Fraud and Financial Mismanagement Prompting Calls For More Robust Compliance Software e-invoicing Becoming A ‘Business Critical’ Solution As Automation Accelerates
As digital transformation becomes a key business concern for companies of all sizes, it’s increasingly clear that e-invoicing is playing a critical role in cross-border commerce and compliance among those operating in EU Member States.
According to recent research, in 2020 more than €93 billion was lost in EU VAT revenues – primarily 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 move to rectify processes, and recuperate losses – in line with an ambitious digitally-focused compliance agenda.
“The adoption of initiatives like e-invoicing are less about ‘pandering to technology’ and more about embracing the changing economic landscape,” says Einar Geir Jónsson, CEO, Unimaze, an e-invoicing software specialist.
“The EU is clearly leading the charge, but other European countries are also following suit. Other nations are too: not just as a show of ‘regulatory solidarity’, but as a way of reducing admin and compliance costs, and ensuring that businesses can operate more seamlessly and profitably on a global scale.”
While e-invoicing is mandatory for government- and B2G transactions across many EU countries – including Germany, the Netherlands or Slovenia – it’s quickly becoming the norm in B2B and even B2C commerce too.
In the EU, it’s thought that e-invoicing could curb VAT fraud by some €11 billion a year; and cut compliance expenditure by over €40 billion across the next decade.
However, as more and more businesses actively explore the benefits of automation, AI and ML; the demand for more streamlined, scalable, 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’s bottom line.
“Unimaze offers ERP providers a readymade solution: one that reduces complexity and helps their end-users make a seamless transition to e-invoicing. They can go paperless, automate processes, increase both speed and efficiency – whilst meeting the demands of a changing compliance landscape,” explains Gunnar Már Peterseon, CFO, Origo – a Unimaze partner vendor.
Unimaze, based in Reykjavik, Iceland, was founded in 2003. Today, the company serves more than 30 000 businesses around the world, working closely with ERP systems providers in automating e-procurement and e-invoicing services.
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