Archive for Compliance

Argentina extends mandatory electronic invoicing to six new production sectors

On December 16, 2013, AFIP published General Resolution 3571/13, listing the new production sectors which in the coming months must join the special regime for issuance and electronic safekeeping of original invoices. The sectors to be mandatorily incorporated into the electronic billing system have been segmented into 6 different groups according to the type of activity they engage in. Gradually, all of them must migrate to the electronic billing system regulated by AFIP.

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Vietnamese Tax Office shifts to nationwide barcode einvoicing within 3 to 5 years

The Vietnamese is considering to roll-out nationwide e-invoicing within 3 to 5 years. Just like other countries, the Vietnamese government is considering a system that requires companies to register their (e)invoicing data in their own system as well in the Vietnamese tax system. After registering, companies can use a barcode in their brick-and -mortar logistics as a printed evidence that an invoice has been registered.
The tax office expects to expand e-invoicing to 50 per cent of all enterprises after 3-5 years, and to all of the country's enterprises in the following 3-5 years.

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Spanish Facturae to cut Public Administration debts to suppliers

On 23 October, Congress approved the law promoting electronic billing and the creation of a single Accounts Register for payments in the Public Sector, which comes into force as of next year, 2014. This drive towards a paperless Public Administration. But in addition to this, Facturae is also an excellent way to cut down on Public Sector late payments to suppliers. As of January this year, all Administrations will have an accounting record for invoices, whose managers will forward the information on invoices received to the Tax Authority. This will also allow for better knowledge of payments pending, and therefore greater control of any possible delays that might occur.

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OB10 and Digital Planet team up to provide mandatory compliant e-invoicing in Turkey

December 30, 2013  |  Asia, Compliance, Electronic Invoicing

From January 2014, new Turkish regulations will require certain companies to adopt e-Invoicing. To help organisations remain compliant, OB10 and Digital Planet (a major Turkish e-Invoicing solution provider) announced a partnership to bring compliant electronic invoicing and process automation to Turkey.
In addition to adhering to regulatory requirements, the alliance offers organisations the benefits of streamlined processes, improved payment performance and the ability to capture early payment discounts.

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The failure points in the traditional NFe on-premise einvoicing architectures

When you consider the issues and the overall cost to support three components, you can see why companies are looking to use the Brazil NFe version 3.1 upgrade to consider managed service providers that implement, monitor and maintain all three components as a complete end to end solution.
With the operational and audit issues at hand, wouldn’t it be nice to pick up the phone and call one expert, rather than going on “search & rescue” missions to find and fix the problem every time there is an error?

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Deadline for Brazilian Carriers to issue Electronic Invoice Expired

As from 1 December carriers must now be accredited with the SEFAZ tax authority in their state to issue CT-e. They must also be registered in the rest of the states where they operate, hold a digital certificate issued by an accredited KPI authority and adapt their information systems to be able to issue the new electronic document required to document the billing for their services. Edicom is such an organisation.

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Invoiceware International to Manage E-Invoicing for Brazil Nota Fiscal and Mexico CFDI for Kellogg

Invoiceware International is contracted by Kellogg to manage their electronic invoicing processes in Brazil and Mexico. By taking advantage of Invoiceware International’s SAP Electronic Invoice Apps and On Demand Latin America E-Invoicing Network, Kellogg’s will be able to eliminate the project and IT burdens caused by changing regulations, now as well as in the future. Creating simplified compliance with Brazil SEFAZ and Mexico SAT laws through packaged e-invoicing managed services.

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Portugal mandates use of certified electronic invoicing software

On November 22, 2013, the Portugese Ministry of Finance published Ordinance Nº 340/2013. The ordinance includes modifications to the certification process for electronic billing software and solutions.
As of now all e-invoicing software must be audited and certified by the Portugese Tax Authority: the Direcção Geral de Contribuições e Impostos (the DGCI). That said, all proprietary software will no longer be considered valid without proper certification. Even if it follows the XML file construction criteria with inclusion of the mandatory fields proposed by the tax authorities!

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InvoiceSharing Makes Electronic Invoicing 100% Free and Premium. Guaranteed!

As of today electronic invoicing is fully free from anywhere in the world. InvoiceSharing is the first company to make the total process free, that is: from sending electronic invoices to importing them into financial accounting.
A revolutionary innovation that is available to any company as of today. A business model considered ‘impossible’ by the industry is now the new reality. A revolution for providers of paid electronic invoices. Integration to any financial system is free. Sending and receiving of invoices is also free. The entire process is accredited by the accounting firm Ernst & Young.

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Preventing fraud using e-Invoicing and strict internal controls

November 27, 2013  |  Compliance, Invoice Automation

Last year Danny Thompson wrote a blog post on how e-Invoicing is uniquely equipped to help companies prevent invoice fraud. A recent news story is a reminder of the need for robust internal processes to mitigate abuse. Two AP employees at a telecommunications company manipulated the system to issue duplicate payments, defrauding the business of more than $900,000. That’s enough money to make a CFO need CPR, especially given the US-based Association of Certified Fraud Examiners’ estimate that organizations around the world lose 5% of their annual revenue to fraud. The good news is that much of this can be prevented using e-invoicing and strict internal controls.

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