93 IN FOCUS: DYNAMICS 365 component for companies transacting around the world, especially in EU countries. E-invoicing involves exchanging invoices in a structured digital format. An electronic invoice not only contains the same information as a paper or PDF invoice or credit note, including line item detail, tax and payment terms, but also provides more granular detail to support automated validation and processing. In the digital age, e-invoices are issued, transmitted and received in a structured electronic format, such as XML, which is designed to be read by machines. A growing number of countries require e-invoices for business-to-government or business-to-business transactions. This process automation can lead to great cost savings and, in many cases, give tax authorities detailed insight into business transactions. As such, while e-invoicing mandates are implemented in nations across the globe, it’s critical that businesses adopt an e-invoicing solution to keep up with changing rules and requirements. When it comes to e-invoicing, nothing is ever simple, and the status quo changes constantly. Businesses of all sizes must anticipate and respond to legislative changes to ensure their invoicing processes are fully compliant. Avalara E-Invoicing and Live Reporting (ELR) is a cloud-based, scalable solution that helps businesses comply with current, ongoing and future e-invoicing mandates and live reporting requirements. Avalara ELR includes a single global API integration that can enhance existing systems with e-invoicing and live reporting functionalities for the countries that a business trades in. As more countries and governmental bodies impose additional VAT obligations and e-invoicing mandates across the globe, it’s imperative for businesses to adopt solutions that automate manual processes and accelerate digital transformation. By implementing these solutions, businesses can both avoid the risks and penalties of noncompliance and bolster their ability to transact across borders with ease. Alex Baulf is vice president of e-invoicing and live reporting at Avalara Photo: Adobe Stock/Natee Meepian
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