Vertex Inc., a global provider of indirect tax technology solutions, announced today new research revealing how global businesses view e-invoicing mandates and their evolving requirements.
The survey polled 1,150 global tax and finance professionals, finding 80% of North American businesses believe the benefits of e-invoicing mandates outweigh the challenges. Notably, organizations are experiencing efficiency gains (59%), improved compliance and transparency (55%), and cost savings (55%) following e-Invoicing adoption.
As e-invoicing mandates gain traction globally, businesses are facing a complex web of varying country-specific rules and standards. Failure to prepare for these evolving requirements could lead to business disruptions. North American businesses report that 48% of current sales would be impacted by an inability to issue or receive invoices, a figure projected to rise to 56% within the next two years.
“North American businesses should not wait for a domestic mandate to realize the advantages of e-invoicing. For organizations engaged in international trade, the reality is that many global partners and markets already require it,” said Chris Hall, Senior Tax Officer, Vertex. “For those companies operating globally, e-invoicing is very likely already a mandatory requirement they must meet to stay in compliance in those jurisdictions. Getting on board sooner rather than later is crucial for smooth cross-border commerce and fostering strong international relationships. The efficiency gains we’ve seen domestically are amplified when dealing with global partners using standardized e-Invoicing.”
Respondents in markets that sell in countries with e-Invoicing mandates reported additional advantages from e-Invoicing, such as:
- Moving the needle on digital transformation initiatives: Businesses are likely to align their e-invoicing adoption strategy with broader technology transformations (79%) and improve the integration of separate systems (80%).
- Improving bottom line performance: The majority (82%) believe mandated e-invoicing has improved their business’s overall financial health.
- Boosting economic positioning: Many see e-invoicing having positive outcomes on the global economy, including improving data accuracy (81%), facilitating better policy decision-making (81%), and enhancing economies and global competitiveness (80%).
- Enhancing stakeholder experiences: Accountants and financial professionals (86%), vendors (81%), and customers (79%) are seen as the primary beneficiaries of mandatory e-Invoicing.
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Tags: Accounting, invoicing
