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Global einvoicing
International Electronic Billing Platform

Global e-Invoicing

Why a Global e-Invoicing Solution

Mandatory einvoicing  

Internationalization processes: Companies are active in global markets and manage their commercial, logistical and fiscal operations within a transnational framework, which calls for the adaptation of their administration and data transfer processes to this new reality.

   
einvoicing: centralized information system  

Centralized Information Management Systems (ERP): Centralizing information systems is a trend currently gaining ground in multinational businesses. Centralization involves access for all users from any country to a single ERP, and although it results in benefits in terms of efficiency, costs and control of corporate processes, it also means that the same system must be able to bill according to the particularities of each country it services.

   
einvoicing: Centralized IT department management   Centralized IT department management: The internationalization paradigm also affects multinational companies in the organization and management of their IT resources. The current trend is to centralize all a company’s IT services, including those related with EDI. This cross-organization is performed through a global IT department or a Shared Services Center that services all the company departments and branches. With this new IT management model, it is necessary to have data transmission solutions such as e-invoicing designed to be integrated transparently and quickly within any organizational structure.
   
einvoicing: Legal bindings   Legal bindings: Invoices help document a contractual relationship which sets out the rights and obligations of the document issuer and the party acquiring the goods and/or services listed in the invoice. Billing is thus a key transaction that must be adapted to comply with the legislation of each country from which it is issued. In this scenario, it is important to have a service provider able to make the necessary adjustments to the data structures generated by centralized information systems, so that the invoices fit the current legislation in each issuing country.
   
einvoicong: tax implications   Tax implications: E-invoicing can be leveraged by implanting control mechanisms that notably help reduce tax evasion, improving the collection of tax revenues. Many countries, especially in Latin America, have passed legislation making digital invoicing mandatory for an increasing volume of issuers, who must use electronic fiscal control codes in their e-documents, which in practice constitute an online declaration of the taxes due to the pertinent tax administrations.
   
einvoicing: Operational advantages   Operational advantages: Regardless of the legal and tax implications, e-invoicing provides several working advantages for issuers and recipients who adopt it. The possibility of integrating documents with management systems, immediacy in issuance and delivery, or the enhanced security provided by the digital process compared to the traditional model, result in a drastic increase in the efficiency of administrative processes, with a reduction in costs that can reach up to 93% compared to the traditional paper-based management system.
   

White Paper: e-Invoicing situation in Latin America

Global e-Invoicing edicom video

Key Benefits

  • Enhanced efficiency of administrative processes
  • Cutting costs
  • No human error
  • Shorter delivery and bill collection times
  • Enhanced security in business transactions
  • Automatic invoice reception and integration processes
  • Takes paper out of the daily admin management loop
  • Handy, secure and legal invoice storage

News

23/04/2018

The electronic invoice will be used voluntarily in Panama starting in September 2018

Despite the voluntary adoption of the e-Invoicing in Panama, the General Tax Directorate of Revenue trusts that the advantages of the new system will encourage widespread use among taxpayers.