Every year, finance and indirect tax leaders face more e-invoicing mandates and real-time reporting requirements than the year before. A recent survey from sharedserviceslink and Tungsten Network, a Kofax Company found that most finance and indirect tax professionals at large multinational companies are at least somewhat aware of the main regulations coming into force.
The survey found one-third of respondents are not very aware of archiving, e-invoicing or real-time reporting mandates.
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The key findings of the research include:
- Only 23% are very confident they can meet the changing compliance requirements on time.
- A lack of a global strategy and the cost of compliance are the main concerns about meeting compliance mandate demands.
- Those with proactive compliance efforts are much more likely to feel ready for the forthcoming changes.
- About 1/3rd of respondents are ‘unaware’ or ‘not very aware’ of archiving, real-time reporting and country-specific e-invoicing requirements
Despite many new regulations coming into force over the last 10 years, many companies have delayed their development of a strategic approach to this challenge and, as a result, have had to implement expensive and complex workarounds to remain compliant.
Together with Tungsten Network, a Kofax company, sharedserviceslink surveyed more than 100 global companies to assess compliance perceptions and practices.
This report shares 8 guiding principles business leaders can follow to increase compliance readiness, while using the explosion of mandates as an opportunity and a means to drive best practice across the organization.
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