
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