The cost of I2P non-compliance: Taking the right action
While many large corporations have the resources to manage financial responsibilities effectively and efficiently, SMEs — the backbone of economies — are left unsure of how to manage their compliance responsibilities when they don’t have an in-house finance team.
So how do businesses manage their compliance if they do not have the resources to do so themselves? Watch our recent webinar with Ruud van Hilten of Tungsten Network for the full story about the non-compliance issues facing businesses UK wide, and keep reading to learn more about how your company can take action to comply with I2P (invoice to payment) regulations.
Creating a strong relationship with a third-party provider
The first step toward compliance is finding a provider that can understand and translate the government mandates while being able to manage the government portal and systems flawlessly.
Storing invoices properly is just as important as creating them. So, choose a third-party provider that is well-versed in trading document management, not just creation. Often the storage of documentation is subject to strict legislation, so it’s a must to get this correct as you’ll still be legally liable for your own data even if it is handled by a third party.
Enlisting e-invoicing experts
The provider that you partner with should be in the business of tax and compliance. Try not to use accounting software that just does the basics. It’s important to find a team of experts (or a partner who works with experts) that can be on the “front foot of legislation” when it comes to your tax requirements.
It can be very difficult to replicate this level of e-invoicing and tax management in-house. As Ruud explains, “when you consider the ongoing cost of constant change, what governments come up with and what buyers require you to do, Tungsten estimates that it can be 70% cheaper to outsource than to do it in-house.”
Not only is it challenging to get your financial operation in a compliant position, but to keep up with changing mandates, updated legislation, software updates and more is a near-impossible task for an SME with a small or non-existent accounts payable team. Don’t let yourself fall behind and enlist an expert partner to support your financial responsibilities, or you could pay the price of non-compliance.
Manage I2P e-invoicing easily with Tungsten Network
Managing compliance can be a time-consuming exercise, particularly for smaller firms that may not have the IT capacity, staff, or budget to keep up with the ever-evolving landscape. However, we’ve built the world’s largest, compliant business transaction network helping global businesses progress on their journey to world-class performance. You can rest safe in the knowledge that our network is safe and secure, and can ease your accounts payable process by providing excellent visibility, insights and speed, all while remaining compliant.
Find out how Tungsten Network could support your invoicing and financial processes by contacting us today.
If you’d like to hear more about the pressure on CFOs around invoicing measures, then you can watch the full webinar with Ruud van Hilten here.