Electronic invoicing

A discussion and guidance on the path to full scale adoption of electronic invoicing by corporates, goverments, SME's and consumers, creating savings up to € 60 billion in 2020. With a focus on: trends, business models, processes, technology, and legal issues.

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Mexico's e-invoicing system paying off for government

It's been a year of heightened regulatory scrutiny for Latin American business owners, as laws are now on the books that require entrepreneurs to establish an electronic invoicing system. Thus far, it's turning out to be a program that's paying off for governments, most notably in Mexico. Through the first six months of 2014, for every peso that M...

04 September 2014 /regulation

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Latin American countries dominate retail growth

While the U.S. may be seen as the world's hub for all things retail, a recent report suggests that this title may be a better fit for one of several countries in Latin America - if not the region as a whole. In its latest Global Retail Development Index, strategic and operational services company A.T. Kearney found Chile to be the best country in ...

27 August 2014

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Mexico tax authority mandates e-accounting records

Let the audits begin. I have always stated that the sole reason for a government to mandate electronic invoicing across the business community is to reduce tax evasion. As in other Latin America countries, the transactional signing of standardized XML is always implemented with a corresponding reporting element. Brazil has Nota Fiscal and SPED. ...

07 August 2014 /regulation

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Chile EInvoicing - Don't Forget the Readiness Declaration

With Chile’s electronic invoicing mandates set to take effect in only a few short months, it is important to understand that your solution selection criteria should include more than just the DTE connectivity. If you don’t understand how you will meet the 7 requirements for “Readiness” through the SII website, you could find yourself with a soluti...

23 July 2014

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3 Ways to Capitalize on Latin America E-Invoicing

It is not all about risk when dealing with Latin America compliance. We still need to remember that there are huge profit potentials in this ever growing region and business will continue to expand. As you do focus on Latin America growth, it is true that compliance is something that needs to be managed. And if you manage it correctly and make t...

09 July 2014 /regulation

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3 Reasons You Could Fail an Audit in Latin America

Often in these articles, I describe the business process – but I wanted to look at Latin America E-Invoicing from an audit risk point of view. Often when we look at the issues, our IT teams think about interfaces and archives, but we don’t always look at the financial risk of systems in these Latin America countries. Remember, in Brazil, Mexico,...

11 June 2014 /regulation

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Mexico Fraudulent Invoices Cost CitiGroup 235 Million USD

Do you Know your Exposure? Electronic invoicing in Latin America is not just about operational issues, it is about risk and financial exposure. Recently, Citigroup, Inc. announced that fraudulent invoices in their Mexico operation forced the company to adjust their 2013 profits by $235 million dollars. Source: http://www.reuters.com/article/2014...

29 April 2014 /regulation

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Mexico E-Invoicing Rescue Projects Start After 3 Months

In Mexico, many organizations implemented non-integrated solutions provided by local signature providers. Now after the first 3 months, the problems we were alluding to are starting to show up. In my previous blog, I wrote about the complexity of Addenda which continue to take on new forms of complexity. Today, I want to go back to a statement I...

18 April 2014

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Chile November 1 E-Invoicing Mandate - Key Check List

The Chile SII officially published the electronic invoicing mandate in the Official Gazette, mandatory use of the Electronic Tax Document (DTE). The rollout will take place over 3 years and will be based on revenue tiers. The first deadline is November 1, 2014 for companies billing more than 100,000 UF (approximately 4.2 Million US Dollars). As yo...

03 April 2014 /regulation

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Brazil Tax and EInvoice - Version 3.10 Upgrade Requirements

It has come to my attention in many discussions that there are a lot of companies that don't fully understand the required upgrades in Brazil. So in short, here is a quick overview of 3.10 requirements as well as what we are seeing from project length and staffing. I am also seeing the trend for companies to re-evaluate their solution provide...

26 March 2014 /regulation