The article discusses why companies should consider evaluating their e-invoicing strategy. The reasons are:
- Rapidly changing e-invoicing mandates: Tax authorities around the world are implementing or announcing new electronic invoicing mandates. It’s essential to create a risk matrix and governance framework to avoid potential penalties and closure of the organization due to non-compliance.
- Innovation within the accounting department: E-invoicing can automate Order 2 Cash and Purchase 2 Pay processes, leading to lower costs and spending. This can give organizations a competitive advantage.
- A vendor ecosystem that is not sustainable: With over 2000 e-invoicing vendors, there have been many acquisitions in the past two years, and more are expected. It’s critical to choose a future-proof electronic invoicing vendor provider.
Choosing a strategy before the next wave of mandates is important, as changing the strategy during implementation can lead to penalties, overspending, and disruption in resource planning.
Source Tri Finance
