Navigating the global tax compliance landscape successfully is complex and resource-intensive. Every country has a specific and constantly evolving set of legislated e-invoicing requirements.
Non-compliance, intentional or not, can result in significant financial penalties, business disruption, and reputational damage.
The Federal Reserve and the Business Payment Coalition (BPC) recently announced that 73 organizations will work together to develop an industrial pilot operational exchange framework that will enable companies to share electronic invoices.
The E-invoice Exchange Market Pilot and the Remittance Delivery Assessment Work Group aim to modernise B2B payments resulting in faster timeframes. Advantages of this modernisation include lower costs, better cash management, error reduction, risk mitigation, increased transparency and improved efficiency.
The Business Payments Coalition, with support from the Federal Reserve, will begin recruiting for a Market Pilot Work Group. This group will build and test a virtual network that will enable businesses to exchange e-invoices. Interested stakeholders will be needed to develop and test the open-source tools and access points to be used in the pilot.
The American Business Payments Coalition (BPC) is leading a 3-year effort to explore the feasibility of developing and implementing a standard framework for ubiquitous B2B electronic invoicing for the US market.
United States federal agencies are expected to adopt electronic invoicing for B2G procurement by the end of fiscal year 2018.
Let us show you how we can support your business to send 100% compliant e-invoices in 54 countries. Please provide your details and one of our team will be in touch.