All you need to know about e-invoicing

Master e-invoicing Compliance with Serrala's Automated AP Solution

Are your Accounts Payable teams struggling to navigate the complex landscape of global e-invoicing mandates?Governments worldwide are enforcing e-invoicing to streamline tax reporting and enhance VAT collection. By 2024, over 50 countries, including major EU and LATAM nations, have already implemented these mandates. 

The financial landscape is evolving, with tax administrations now demanding real-time or near-real-time data from transactions and, more significantly, the comprehensive content of companies' accounting systems. This demand, whether triggered during an audit or as part of a periodic report, opens unprecedented opportunities for government entities, including law enforcement and competition authorities. Imposing a new level of transparency, these agencies scrutinize companies' transaction source data alongside accounting treatment, utilizing advanced data analytics to cross-reference with multiple control points in both the physical and financial supply chains.

The result? Businesses are compelled to adapt swiftly in tracking and implementing e-invoicing and data mandate changes globally. Compliance is no longer a post-factum task but an ongoing, systematic approach to requirement monitoring. With controlling agencies omnipresent in data stacks, the traditional ability to gather, review, and report data after the fact is dissipating rapidly.

This level of transparency not only poses a system integration challenge but also uncovers a layer of operational risk previously unseen. Gone are the days when non-compliance led to manageable fines post-audit; today, regulatory authorities are essentially operational partners, assessing real-time data with the power to shut down businesses swiftly if inconsistencies or non-compliance emerge.

As we grapple with this new reality, it is clear that the digitization of economies is an irreversible trend. For businesses, navigating this landscape is no longer the exclusive concern of VAT compliance or shared service teams. Instead, it has principally become the domain of IT, as governments firmly embed themselves in data and transactional applications, making compliance imperative for business continuity. For AP departments, ensuring compliance requires seamless collaboration with IT to exchange digital invoices and meet the mandated standards.

Serrala and Sovos have joined forces to offer a complete electronic invoicing solution tailored for businesses utilizing SAP systems. The result is a highly efficient, precise, and fully compliant accounts payable process designed to meet the needs of global organizations. Serrala combines award-winning AP automation with Sovos’s global e-invoicing services to enable seamless digital transformation at the intersection of finance processes and tax compliance. Our SAP certified solution, FS² Accounts Payable, serves as a single hub for processing AP invoices, ensuring organizations can effortlessly meet diverse global e-invoicing requirements empowering finance teams with:
 

• Automated Invoice Processing - Achieve fast, accurate invoice capture, instant validation against SAP master data, and intelligent automation of approval and exception handling.
• Compliant Exchange - Ensure regulatory compliance with government agencies and suppliers through standardized communications and data exchange.
•  Visibility and Control - Gain complete control over e-invoicing within your SAP environment, with a full audit trail of approvals and exception handling.

Unlock the Future of AP Automation with Serrala: A Journey to Efficiency and Compliance

In the fast-paced world of Accounts Payable, embracing automation is not just a choice; it's a necessity. Serrala empowers your finance teams to unlock the full potential of automation, offering a seamless journey toward increased efficiency and compliance.

Increase Visibility: Track Every Step in Real-Time

No more guessing games or delayed updates. With Serrala's solution, you gain the power to track the status of e-invoices from the moment of receipt until the final payment. Real-time visibility ensures you're always in the know, making informed decisions with confidence.

Standardize and Streamline: Best Practices for Unmatched Efficiency

Implementing best practices shouldn't be a complex puzzle. Serrala streamlines your AP processes, providing a standardized approach that not only enhances efficiency but ensures compliance with global e-invoicing mandates. Say goodbye to manual inconsistencies and hello to a harmonized, optimized workflow.

Enhance Accuracy: Digitize for Error-Free Operations

Errors can be costly. Serrala digitizes invoice processing, creating a foolproof system that prevents errors, accelerates dispute resolution, and simplifies audit responses. Embrace accuracy like never before, reducing the risk of financial discrepancies and ensuring a smooth AP operation.

Proof of Excellence: Elevate Your AP Game

KPIs: Achieve up to an impressive 80% straight-through processing of AP invoices. Serrala's solution doesn't just promise efficiency; it delivers measurable results.

Satisfied Customers: Join the ranks of industry leaders such as Hilti, Jabil, and GNS who have experienced firsthand the transformative benefits of Serrala's AP automation. Your satisfaction is our success story.

Industry Recognition: Forrester, a trusted authority, underscores the challenges posed by siloed systems. Serrala rises above these challenges, providing an integrated solution that the industry recognizes as a game-changer.

Adapt to Changing Standards with Ease: Stay Ahead, Stay Compliant

E-invoicing standards are constantly evolving, and Serrala ensures you're always one step ahead. Easily integrate new capabilities, define rules on the fly, and effortlessly comply with global and local requirements. Serrala adapts so that you can focus on what matters – your business.

Simplify your SAP environment with Serrala:
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• Comprehensive and Secure: Centralize vendor data, invoice processing, and compliance within SAP.
• Standardized Connectivity: Simplify connections to government portals with SAP BTP.
• End-to-End Compliance: Support global e-invoicing requirements across procurement, payments, and more.
• User-Friendly: Increase user adoption with one login and a familiar UX, reducing IT effort with a clean core approach.

Learn more about e-invoicing solution for Accounts Payable by Serrala & Sovos.

Ready to Transform Your AP Processes?

Embark on a journey of efficiency, accuracy, and compliance with Serrala. Join the satisfied ranks of industry leaders who have harnessed the power of automation to revolutionize their AP processes. Navigate the complex world of global mandates effortlessly and maintain compliance with ease. Your future of streamlined operations begins here. Unlock the potential with Serrala! Get in touch today.