- Businesses face challenges and complexities with invoicing and tax reporting regulations when operating globally
- Non-compliance with e-invoicing regulations can result in fines and damage to a company’s reputation
- E-invoicing compliance involves not only generating invoices but also meeting reporting requirements and managing VAT compliance
- Different countries have different e-invoicing formats and specifications, making it difficult for businesses to design and maintain multiple invoice templates
- Language barriers further complicate e-invoicing compliance, requiring multinational companies to acquire local expertise or outsource processes
- Automating tax and finance processes can simplify VAT compliance, reporting, and adapting to changes in e-invoicing regulations
- Automation also offers scalability for businesses expanding geographically.
Source: vertexinc.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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