Governments across the globe are promoting the use of digital invoicing and electronic procurement practices with their suppliers, and Latin America is an international leader in this process. But despite federal support of e-invoicing, government suppliers must also adhere to federal guidelines and regulatory requirements in digitizing their business.
Invoiceware International, which has developed its platform to adhere to regulatory requirements in Latin America, has provided an update to its e-procurement solution aimed at helping businesses navigate the complex rules of e-invoicing.
According to an announcement made Tuesday (April 21), Invoiceware introduced supply chain financing automation aspects of its service, lowering buyers’ payment processing costs while increasing suppliers’ access to working capital.
In addition, the company said that its service assures that all Global 2000 and Fortune 500 companies operating on its platform comply with Latin America’s e-invoicing rules, thereby reducing the risk of audits.
According to the firm, 95 percent of procurement transactions in Latin America are electronic thanks to government mandates. Not only does Invoiceware’s solution ensure that local suppliers are compliant with mandates, but the company says its tools are just as beneficial to non-local companies that do business in Latin America.
“Multinationals often view LATAM government mandates simply as a constant cost of doing business,” Invoiceware International CEO and President Scott Lewin said in a statement. “When in reality, this legislation opens up unprecedented working capital opportunities across the region,”
He added that Invoiceware’s supply chain financing services turn a difficult compliance process “into valuable business opportunities.”
The company is offering several aspects of its Latin America supply chain financing services, including a Pay Me Now button that allows suppliers to get paid for their outstanding invoices within just hours. The tool also includes a platform for suppliers to pick and choose which invoices they need paid first based on their cash flow needs.
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