Digital Invoicing Regulatory Compliance: Live or Let Die?
Global and UK-based regulations are encouraging finance teams to embrace digital processes, including EU Directive 2014/55/EC, MTD, Duty to report– particularly as HMRC’s ambition is to become the most digitally advanced tax administrations.
However, the patchwork of rules and the context of Brexit is fuelling confusion and complexity among UK businesses, especially when they do not have the right measures and tools in place to comply.
Get clarity on global and UK-based regulations and find out how AP automation can help you comply:
1 - What are the current regulations driving digitisation of the finance function?
2 - What are the mandatory requirements for compliance and what are the key challenges for companies?
3 - Why you should automate your purchase-to-pay process now to comply with regulations
4 - How to choose the best AP Automation software?
Are you ready for the e-invoicing wave?
By reading this whitepaper you will get an overview of:
What are the current regulations driving digitalisation of the finance function?
Making Tax Digital: understanding the bigger picture
Changes for invoicing practices
Your Duty to Report
What are the mandatory requirements and what are the key business challenges for companies?
One of the consequences is that companies are now likely to receive invoices in highly diverse formats.
Another consequence is that the audit trail has become a non-negotiable mandatory “building block” of any electronic process.
Tax authorities require businesses to keep their supplier invoices for 6 years.
Why you should automate your purchase-to-pay process now to comply with regulations
Boosted by a dense regulatory context, 2020 is clearly a pivotal year for AP automation solutions. Furthermore, their benefits are widely recognized, particularly for cloud-based solutions that minimize implementation risks and maximize return on investment. Today, AP solutions not only automate invoice processing, but they also serve as a real facilitator for complying with recent regulations, notably regarding audit trails and document control.
How to choose the best AP Automation software?
The most advanced solutions are able to achieve a high level of performance, automating 80% of documents while facilitating daily tasks for decision-makers, who benefit from anytime-anywhere access with any device, configuration in a few clicks and extreme simplicity of use.
