By now, the B2B industry has had it drilled into its head that e-invoicing and digital procurement strategies can save money, improve payments efficiency and strengthen transparency. But across markets, the regulatory requirements for e-invoicing and e-payments can differ, making compliance a challenge, especially for small businesses.
E-invoicing service provider Invoiceware wants to ease that friction, and has launched a new initiative in Latin America to help companies take advantage of the benefits of the digital bill.
In an announcement made Tuesday (Aug. 4), Invoiceware International said it is teaming up with financial Software-as-a-Service firm Lexmark to help multinational businesses across Latin America streamline and digitize their accounts payable operations without getting caught up in the differing regulations across borders.
Together, the companies said they would combine Lexmark’s accounts payables automation with Invoiceware’s existing Latin America regulatory compliance services. Businesses that use their service will reduce their risk of government audits and penalties, the companies said, while simultaneously accessing AP data analytics to improve their financial reporting and cash flow visibility.
Latin America has emerged as one of the world’s leaders in e-invoicing. But as governments begin to standardize the electronic B2B billing process, regulators are introducing more stringent tax reporting rules. Invoiceware highlighted Brazil’s SPED or Mexico’s eContabilidad initiatives, each with their own guidelines for VAT tax reports.
Invoiceware and Lexmark will automate the process of assuring AP processes are aligned with government rules. “Together, we will streamline accounts payable processes across the region, while improving VAT tax deduction accuracy and reducing compliance costs,” said Ailie Kofoid, Lexmark Director of Global Back Office Solutions.
According to reports, Invoiceware and Lexmark have already struck a relationship, as Lexmark utilized Invoiceware e-invoicing services during its own Latin America expansion.
Last April, Invoiceware introduced an update to its e-invoicing and e-procurement solution that similarly aimed to help businesses navigate the differing rules of digital B2B payments across Latin America.