Electronic invoicing is a much-desired capability among U.S. firms because it contributes to operational efficiency as well as providing a data-driven foundation for improved working capital management. Multinational firms and those with significant import-export activity face an added hurdle, because legal requirements for invoice formats vary significantly from one country to another.
Several countries, including Brazil and Mexico, are already relatively far advanced in the use of electronic invoices, including having government-defined specifications for form and process. Not surprisingly, specialist firms such as GXS and Invoiceware have arisen to provide tax compliance and integration with international systems.
GXS, based in Gaithersburg, MD, announced this week the extension of its offering to include the requirements of Brazil and Mexico. According to the firm’s press release:
“Value Added Tax (VAT) is the predominant indirect taxation method for many areas of the world, and a key factor in electronic invoicing is ensuring that each invoice is compliant with local tax authority regulations,” said Nigel Taylor, head of e-Invoicing solutions at GXS. “This can be a complex challenge for companies operating globally. GXS Active Invoices with Compliance allows our customers to outsource this complexity to us as a Managed Service.”
GXS reports that its “Active Invoice Compliance” solution now covers 41 countries, distributed around the globe. The company is publicly traded, and its 2,400 employees are located in more than 20 countries. For firms with multinational B2B invoicing requirements, GXS offers both software solutions and professional services to facilitate supply chain automation.
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