Zuora, a monetization suite for modern businesses, has partnered with Sovos, a global compliance technology solutions and services provider, to help global businesses meet eInvoicing mandates.
The partnership, announced Thursday (Oct. 19), aims to assist companies in complying with fast-approaching e-invoicing standards, which vary by country and have different mandate timelines.
Failure to meet government requirements can result in regulatory fees and consequences, including potential lost revenue and approval to conduct business in certain regions. E-invoicing compliance often makes the invoicing process manual and requires significant IT resources and infrastructure to build custom connections to eInvoicing networks.
Through the partnership with Sovos, Zuora now offers a pre-integrated, automated eInvoicing solution that works directly with its recurring billing. This collaboration also allows Zuora to join the Sovos Certified Compliance Program, enabling transaction management platform providers to leverage Sovos’ industry-leading eInvoicing compliance portfolio through certified integrations.
Zuora customers can now leverage an out-of-the-box solution to address local e-invoicing regulations. They can meet compliance through country-specific templates, tax management reports, and eInvoice archiving capabilities. The process is simplified by automatically passing billing information from Zuora to Sovos to generate eInvoices. Furthermore, businesses can expand into new markets with a pre-integrated eInvoicing solution and utilize Zuora’s existing 40+ pre-integrated payment gateways and multi-currency support.
Alice Katwan, president of revenue at Sovos, highlights that Zuora is the first in the transaction management category to provide its customers with access to a global, 360° compliance solution as a strategic Sovos Certified Compliance Program partner. This partnership ensures that Zuora’s customers can meet international tax requirements and adapt to changing regulations in the future.
In addition to the Sovos partnership, Zuora also offers an out-of-the-box PEPPOL data export, enabling businesses to submit e-invoices through a Zuora workflow to the PEPPOL e-invoicing network.
Governments worldwide are developing regulations for digital processes, including eInvoicing, which makes the regulatory environment and its compliance difficult for businesses to follow.
For example, Estonia has announced its plan to make eInvoicing mandatory for all businesses in the country. The aim is to reduce tax evasion and increase tax revenue, according to ERR News.
Ukraine is also preparing to unveil its artificial intelligence (AI) regulations in 2024 while also prioritizing digital transformation and adopting technologies to enhance various sectors. One such technology gaining prominence is eInvoicing.
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