4 Reasons Why E-Archiving Should Be the Foundation for a Global E-Invoicing Strategy

Gustavo Jimenez
January 28, 2019

No global e-invoicing strategy is complete without functionality for e-archiving. In fact, far from being an afterthought or add-on, e-archiving should be at the core of any organization’s e-invoicing plans. There are a few reasons why:

E-archiving makes up a large percentage of a global e-invoicing strategy

If a government wants to audit an organization’s invoices, it accesses the e-archive. That’s where the evidence of compliance, or lack thereof, ultimately rests. It’s the proving ground for the rest of the e-invoicing strategy, so setting it up correctly goes a long way toward completing an entire e-invoicing plan. E-archiving represents probably 50 percent of an e-invoicing strategy in general.

E-archiving centralizes e-invoicing operations and consolidates fragmented solutions

With an e-archiving strategy in place, multinational companies will ultimately save money by being less vulnerable to pressure from subsidiaries or departments that want to quickly, and perhaps sloppily, deploy e-business solutions from local solution vendors. Without an archiving strategy, companies invariably end up with a fragmented archiving landscape and vendor lock-in; at that point, getting out of such relationships can be close to impossible and definitely expensive. Centralized e-archiving, then, becomes a money-saving technology component.

E-archiving provides a common architecture for all applications

Organizations that can quickly pinpoint where they store their original e-invoices can more easily trace a “compliant path” back from the archive to the different applications, service providers, trading partners, processes, product lines, and countries where e-invoices originate. Archiving facilitates the entire compliance process.

Most countries with e-invoicing require e-archiving

E-archiving is a common denominator among countries that require e-invoicing. Just about every jurisdiction that mandates e-invoicing also requires e-archiving, but with a welcome twist: Whereas e-invoicing regulations can vary wildly country-to-country and change rapidly, e-archiving mandates tend to be fairly stable and similar from one nation to another. So, it’s possible to employ a “superset” approach to country rules, which requires relatively little country-specific logic.

E-archiving should be a priority rather than an afterthought

Because it lacks some of the constant change and compliance pressure of e-invoicing, e-archiving can seem like a mere accoutrement in a global e-invoicing strategy. In fact, it is the bedrock of any successful plan.

Sovos Global Compliant eArchiving solution provides one universal, compliant e-invoice archive regardless of the number of service providers and e-invoicing software solutions a company uses. It consolidates invoices and supporting documents via a single API in more than 60 jurisdictions.

Take Action

Read more about e-invoicing and e-archiving in this comprehensive industry report from Sovos. Or contact Sovos about establishing a foundation with eArchiving solutions.

Sign up for Email Updates

Stay up to date with the latest tax and compliance updates that may impact your business.

Author

Gustavo Jimenez

Gustavo is Sovos’ Product Marketing Manager for eInvoicing solutions.
Share This Post

United States
April 24, 2019
Sovos CEO Named EY Entrepreneur of the Year 2019 Semifinalist

For more than 33 years, EY has been at the forefront of identifying game-changing business leaders and celebrating ingenuity through its Entrepreneur of the Year Awards program. The firm recently named Andy Hovancik, CEO, as a semifinalist in its Entrepreneur Of The Year 2019 New England Awards program, billed by EY as the world’s most […]

E-Invoicing Compliance EMEA LATAM Sales & Use Tax United States VAT & Fiscal Reporting
April 23, 2019
SAP Central Finance Drives Move to S/4HANA, Making Tax Compliance a Priority

SAP Central Finance is driving migration to SAP S/4HANA as companies look to deliver value to their finance and accounting organizations, as well as improve on the configuration of previous financial systems. And for most companies making the transition, tax compliance is a priority. In a recent survey by SAP Insider, 74 percent of SAP […]

EMEA VAT & Fiscal Reporting
April 23, 2019
Deadline Extended for Turkey’s E-Waybill Mandate

A draft circular, published by the Ministry of Treasury and Finance of Turkey on 15 May, has proposed an extension to the deadline for the mandatory issue of e-waybills. Whilst the circular still needs to be formally approved, the new deadline is expected to be 1 January 2020.  The postponement to the transition period gives […]

Brazil Colombia E-Invoicing Compliance EMEA Italy LATAM Mexico Sales & Use Tax Spain United States VAT & Fiscal Reporting
April 22, 2019
SAP Central Finance Migration: Tax Compliance Spells Trouble

SAP S/4HANA is the promised land for SAP customers: an entire suite of ERP functionality in one place with a single data store. The ability to run all ERP capabilities, both from SAP and non-SAP systems, from a single source represents delivery of a model IT professionals and SAP administrators have sought for years. Getting […]

Brazil LATAM Mexico VAT & Fiscal Reporting
April 18, 2019
Marketplace Facilitator Tax Collection Responsibilities in Latin America

Marketplace Facilitators and Payment Processors Find Themselves in the Global Tax Compliance Crosshairs – Part II As we discussed in part I, “Marketplace Facilitators and Payment Processors – The New Taxpayers?” an indirect tax trend the past several years is an effort to expand the number of types of businesses responsible for collecting tax, such […]