The publication of Recommendation C1 on 10 February 2022 in the European Parliament’s motion for a resolution, introduced new deadlines for companies in managing regulatory and tax compliance.
In fact, the European Parliament called on the European Commission to establish a harmonized common standard (taking into account the specificities of each country) for eInvoicing throughout the Union.
In the meantime, to maximize the efficiency of managing your Accounts Payables, you should channel documents from all the different international regulatory systems into a fully digital AP process.
Some of the most widely-used standards at European level are:
- SdI: The Italian Revenue Agency’s eInvoicing Interchange System.
- EDIFACT: The globally accepted eInvoicing standard for many industries.
- FacturX: The French government’s hybrid standard for electronic invoicing.
- PEPPOL: The multinational procurement network for public authorities, recognised and used by many countries in their national standards.
- ANSI X12: The most widely used standard in the North American market.
- ZUGFeRD: Germany’s hybrid e-Invoicing standard
How can a multi-channel digital platform boost your company’s efficiency?
A multi-channel digital platform allows you to receive electronic invoices from the world’s leading networks and platforms, effectively eliminating barriers – those related to languages and borders, as well as the frustrating procedural steps at the core of data interchange complexity.
A system such as Comply guarantees you access to all your AP data from all the different countries in which you operate. It allows you to organize it automatically into customisable charts from the single, responsive dashboard and thereby empowers the CFO to make critical financial decisions easily and quickly.
Payment approvals, invoice-related queries, and disputed orders or payments can all quickly and simply be allocated to the appropriate managers for resolution – safe in the knowledge that all the documents received are fully compliant with international standards and regulations.
Comply’s multi-channel system also drastically reduces the chances of human error creeping into the process via manual data capture.
Since it allows every stage of the accounts payable process to be monitored, even remotely, and harnesses the support of artificial intelligence and machine learning to identify anomalies or discrepancies, Comply ensures that nothing can escape the CEO/CFO’s eye.
The advantages of using an automated, cloud-based solution
With regard to electronic invoices, an automated cloud-based solution enables:
- receipt of electronic invoices from any digital channel (Fiscal, EDI, B2B, B2G);
- dematerialised invoices;
- self-billing with suppliers;
- collection of travel invoices and related travel documents;
- management of service invoices, reports and footer expenses.
Cloud-based software solutions are one of the technology enablers automating the entire AP process.
Based on industry standards, these solutions integrate easily with a company’s existing accounting software and can automatically import data from invoices, credit notes, receipts, and other financial documents that are received from any international platform.
Contact us here to learn more about Comply’s multi-channel solution.