Navigating the complexities of e-invoicing compliance

The rapid pace of change in global regulations and reporting requirements is turning the compliance function into a rapid-fire gauntlet of continuous challenges, meaning companies must adapt their systems and processes to meet new tax reporting obligations. Governments worldwide are increasingly digitalizing their tax processes to improve transparency and compliance from businesses. This has been particularly emphasized with the implementation of e-invoicing and real-time reporting to prevent fraud and improve VAT and GST revenue collection.

  • Navigating the complexities of e-invoicing compliance

    E-invoicing and real-time reporting present numerous compliance challenges for global organizations due to a lack of standards, slow manual processes, and limited holistic solutions for tax and e-invoicing. 

    Among them are: 

    1. Enterprise resource planning (ERP) platforms and business systems need specific capabilities to exchange tax and e-invoicing data with government tax authorities.
    2. A lack of standards for e-invoicing and continuous transaction controls (CTCs) means countries can develop their own rules and requirements, so every country’s e-invoicing regime is different.
    3. Manual tax processes are too slow  , resource intensive, and potentially error prone to keep pace with most e-invoicing requirements.
    4. Few tax and e-invoice solutions have both the technical flexibility and global reach that global organizations need for compliance in multiple countries.

    To keep up with these new regulations, organizations must automate their indirect tax processes and have access to technology and tools that can effectively manage the data and reporting requirements. 

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