Why does a one-size-fits-all policy not work for invoice compliance?
So you have gone paperless and are handling invoices in a smart, electronic way. You are working with multiple vendors with ease and are also availing some early discounts in your transactions. As your business flourishes, you get more number of customers across geographies and to cater to this global audience, you rope in international vendors too. That’s great news!!! But are you ready to handle country-specific fiscal, trade and legal regulations? Because if you aren’t, you can even end up incurring fines or repaying already-deducted VAT.
Why should you consider global invoice compliance?
There are 3 main areas where global compliance plays a key role:
- Signing compliance: With the world looking towards more cross-border businesses, electronic signatures involving one or both parties are becoming increasingly crucial.
- Archiving compliance: Invoices should be properly archived to ensure information completeness, consistency and accuracy at all times.
- Content compliance: Global businesses have unique and varied requirements related to the fields to be incorporated in their specific invoices, depending on the country. While one country might require a government-validated invoice number or specific tax related details, there might be another country wanting detailed transaction information like quantity, price, specific VAT rates etc.
Now imagine the pain a company has to go through if it were to check for digital signatures, archiving and country-specific fields on a regular basis for all its transactions. Add to that the complexity of multiple vendors, and you have a big problem at hand.
Since a buyer and a supplier might not always agree on field formats & requirements due to different regulations, and also because tracking such fields manually will be a herculean task, an e-Invoicing platform specializing in handling global invoice compliance is the need of the day.
How can a global invoice compliance system come in handy?
Once an invoice compliance system receives the invoice data in a pre-agreed format, the relevant mappings are undertaken to transform the invoice data into the desired format along with the country parameters. Signatures are cryptographically verified on the basis of a Compliance Map, invoices are securely archived and relevant country-specific fields are properly added & verified, thereby ensuring to follow all the trade and legal regulations applicable to both the buyer and the supplier. A product like Zycus e-invoicing can ensure that you are up and running in the 3 key areas of Signing, Archiving & Content compliance.
To know how you can transform your invoice compliance processes, contact Zycus today.
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