PayStream likes to keep on eye on the global AP and P2P automation arena, especially since we devote a lot of our study to global eInvoicing trends. In our recent research, we’ve seen that there are increasing eInvoicing initiatives around the world as both public and private sectors and buyers and suppliers push for easier electronic communication and more efficient trade. Much of electronic invoice adoption is inspired by tax systems: in Europe and Latin America especially, eInvoicing networks are valued for the control they bring to VAT compliance. However, tax mandates in relation to eInvoicing are constantly shifting as technology and government policies change. Businesses of all sizes are forced to stay on their toes to keep up with rapidly changing regulations.

Mexico’s tax authority—the Sevicio de Administracion Tributaria (SAT)—has recently released new tax declaration requirements for multinational corporations operating in the country. This system will mandate them to file accounting information through SAT’s “mailbox” system by January 25, 2015, for financial records from July through December 2014. This tricky requirement is just one more of the many regulations for businesses operating in Mexico—and most other Latin American countries—and failing to comply can mean millions of dollars in fines.

However, despite the ever-changing waters of eInvoicing technology and adoption standards, the
software innovators of the world are rising to the challenge. Invoiceware International has developed and released their answer to the Mexican mandate: a new solution, eContabilidad (eAccounting).

This eInvoicing and tax declaration support solution not only brings security and efficiency to multinationals cross-border trading, but it is tailored specifically for those companies operating the SAP ERP for their Mexico subsidiaries and divisions. eAccounting gives customers the ability to maintain SAP ERP as the system of record, extract matching transaction eInvoicing data for reporting, and manage local requirements while protecting the global ERP template. Navigating SAP and other large ERP systems is difficult enough without the added complications of Latin American tax regulations—this solution is a valuable asset for global organizations.

PayStream has found that it is important for global companies or companies interested in expanding their operations to educate themselves on the current eInvoicing climate throughout the world. Not only that, but they should familiarize themselves with global-focused solution providers like Invoiceware so that when the time comes to cross their national trade borders, they are able to make the right choice for software. For more insight into current electronic invoicing conditions and participation around the world, look out for our upcoming 2014 Global eInvoicing report.