e-Invoicing: Challenges & Best Practices in Global terms

  • Industry News
  • Posted by: admin
  • Mar 28, 2017
  • Reading Time: 3 minutes

Globalization led to the expansion of markets and legislative changes around the world. The companies are increasingly interconnected for a secure and reliable communications that allow them to engage in e-Invoicing worldwide. This results to implement mandatory e-Invoicing solutions in almost all regions.

Read more: EDICOM: Challenges of International e-Invoicing

einvoicing solutions

e-Invoicing solutions enhance fiscal control, cuts down costs, boosts economic savings and streamline processes.

  • -Latin America mandates e-Invoicing solutions both in B2G and B2B areas
  • -The United States to mandate electronic invoicing project in 2018
  • -In the European Union, e-Invoicing solutions in public administration in many countries
  • -In North America and Asia-Pacific region, the two regions began to increase the volume of transactions.

Read more: Future of e-Invoicing [Infographic]

CHALLENGES OF INTERNATIONAL e-INVOICING:

An international e-Invoicing solution poses both technical and interconnectivity challenge.

The wide range of governments and legislations that give rise to several co-existing models and systems of e-Invoicing solutions.

Major Challenge In technical terms,

To take into account domestic legislation and the validation and certification requirements of the tax authorities appear to be a challenge.

Operations : The varied factors include prior formalities to be carried out by companies, look for variety of approved formats, tax controls implementation, electronic signature and safekeeping of documents.

Major Challenge In interconnectivity terms,

Companies require secure and reliable links with Government agencies and other enterprises.

Operations: Of the plethora of ways to link up electronically, interoperable communications infrastructure is needed with a service provider to guarantee efficient connection under stringent control.

The businesses are aware of these hurdles to have an automatic procedure for processing and managing a global electronic project. Engage a trustworthy global provider to help companies handle an automatic and integrated e-billing system.

Check out: Latest e-Invoicing Trends [Infographic]

electronic invoicing 124

EDICOM provides electronic invoicing services between companies around the world. This is the best solution for companies operating in different markets from centralized management systems. Link up with any company and exchange fiscal and business documents in compliance with national regulations.

Invoicera empowers account receivable and accounts payable management for over 3 million of businesses worldwide.

Invoicera helps to automate and simplify your business processes and communication with online invoicing and payments, recurring/subscription billing,  expense management, client/vendor panels, time tracking, workflows, multi companies, multilingual & multi-currency support, staff permission, purchase order management, subcontractor billing and time management, financial reporting & analysis, comprehensive reporting and APIs for 3rd party integration.

Automate-Invoicing

admin

Veronika Tondon is a business enthusiast with extensive experience in Invoicing & Payment Process. She has 6+ years of experience in Invoicera, the leading cloud-based invoicing solution as Invoicing Consultant. Sound knowledge in business process execution, offers end to end solutions for complete automation of business processes and AR/AP processes. Contact Veronica for your invoicing requirement.

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