One-Third Not Aware of Real-Time Reporting or E-Invoicing Requirements

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.

Download the full report below.

The key findings of the research include:

1. Only 23% are very confident they can meet the changing compliance requirements on time.
2.  A lack of a global strategy and the cost of compliance are the main concerns about meeting compliance mandate demands.
3. Those with proactive compliance efforts are much more likely to feel ready for the forthcoming changes.
4. About 1/3^rd 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.