If you’ve recently found yourself wondering, “Since when did the humble invoice become so important?” you’re not alone.
Yes, the invoice has always been a promise to pay for goods and services. But now, as digitization sweeps across all industries, the invoice has been elevated to far more lofty heights.
You don’t need us to tell you a supplier invoice is a critical document in the trade cycle. It’s a request for payment, an accounting document for suppliers and buyers, and evidence to support tax reclaims or payments to and from governments.
That last point is currently most top of mind for AP leaders. Organizations must take appropriate steps to fulfill their responsibilities for accounting and audit and satisfy the legal and fiscal requirements of tax authorities. Many countries have now fully abolished paper invoicing by mandating electronic invoicing. And this trend is set to continue.
To help you navigate this tax compliance minefield, read our white paper written in conjunction with spend matters. We look at the true cost of invoice-to-pay (I2P) non-compliance and how, as your business grows, you can manage your compliance obligations.
