In order to minimize audit risks, Limited turned to Invoiceware International for e-accounting that easily integrates into its existing SAP ERP system at a fixed cost for complete compliance in Mexico.
Last year the SAT, Mexico’s tax authority, imposed new eContabilidad legislation requiring companies to submit their chart of accounts, trial balances and journal entries electronically to the government on a monthly basis. As business-to-government financial regulations become increasingly more complex across Latin America, Oneida Limited selected Invoiceware International in order to automate its electronic accounting process. With this automation, Oneida Limited eliminates the need for manual reports that can easily result in mistakes and audits, and avoids ongoing change management to its native ERP system as the legislation changes.
eContabilidad
Under eContabilidad, any inaccuracies or errors in the required tax reports can result in fines, audits or the SAT withholding VAT tax refunds. One of the world’s largest designers and sellers of cutlery and tableware for consumers and the foodservice industry, Oneida Limited minimizes these risks with Invoiceware International’s eContabilidad solution. In addition to simplified compliance with new government legislation, Oneida Limited will also benefit from added transparency, allowing users to easily track and monitor fiscal reports within its corporate SAP system.
Scott Lewin, president & CEO, Invoiceware International:
“Mexico has legislated significant changes this year, and companies must be prepared for these new process requirements that are quickly becoming standardized across Latin America. It is our goal to make these complex changes as seamless as possible for our global enterprise clients, which is why our solution provides native management consoles directly within their corporate accounting systems. Our regional Compliance as a Service platform provides clients like Oneida Limited comfort in knowing they no longer have to dedicate time and additional costs to effectively manage fiscal compliance.”
For more information about the latest e-invoicing and fiscal reporting requirements in Mexico, download a checklist of SAT Mandates for 2016 here.
