Kofax showcases enhanced cloud-based Order to Cash capabilities following Tungsten acquisition
Broadened Native SaaS Order to Cash Platform Demonstrated at E-Invoicing Exchange Summit Lisbon
Irvine, CA – October 4, 2022 – Kofax®, a leading supplier of Intelligent Automation software for digital workflow transformation presented its enhanced Native SaaS Order to Cash Platform and European compliance services at E-Invoicing Exchange Summit Lisbon this week. Also there was Ruud van Hilten, Head of AP Automation Compliance at Kofax, who spoke on the “Connected Data: A Vision for the Future of E-Business” panel discussion as Executive Committee member of the European E-Invoicing Service Providers Association (EESPA). At the Summit, Kofax provided guidance on all the regulatory environmental changes in across Europe, particularly in France.
Following its acquisition of Tungsten in June, Kofax is better positioned than ever to help businesses around the world meet new mandatory electronic invoicing and tax reporting requirements. An example of this is in responding to the French government’s legal requirements that mandate the adoption of e-invoicing for all B2B transactions starting January 2024. Kofax is offering French businesses, and those who transact in France, consultancy and guidance to fulfill these obligations, in addition to its suite of e-invoicing solutions. An early pioneer in electronic invoicing, Tungsten has a long pedigree in working with businesses who are obligated to operate under such requirements and has offered compliance related services in France since 2004.
“With the acquisition of Tungsten, Kofax is able to offer customers the broadest range of software and solutions in the marketplace to accelerate their digital workflow transformation journeys. Our e-invoicing offering supports a range of compliance challenges – from identifying obligations and assessing requirements to designing and managing solutions,” says Chris Huff, Chief Growth Officer at Kofax. “With Tungsten, we’ve increased our customer and partner ecosystem, and expanded our market availability by improving our ability to support e-invoicing mandates.”
Ellen Cortvriend, Director Indirect Tax at PwC in Belgium and leader of PwC’s Centre of Excellence on e-invoicing & e-reporting, said, “The collaboration between Tungsten and Kofax is pleasing to see. Two existing companies in this space, coming together to offer businesses excellent support in tax compliance, good guidance, and industry practice. There was an excited buzz around the E-Invoicing Exchange Summit this week, with the Kofax team engaged in many meaningful conversations on what changes are afoot in Europe in the coming years and more immediately in France.”
“Tax mandates are ever-increasing with a lot of European countries posing a real challenge,” says Greg Liebe, Global Process Owner at GSK. “However, it’s much simpler for us, as we know Tungsten is on top of compliance requirements.”
“As more governments mandate e-invoicing, dealing with every authority and each new platform can be overwhelming. And if you’re not compliant, you’re compromised. Kofax shields businesses from the cost and risk of non-compliance by providing globally compliant products and services,” says Ruud van Hilten, Head of Compliance at Kofax. “We also stay ahead of the rules and obligations to keep our customers and their suppliers covered today and tomorrow. And through our partnership with PwC, we offer additional peace of mind. Together with their tax experts and our ongoing research, development and audits we have a trusted team of global tax experts acting on their behalf.”
Kofax has a comprehensive e-invoicing compliance overview here, providing specific country overviews.
Kofax enables organizations to Work Like Tomorrow™—today. Our Intelligent Automation software platform and solutions digitally transform content-intensive workflows. Customers realize faster time-to-value and increased competitiveness, growth and profitability by combining Kofax’s cognitive capture, RPA, process orchestration, analytics and mobile capabilities while increasing business resiliency and mitigating compliance risk.
In June 2022 Kofax acquired Tungsten, the world’s largest, compliant business transaction network. Tungsten processes invoices for 60 percent of the FTSE 100 and 68 percent of the Fortune 500. It enables suppliers to submit tax compliant e-invoices in 54 countries, and last year processed transactions worth over £220 billion for organizations such as Caesars Entertainment, Computacenter, GlaxoSmithKline, Kraft Foods, Mohawk Industries, Mondelēz International, Procter & Gamble, Shaw Industries, Unilever, and the U.S. Federal Government.