Navigating the compliance minefield
In 2013, Gartner declared every company to be a technology company. Today the digital revolution continues, with technology infiltrating more and more business models and processes, causing the nature of those models and processes to change in response.
Gartner’s statement carries with it the implication that technology touches every sector of the economy, and the acknowledgement that businesses across all sectors are relying upon technology in fundamental ways. This is certainly true of electronic invoicing.
In fact, the increasing adoption of e-invoicing is a major contributory force behind many technological shifts in businesses and even governments. The threat of fraud and the ferocity of competition is encouraging stakeholders to seek greater control over and comprehension of the invoicing process. Particularly in respect of tax and information gathering, technology is proving to be the magic key.
This very theme loomed large at this year’s Insights, Tungsten Network’s flagship event. A panel debate from a group of exceptionally knowledgeable industry experts resulted in an interesting discussion of how technology allows more complete visibility over invoices and the associated data, as well as actually causing accounting processes to improve.
Christoph Zenner, partner at PwC, was joined by Anna Norden, lead counsel at TrustWeaver, and Luke Sieger, group tax lead for BT. They talked through the various complexities around electronic invoicing at a global level, with different countries and companies enforcing their own rules and regulations. To discover what they had to say, you can watch the video below.
The resounding conclusion of the discussion was that keeping up with changing compliance requirements at a global level is no mean feat. Tungsten Network’s mission is to be the most trusted business transaction platform, and we work tirelessly to ensure that companies on our network are supported by the most cutting edge technology and processes, as they strive to trade compliantly on both a local and a global level.