Latin American compliance leader supports global companies required to implement electronic invoicing in Colombia
(ATLANTA) March 21, 2016 - Invoiceware International, the leader in Latin American electronic invoicing and fiscal reporting, today announces that it has extended their Compliance as a Service solution to support companies mandated by the Colombian tax authority (DIAN) to rollout electronic invoicing starting in 2016. Companies leveraging Invoiceware International’s regional compliance platform will benefit from minimal business disruptions, as the Latin American compliance leader manages all necessary requirements seamlessly within each company’s ERP. Further, Invoiceware International’s clients operating in Colombia are positioned to increase internal efficiencies and reduce IT maintenance costs, helping them realize the underlying opportunities presented by these complex requirements.
When the Colombia DIAN made its announcement in late 2015, it became the eighth country to mandate electronic invoicing and financial reporting in Latin America. Similar in scope to mandates in Brazil, Mexico, and Chile, this allows Colombia to strengthen its fiscal policies in order to minimize its current estimated 22 percent tax evasion. In the initial e-invoicing rollout, the DIAN is identifying a select group of the largest companies to begin piloting e-invoicing in the first half of 2016. The DIAN’s goal is to have the majority companies doing business in Colombia to be fully live through the end of 2017 when current processing requirements are due to be sunset.
“Colombia’s long awaited e-invoicing and reporting policies are finally here, and much like Brazil, Mexico and Chile, companies operating in this country will need to prepare well in advance to avoid costly penalties and disruptions,” said Scott Lewin, president and CEO of Invoiceware International. “Our clients operating in Colombia not only benefit from a streamlined implementation process within their existing ERP systems, but they’ll also quickly realize the value of automated processing while avoiding risks of significant fines and temporary shutdowns.”
Invoiceware International provides complete compliance support for companies affected by Colombia’s e-invoicing mandates, including:
- Configuration - Invoiceware eliminates the implementation and alignment challenges that are a primary issue for companies migrating from paper to electronic invoice documentation.
- Accounts Receivable & Accounts Payable – Invoiceware manages complete compliance with legislation changes affecting accounts payables, accounts receivables, and reporting and validation processes.
- Multilingual Support - Invoiceware’s fixed-cost implementation includes guidance in both Spanish and English to ensure government processes are accurately and easily managed.
Colombia’s complex policies include stringent invoice formatting and reporting, certification and approvals by the tax authority, as well as a 48-hour validation window.
About Invoiceware International
Invoiceware International standardizes complex compliance regulations in Latin America for the world’s largest companies, including The Coca-Cola Company, Philips, Kellogg, DuPont and Siemens. As the largest regional business network, Invoiceware reduces the risk and cost of maintaining compliance, empowering its clients to capitalize on government standardized e-invoicing and fiscal reporting to improve supply chain efficiency and optimize cash flow. Invoiceware International is based in Atlanta with operations covering Brazil, Mexico, Chile, Peru, Colombia, Ecuador, Uruguay and Argentina. For more information, visit invoicewareint.com and follow @InvoicewareInt on Twitter.