This year, Brazil implemented the largest change to its compliance requirements since 2010, with new processes that affect a company’s ability to send and receive goods.
SouthCo selected Invoiceware International’s NFe solution to ensure e-invoicing accuracy and seamless transmission to Brazil’s tax authority in order to maintain complete compliance and minimize the risk of shipment disruptions, fines and penalties.
SouthCo’s expanded its presence in Latin America in 2013 with the acquisition of Unikey Industrial Components, headquartered in Sao Paulo, Brazil, and is now faced with managing challenging compliance requirements. Brazil’s recent e-invoicing regulations affect both accounts receivable and accounts payables, adding complexities to the procurement of goods not just the sale of goods, as e-invoices must now be collected from vendors, validated and archived for five years. Any inaccuracies or missing invoices result in audits from Brazil’s tax authority and potentially millions of dollars in fines.
Scott Lewin, president & CEO, Invoiceware International:
“We are pleased that SouthCo selected our business-to-government compliance solution to simplify the implementation and day-to-day management of Brazil’s Nota Fiscal legislation. Multinationals continue to gain economies of scale from our B2G Compliance as a Service offerings, allowing their organizations to reduce support costs and limit the impact of the fiscal regulations on their global ERP systems.”
For more information about Brazil’s latest mandates, click here.
A bit more about SouthCo
Founded in 1899, SouthCo has grown into a global leader in engineered access hardware through innovation, strategic acquisitions and overseas investments. SouthCo solutions are a key part of products thousands of people interact with every day, including “touch points” such as locks, latches, captive fasteners, hinges, handles and other innovative products.
