We’ve been named one of the top 10 compliance businesses to watch by CIO Coverage Magazine
Summary:
- Tungsten Network named one of the top 10 compliance companies by CIO Coverage
- Recognised for its DCTCE model, helping companies file digital tax internationally
- This year Tungsten Network is celebrating 22 years
- Automation services have evolved dramatically since the company launched in 2000.
CIO Coverage has featured Tungsten Network in the May 2022 issue of the business-leading technology magazine. The multi-page spread covered Tungsten Network’s global reach, mission and commitment to compliance.
Who we are: A brief background to Tungsten Network
Tungsten Network assists clients in streamlining operations with automation and digital tax filing solutions that enable electronic invoicing. Tungsten Network’s technology has advanced
significantly since its inception in 2000. Still, the company’s sole mission has remained the same: to automate tedious, time-consuming, and error-prone manual tasks that weigh down finance teams.
Tungsten Network in the news: The CIO Coverage write up
According to the CIO Coverage write-up, Tungsten Network made the top 10 list of compliance companies by being: “The most extensive compliant business transaction network in the world. It offers all its clients value-focused solutions, including no-touch digital trade and e-invoicing.”
Tungsten Network was also listed for being tax compliant in more countries than any other global trading network, as reported by the magazine. Tungsten clients use the platform to increase internal controls, minimize fraud or error risk, and improve invoice auditing. Its digital Accounts Payable processes, known as Total AP, drive business value and success for finance departments at multinational corporations with a global footprint, such as food and snack giant Mondelēz.
Accounts Receivable processes are also fully digitized through Tungsten Network’s Total AR system. The platform allows organizations to submit a single file in any channel and format, helping to deliver 100% of bills to all customers. Total AR connects clients to buyers anywhere in the world and gives them complete insight into their billing progress.
Continuous Transaction Controls: A model that makes Tungsten unique
Continuous Transaction Control (CTC) models may require multinational enterprises to negotiate numerous systems to execute the same activity. Tungsten Network tackles the issue with a Decentralized CTC and Exchange (DCTCE) model, so companies can submit digital tax reports through a central tax platform.
The model was proposed by Tungsten Network’s Vice President of Product Compliance, Mr. Ruud Van Hilten, and is rapidly becoming the preferred method of digital tax reporting and invoicing for international companies.
What’s next for Tungsten Network?
Beyond fresh and regular EU directives, each nation worldwide has its own set of regulations for tax invoicing. Other factors, such as corporation and income tax, are constantly updated, especially as the global economy struggles to return to sustained growth.
In the years to come, Tungsten Network will deploy its platform to assist the development of a scalable response to the tax imperatives of nation states around the globe. Collaboration with industry tax experts like PwC will ensure that Tungsten’s partners remain compliant and future-proof.
Discover more about invoice automation with Tungsten Network
Want to learn more about how invoice automation can save your finance department money and time? Check out our Resources page for more finance automation content and case studies.
You can also get in touch today by requesting a call with us.
