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.
