Today’s digital economy makes it easier than ever for businesses to buy and sell across the globe. As a result, more businesses must support the value-added tax (VAT), goods and services tax (GST), provincial sales tax (PST), withholding taxes, and more.
In most countries where invoices can be sent electronically, businesses must prove the integrity and authenticity of their electronic invoices, across their different processes and partners, over a long period, in accordance with tax laws.
But paper-based invoice processes make it difficult, if not impossible, for businesses to ensure compliance with tax laws and other rules. No wonder most CFOs say that streamlining tax compliance ranks among their top priorities. Electronic invoicing networks uniquely address the challenges of global tax compliance.