The Chief Procurement Officer may not be the first employee that comes to mind when the acronym CPO is used, yet over 100 of them joined Ardent Partners in Boston a few months ago at the CPO Rising 2018 Summit to exchange and improve the procurement function through innovation and thoughts around P2P, accounts payable […]
4 Reasons Why E-Archiving Should Be the Foundation for a Global E-Invoicing Strategy
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.
Most enterprises already have one or several solutions for storing electronic data and documents. However, those systems might not meet compliance requirements for storing original electronic invoices and similar legally critical documents. Here is a brief guide to some of the prominent international requirements for acquiring a compliant e-archiving system. The full guide is available […]
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