The new solution gives customers a single access point to manage e-invoicing compliance. It offers pre-built integrations connecting financial systems, including common enterprise resource planning (ERP) systems. Additionally, a collaboration with Pagero supports customers in achieving comprehensive e-invoicing compliance that minimizes the cost and effort to comply. ONESOURCE E-invoicing brings together the best in global tax compliance and e-invoicing into a single solution.
Today, more than 80 countries have mandated e-invoicing or continuous transaction control requirements, and this figure could potentially surge by 2025 as governments prioritize tax reform and real-time reporting.
“We’re seeing an abundance of tax reforms and greater sophistication of tax authorities worldwide, and for tax departments in multinational corporations this requires a step change in how they keep pace with new rules and regulations to mitigate risks for their business,” said Ray Grove, Head of Product, Transactional Compliance, Thomson Reuters.
“Compliance with e-invoicing mandates is accelerating as a key priority, and historically it has not been an easy task, with regulations varying significantly across regions,” Grove added. “We’re excited to be able to support businesses in overcoming these challenges with ONESOURCE E-Invoicing. This helps them accurately and efficiently meet compliance obligations – increasing confidence and peace of mind on what can be a daunting and ongoing task.”
ONESOURCE E-Invoicing benefits customers managing e-invoice mandates, providing:
Centralized control – E-invoicing compliance supported across networks and borders, managed within a single platform.
Reduced cost – Lower implementation costs, effort, and ongoing maintenance with pre-built integrations for common ERP systems, in addition to other direct API integrations.
Simplified data management – Economies of scale across countries with universal data mapping.
Time saved – Maximized invoice flow supporting a faster time to payment, with automated e-invoice validation and data enrichment.
The addition of E-Invoicing enhances the ONESOURCE suite, and Thomson Reuters now provides businesses with an end-to-end solution for indirect tax compliance, from tax determination and e-invoicing to compliance filing.
ONESOURCE E-Invoicing will be highlighted at Thomson Reuters SYNERGY 2023, an annual user conference for corporate tax, trade, and legal industries, taking place Nov. 5-8, in Denver, Colo.
To register for SYNERGY 2023, visit https://www.thomsonreuters.com/en/synergy/corporations.html