E-invoicing readiness assessment services
What is e-invoicing and why is an e-invoicing readiness assessment important now?
Electronic invoicing, or e-invoicing, is the process of exchanging machine-readable invoice data with vendors and customers through a designated tax authority portal. E-invoicing is becoming increasingly complex because different countries are implementing rules to digitize the imposition, collection and enforcement process and bridge the value-added tax (VAT) gap and recover billions of dollars lost annually due to tax noncompliance.
In today’s dynamic business environment, amid shifting rules and requirements around e-invoicing, an e-invoicing readiness assessment is crucial to any business that trades globally that is either already required to comply with e-invoicing rules or will be required to abide by the rules in the near future. This electronic invoicing method grants governments real-time visibility into organizations’ transactional data.
An e-invoicing readiness assessment is imperative for businesses to identify and rectify gaps and inefficiencies in business processes, system compatibility and data accuracy.
How to determine whether an assessment can help your organization
A smooth and successful e-invoicing implementation starts with a e-invoicing assessment, which can:
- Ensure you are able to identify current invoicing processes, data and systems
- Confirm and assess existing organizational people, processes and technology to meet the demands of e-invoicing requirements
- Be aware of relevant VAT laws, e-invoicing requirements and target dates for e-invoicing mandates as they are implemented
- Evaluate the quality, accuracy and accessibility of your transactional and invoice data for seamless integration with e-invoicing platforms and the corresponding transmission protocol to the tax authorities’ portal
Do you have the following concerns in preparing your organization to adopt and implement e-invoicing requirements?
- Is your current enterprise resource planning (ERP) or billing application struggling to handle the complexities around e-invoicing?
- Do you have a clear strategy for navigating the ever-changing landscape of e-invoicing rules, affected business transactions and implementation dates?
- Is your business transactional data consistent and accurate?
- Are your tax and invoicing tasks scattered across overworked teams with no dedicated e-invoicing sponsor or champion?
If you answered yes to any of these, an e-invoicing readiness assessment from RSM US LLP may help you ensure compliance with the digitization of the invoicing process.
What can you expect from an e-invoicing readiness assessment?
You’ll gain valuable and strategic insights, a proposed road map and actionable recommendations to ensure a smooth transition to the future of invoicing, while staying in compliance with e-invoicing regulations. By proactively addressing e-invoicing challenges and opportunities, you can leverage e-invoicing to future-proof your operations, drive growth and improve business processes.
Our services extend beyond mere compliance, encompassing vital aspects such as assisting in the selection of the right e-invoicing software provider aligned with your business needs and growth plans. We provide dedicated implementation support, seamlessly integrating an e-invoicing solution with your existing systems and conducting rigorous testing cycles to identify and resolve potential issues. Benefits of an assessment include:
As tax authorities aim to increase transparency, tackle tax avoidance and improve the exchange of information between countries, e-invoicing data transformation tools have proven powerful and effective for ensuring you keep abreast of the e-invoicing mandates around the world.
The assessment will specifically highlight any compliance gaps, offering valuable insights into potential risks and exposures. This comprehensive assessment aims to not only ensure regulatory adherence but also provide significant value to you by fortifying the business’s compliance posture and fostering proactive measures to navigate this evolving regulatory landscape effectively.
The assessment of e-invoicing transmission protocols (e.g., PEPPOL, JSON and XML) across different countries reveals adherence to these protocols, as well as the ease of integration with external e-invoicing solution providers. The findings will:
- Provide a comprehensive understanding of your organization's capability to seamlessly transmit e-invoicing data from the ERP application to the tax authorities' portal.
- Provide a co-developed phased implementation plan with time frames, milestones, roles and responsibilities to ensure your e-invoicing is compliant with current tax compliance processes.
Related solutions
- /services/business-tax/indirect-tax/foreign-indirect-tax
- /services/business-tax/international-tax
- /services/digital-transformation/e-commerce