Overview
Are you worried about your company’s compliance with the new tax regulations? Don’t worry, Corcentric and Sovos have partnered to provide a complete end-to-end solution that removes the stress of regulatory e-invoicing compliance.
Continuous transaction controls
France, Germany, Italy and other countries are moving toward continuous transaction controls (CTCs), introducing mandatory e-invoicing coupled with e-reporting. These requirements can create a large burden on companies who are based in or do business inside countries mandating compliance regulations. Corcentric has partnered with Sovos to remove the worry of compliance with all new regulations.
CTC definition and architecture
Transaction data must be electronically submitted to a tax authority platform before (clearance), during, or immediately after the actual exchange of each invoice between the trading parties.
* In some countries, the invoice may remain paper-based (e.g. Philippines or Poland voluntary phase), these schemes are named ‘CTC Reporting’.
Deadline for compliance
For large companies in countries such as France, Poland, Spain and Belgium, the deadline for compliance is approaching. This looming deadline and the impending requirements create extra work and greater risks for companies who want to follow the compliance regulations. As other countries adopt CTCs, deadlines will be important to follow.
Invoice automation and compliance
All of this is possible through the Corcentric’s e-Invoicing solution, which can be leveraged as a managed service to streamline implementation and take away the overheads associated with invoice delivery.
Order-to-Cash
Corcentric EIPP works as an electronic invoicing platform layer on top of your ERP, requiring minimal integration (all taken care of as part of the managed service). ERP output is taken, and invoicing requirements determine the automation rules applied to this, reducing the workload for your accounts receivable team. Corcentric EIPP streamlines the process of delivering invoices and allows your team to focus on more profitable activity.
Source-to-Pay
Corcentric Platform enables your team to receive all or some of your invoices as your service provider. All tax authority models including centralized, clearance, post-audit, are supported. With wide CTC country coverage, you can connect Corcentric Platform to all your P2P platforms.
Benefits of using our solution
- More efficient invoicing operations
- Ensures your country-level requirements are met
- Offers a single source of integration and technical support
- Supports your digital transformation
- Controls your costs and compliance
Corcentric and Sovos partnership
Partnering with Corcentric means you gain Corcentric’s expertise in invoice processing plus the expertise of our compliance expert, Sovos, for e-invoicing and tax compliance. Sovos powers Corcentric’s e-invoice compliance engine. With tax coverage in 70+ countries and over 40 years of experience, Sovos is a proven provider for e-invoice compliance.
This relationship ensures you have a compliant solution that quickly adapts to the ever-changing government mandates of today and the future.