Thomson Reuters has unveiled a centralized platform designed to streamline electronic invoicing management for multinational businesses.
The new solution, ONESOURCE E-Invoicing, aims to help businesses comply with eInvoicing regulations that are being mandated around the world, the global content and technology company said in a Monday (Oct. 9) press release.
The need for eInvoicing compliance is becoming increasingly important as more than 80 countries have already mandated eInvoicing or continuous transaction control requirements, according to the release. This number is expected to grow 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,” Ray Grove, head of product, transactional compliance, at Thomson Reuters, said in the release.
The platform offers pre-built integrations that connect financial systems, including common enterprise resource planning (ERP) systems and other direct application programming interface (API) integrations, according to the release. Additionally, a collaboration with Pagero supports customers in achieving eInvoicing compliance. The tool brings together global tax compliance and eInvoicing into a single solution.
Economies of scale across countries are achieved through universal data mapping, simplifying data management, per the release. Additionally, the platform maximizes invoice flow, supporting a faster time to payment with automated eInvoice validation and data enrichment.
The addition of eInvoicing enhances the ONESOURCE suite, making Thomson Reuters a provider of an end-to-end solution for indirect tax compliance, according to the release.
For U.S. companies already conducting cross-border transactions, there’s at least some familiarity with standardization and presentation of invoices, PYMNTS reported in April. Across the European Union, the European Commission introduced an eInvoicing standard in 2017 to streamline the various eInvoice formats used across the region.
In other news from Thomson Reuters, the firm acquired artificial intelligence (AI)-powered legal startup Casetext in June, saying the transaction would add to its existing AI initiatives.
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