Supplier readiness and e-invoicing in Latin America
Many governments around the world are transitioning from manual to electronic invoicing systems. This is particularly evident in Latin America, where some jurisdictions have mandated e-invoicing for businesses they work with. This article from Spend Matters offers a number of e-invoicing recommendations and preparedness tips for companies that transact or operate within Latin American countries.
Latin American suppliers should expect that e-invoicing regulations will vary significantly from country to country. For example, some countries may require pre-validation of e-invoices before they are issued. Others may require digital signatures or integrations with other compatible financial reporting systems. To ease the friction of having to learn unique systems and procedures for each country, suppliers should use authorized third-party solution providers that are well-versed in the regulations for all the Latin American countries in which they operate. Service providers, including Tungsten Network, can complete the complex process of e-invoice validation and ensure that all local tax rules are accommodated.
The switch to more efficient electronic invoicing systems has already resulted in a number of benefits — both for suppliers and for the governments of Latin American countries. Suppliers should be aware, however, that a cavalier attitude toward adopting e-invoicing standards within Latin America is ill-advised. Even inadvertent violations of the rules could result in fines or even jail time in some countries. So, be sure to consult with well-established e-invoicing solution providers to help make your business operations in Latin America a success.
For additional considerations regarding e-invoicing requirements and preparedness for doing business in Latin America, read the complete article on Spend Matters.