Archive for Featured Articles
The US Office of Management and Budget is developing new guidance that would strongly encourage agencies to use only the Invoice Processing Platform (IPP) for electronic transactions.
The US Office of Management and Budget (OMB) is circulating a ‘Comply or Explain’ draft memo that wouldn't quite mandate the use of the IPP, but it would require agencies to justify why they wouldn't use the IPP. Federal CFOs currently are commenting on the draft guidance.
The new centre will deliver UNICEF’s financial and human resources operations worldwide to all UNICEF offices, including payments and invoice processing, payroll, some human resources functions, and the IT helpdesk.Read More
We are delighted to again welcome an e-invoicing service provider with a global reach. This time we give the floor to Pagero. Pagero offers e-order and e-invoice services that help businesses to streamline operations throughout the entire order-to-pay process.
Their services are delivered in the cloud via their Pagero Online network, independent of ERP system, industry and transaction volume and business type. Over 12 000 customers in 40 countries benefit from their services. Through their roaming agreements, they reach over 500 000 companies and organisations worldwide.
ApexPeak is a new capital provider aimed to provide services to small and medium size enterprises directly and those transacting on electronic invoicing networks. Founded in 2012, the firm provides in excess of US$1.3 billion trade finance to businesses located in 160 countries worldwide
By offering a simple, fast, flexible and affordable service, ApexPeak removes the lengthy, manual and restrictive processes required by banks. As a result, their customers no longer need to worry about cash flow problems and can instead focus on growing their businesses.
Now this is interesting. Edicom mentioned in this post that in April 2014, electronic invoicing finally became mandatory for all companies registered in Portugal and that as as from e-invoicing is mandatory for all companies as from 1 January 2015.
To me, this seems the first instance of mandatory B2B e-invoicing in Europe. Which is interesting. Probably even more interesting is the question whether this approach is allowed based on the European e-invoicing directive? I thought that the current directive didn’t provide enough room for Member States to create such compulsory B2B legislation.
Switzerland is the latest European country to announce the roll-out of e-invoicing. As of January 1, 2016, Suppliers to the Federal Administration holding contracts with a value equal to or greater than 5000 CHF will be obliged to use this new system.Read More
The White House and the Small Business Administration announced to expand SupplierPay. Another 21 companies are joining the 26 companies that had already adopted the SupplierPay. Participants of the SupplierPay initiative, promise to pay their small suppliers faster or enable a financing solution that helps them access working capital at a lower cost.Read More
Taxand Indonesia mentioned in a post that Indonesia has introduced a new VAT biased electronic invoicing system. This new system will be implemented in 3 stages. For the first phase, the Directorate General of Taxes (DGT) has identified 45 companies which will be required to issue electronic VAT invoices. These are mostly foreign investment companies, state-owned enterprises and publicly-listed companies.Read More
An estimated €177 billion in VAT revenues was lost due to non-compliance or non-collection in 2012, according to the latest VAT Gap study published by the European Commission. This equals to a massive 16% of total expected VAT revenue of 26 Member States! The EU believes that tackling the VAT Gap requies a multi-facetted approach, and that e-invoicing should somehow be one of these measures.
However if, e-invoicing in Europe remains as liberalised as it is today, the VAT gap will surely not decrease. Perhaps the EU could take a look at the Latin American approach, and its stunning results….
Unfortunately we were not able to visit this years Exchange Summit in Barcelona. However Ellen Leith of APN Today was present and she wrote an interesting background article, called: "Avoiding the e-invoicing toxic mix". In it she points out some interesting points. I added some additional remarks.
The discussion shows that the diffusion of e-invoicing is a matter of time and that different continents have different approaches. It seems that the LATAM approach is proving the most succesful for now, whereas the EU still has to find its bearing. However, regardless of legislation and (lack of) standards, businesses have to and can rely on e-invoicing service providers from years on end to help them achieve their goals.