Invoiceware International, big in Latin American electronic invoicing and fiscal reporting, announced a record revenue increase for the third straight year – 112 percent growth compared to 2013. With 64 new customer contracts added in 2014, more than 80,000 companies currently operate on its business network, with combined transactions totaling over 84 billion USD in 2014. Further, expansion into supply chain finance processes has allowed Invoiceware International to enhance financial service offerings beyond electronic invoicing, delivering cash flow benefits into multinational supply chains.
Expanded regulations throughout Latin America and increased supply chain efficiencies amplified adoption by U.S. multinational corporations, including some of the most innovative Fortune 500 and Global 2000 companies, such as – W.R. Grace & Co., Dawn Food Products, Inc., Novus International, Inc., SouthCo, Inc., Philips, Sigma-Aldrich and Continental Tire.
Significant changes in electronic invoicing and fiscal reporting requirements throughout Latin America drove Invoiceware International to enhance its product offerings to include:
- Mexico’s eContabilidad
In 2015, Mexico will require electronic accounting filings (eContabilidad). With the agility of its hybrid cloud-based solution, Invoiceware International eliminates mandatory ERP upgrades for companies operating in Mexico, reducing maintenance costs by upwards of 80 percent annually.
. - Brazil’s SAP SPED ECF:
Taxpayers subject to the actual taxable income regime (Lucro Real – the regime under which costs and expenses are deducted from taxable income) will now be required to maintain ECF and submit accounting records electronically through a specific application in the Brazilian Digital Bookkeeping System (SPED). Companies must submit the first set of required reports by July 2015 covering 2014.
. - eSocial
eSocial is a project of the Brazilian federal government that will collect labor, social security, tax and fiscal information related to hiring and employment practices. Mandates require employers to transmit all information referring to their labor force online.
. - Regional Expansion with Ecuador
Invoiceware International added the ability to support Ecuador’s electronic invoicing requirements to its hybrid cloud platform.
As the largest Latin American Business Network, Invoiceware International is uniquely positioned to provide efficiencies in supply chain finance operations throughout the network. Invoiceware International is now helping its clients realize the cash flow benefits of straight-through invoice processing, a process simplified by the electronic invoicing and record keeping already mandated throughout Latin America.
The combination of significant compliance cost savings, enhanced cash flow processes within supply chains and a growing community of 80,000 trading partners all contributed to Invoiceware International’s record growth in revenue and network size. With Invoiceware International’s growing list of Fortune 2000 companies on its client roster, it is evident that multinational companies with business operations in Latin America are in need of an end-to-end solution that reduces the risk of penalties and business disruptions while minimizing the internal support requirements and annual SAP ERP® maintenance costs.
Scott Lewin, President and CEO, Invoiceware International:
“As the only vendor in the marketplace solving the end-to-end business problems attributed to government regulations throughout the region, we’re proud to help companies like W.R. Grace & Co., Dawn Foods, Inc. and Philips maintain complete compliance throughout Latin America. With over 84 billion USD transacted on our network in 2014, we have extended our position as the largest business network in Latin America. We fully expect to see continued growth in 2015, with continued government mandates and the benefits of straight-through-processing causing companies to look at streamlining their supply chain finance operations across the region.”
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