Avalara has unveiled a new tool to help multinational businesses streamline their compliance with eInvoicing mandates.
The new Avalara E-Invoicing and Live Reporting is a compliance application programming interface (API) that provides a centralized solution for compliance with the growing number of country-specific eInvoicing initiatives, Avalara said in a Tuesday (May 23) press release.
“The pace and quantum of new mandates [are] unprecedented and causing a huge headache for multinational businesses,” Avalara Senior Director of eInvoicing Alex Baulf said in the release. “Tax and finance functions now need to look at eInvoicing and live reporting of transactional data strategically. This is no longer a local compliance issue; it’s a critical global business issue.”
More than 60 countries have announced or already have mandates for eInvoicing, and that number could more than double by 2030, according to the release.
The new Avalara E-Invoicing and Live Reporting API lets businesses add global eInvoicing capabilities to their enterprise resource planning (ERP), eCommerce or accounting systems; access eInvoice exchange networks and government platforms; and support eInvoicing mandates by country or region, the release said.
It also enables businesses to monitor the status of eInvoices from a single reporting console and archive eInvoices, per the release.
“Avalara has spent the last two decades addressing the complexity around indirect tax compliance for businesses and their trusted partners with our industry-leading compliance platform that makes tax less taxing,” Jayme Fishman, executive vice president and general manager of indirect tax at Avalara, said in the release. “Now with Avalara E-Invoicing and Live Reporting, we’re extending that simplification to help clients and partners manage the new challenges and additional complexities of rapidly evolving eInvoicing mandates around the globe.”
Depending on where you look, different governments have different standards as they regulate taxes and customs, and as they seek to set up electronic, auditable document trails, Steve Pinado told PYMNTS’ Karen Webster in an interview posted in October. Pinado was president of Billtrust at the time and is now a board member at Komet Sales and Encompass Technologies.
If companies run afoul of those standards, the invoices — which must be reviewed and approved by authorities before they get passed along to client firms — can get held up, Pinado said.
For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.