Fraud and financial mismanagement call for more robust compliance software E-invoicing becomes a "business-critical" solution as automation accelerates
REYKJAVIK, Iceland, June 12, 2023 /PRNewswire/ -- As digital transformation becomes a key business concern for companies of all sizes, it is becoming increasingly clear that e-invoicing is playing a critical role in the cross-border trade and compliance between those operating in EU member states.
According to recent research, more than €93 billion in EU VAT revenue was lost in 2020, mainly as a result of fraud, financial mismanagement and inadequate tax collection systems.
As a result, e-invoicing is now seen as a key initiative in an EU-wide movement to rectify processes and recover losses, in line with an ambitious digital-focused compliance agenda.
"Adoption of initiatives like e-invoicing is less about 'pleasing technology' and more about embracing the changing economic landscape," said Einar Geir Jónsson, CEO of Unimaze, a specialist in e-invoicing software.
"The EU is clearly in the lead, but other European countries are also following suit. Other nations are too: not just as a show of 'regulatory solidarity', but as a way to reduce administrative and compliance costs, and ensure that companies can operate more smoothly and profitably on a global scale.
While e-invoicing is mandatory for government and B2G transactions in many EU countries, including Germany, the Netherlands or Slovenia, it is fast becoming the norm in B2B and even B2C commerce.
In the EU, it is believed that electronic invoicing could curb VAT fraud by around €11 billion a year; and reduce compliance costs by more than €40 billion over the next decade.
However, as more and more companies actively explore the benefits of automation, AI and ML; Demand for more streamlined, scalable, and user-friendly services continues.
This is where cloud-based software solutions, like Unimaze's suite of e-invoicing tools, can add real value to any business' bottom line.
"Unimaze offers ERP providers an out-of-the-box solution – one that reduces complexity and helps their end-users make a seamless transition to electronic invoicing. They can go paperless, automate processes, increase both speed and efficiency while meeting the demands of a changing regulatory compliance landscape," said Gunnar Már Peterseon, CFO of Origo, a Unimaze supplier partner.
Unimaze, headquartered in Reykjavik, Iceland, was founded in 2003. Today, the company serves more than 30,000 companies worldwide and works closely with ERP system providers to automate e-procurement and invoicing services. electronics.
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