NetSuite Electronic Invoicing, which is powered by Avalara, will allow organizations to increase efficiency, reduce costs, and address compliance with global e-invoicing mandates.
More than 60 countries worldwide have announced or already have mandates for e-invoicing, a number that could more than double by 2030. Additionally, a growing number of countries have introduced other digital reporting requirements, including live reporting of invoice data and e-reporting of international sales and purchases. As the number of mandates for e-invoicing and other digital reporting requirements increases, it would have become more challenging and expensive for NetSuite customers to address compliance without a centralized approach that this new solution offers.
“E-Invoicing is no longer just a local compliance issue and cannot be solved without technology, it is a global phenomenon that is fast becoming a business continuity risk that requires a strategic and scalable solution,” said Meg Higgins, SVP of Global Partners at Avalara. “We enable NetSuite to bring leading e-invoicing technology to its customers and help ensure they remain compliant as mandates continue to evolve.”
With this new solution, customers will be able to; Quickly support e-invoicing models by country or region. NetSuite will connect to Avalara’s global API to fulfill e-invoicing mandates, including digital signatures, QR codes, and tax authority clearance and approvals.
The solution would also facilitate easily access e-invoice exchange networks and government platforms. Organizations can connect to national and international networks, like Peppol, as well as government e-invoicing platforms directly from within NetSuite.
“Staying ahead of regulations across the globe can be a fulltime job and e-invoicing compliance is often outsourced to local vendors, which adds cost and complexity,” said Scott Derksen, Senior Director of Business Development, Oracle NetSuite. “With NetSuite E-invoicing, which is powered by Avalara, our customers can eliminate inefficient processes and automate compliance with local e-invoicing regulations to improve operations, reduce costs and mitigate risk while expanding into new markets.”
