Executive Overview - How Manufacturers Can Support e-Invoicing in Europe, Latin America and Mexico
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This presentation is a shorter executive level version of a webinar that was recorded in May 2013. It provides some insights into some of the challenges faced by manufacturers who need to embrace the various eInvoicing regulations in different countries around the world. The key focus regions are EMEA, Brazil and Mexico where eInvoicing regulations are starting to impact businesses in these regions. Please don’t forget to view the full length webinar which you can find in the resources area of our website.
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Executive Overview - How Manufacturers Can Support e-Invoicing in Europe, Latin America and Mexico
- 1. How Manufacturers Can Support e-Invoicing in Europe, Latin America and Mexico
- 2. Slide 2 What is Going on in Manufacturing Supply Chains? Sales Manufacturing Sales Manufacturing Back Office Engineering R&D Western Global Expansion Near-Shoring China Expansion Back Office Engineering R&D Regional Marketing & Finance Engineering R&D Sales Manufacturing Sales Manufacturing Global HQ
- 3. Slide 3 B2B Complexity In Manufacturing Extends to e-Invoicing • Understanding the different regional specific e-Invoicing standards & requirements • Traditional EDI or a dedicated e-Invoicing service provider?
- 4. Slide 4 An Introduction to e-Invoicing for Manufacturers
- 5. Slide 5 Finance is still a paper-heavy business function. …nearly 77% of all incoming invoices are still paper-based Paper invoice processing: €17- €60 per invoice,10-55 day cycle Approx. 16bn B2B invoices in Europe €200bn in corporate savings possible Approx. 12bn B2B invoices in the US $230bn in corporate savings possible Paper is Still the Problem Companies continue to send and receive paper invoices
- 6. Slide 6 Cost of processing paper for the buyer €17.60 per invoice Buyer e-invoicing cost €6.70 per invoice, 62% savings Cost of processing paper for the seller €11.10 per invoice Seller e-billing cost €4.70 per invoice, 57% savings Source: Billentis, 2012 Why Change? Compelling cost savings potential
- 7. Slide 7 You order the goods or services You get the invoice You pay the supplier Order to Pay (Buyer Side) Order to Cash (Seller Side) You ship the goods or services You send the invoice The customer pays YOU Your Business What is the Invoicing Process? Different perspectives for the buyer and seller
- 8. Slide 8 With over 150 countries VAT/GST is the main transaction tax in the world A steady transition from sales tax to a VAT system Source: Deloitte, 2012 Global Compliance Challenges The global importance of indirect taxation
- 9. Slide 9 e-Invoicing Requirements - Europe Data • Invoice data complies with country-specific tax authority rule • Minimum required for an invoice Authenticity & Integrity • Guarantees identity of sender & integrity of invoice data • Electronic data interchange • Digital signatures • Business controls & clear audit trail Archiving & Audit • Invoice archive complies with country-specific tax authority rules • Stored for a specified period • Easy, fast access for tax authorities
- 10. Slide 10 e-Invoicing Requirements - Brazil E-Invoicing is Mandatory Data • Invoice format & data complies with country-specific tax authority rules Authenticity & Integrity • Federal e-Invoicing Project (NF-e Project) • Each taxpayer has unique tax ID and digital certificate issued by ICP-Brasil (or secondary) • Nota Fiscal Electronica (NF-e) is signed then validated and authorized by the SEFAZ • An auxiliary paper invoice (DANFE) must be issued Archiving & Audit • Invoice archive complies with country-specific tax authority rules • Stored for a specified period • Access for tax authorities
- 11. Slide 11 e-Invoicing Requirements - Mexico E-Invoicing is Mandatory Data • Invoice format & data complies with country-specific tax authority rules Authenticity & Integrity • Federal e-Invoicing Project • Each taxpayer has a certificate (FIEL) as a unique ID, and a digital seal certificate (CSD) to sign invoices • A Factura Electronica is signed by tax payer & issued to a PAC, validated, authenticated, unique ID assigned, then signed by the PAC (Timbrado) Archiving & Audit • Invoice archive complies with country-specific tax authority rules • Stored for a specified period • Access for tax authorities
- 12. Slide 12 Further Information on e-Invoicing www.einvoicingbasics.co.uk
- 13. Slide 13 Thank You For Your Participation Phones US: 1-800-334-2255, option 3 EMEA: +44 (0) 1932 776047 Brazil: +55 11 2123-2300 GXS web sites US: www.gxs.com EMEA: www.gxs.eu Brazil: www.gxs.com.br
Notas del editor
- Over the last decade, western manufacturers have expanded their operations into emerging markets such as China. Enticed initially by low labour costs and access to a vast pool of workers, these companies prospered for many years. Now with increased wage rises and strikes in China, combined with the natural disasters in Japan for example, some companies have decided to near shore production back to their home markets. Moving forwards it will be China that leads the continued globalisation efforts, setting up new plants in Brazil and Thailand for example, but one major issue they face is understanding regional B2B standards and trying to onboard new suppliers quickly.If a company is looking to establish a manufacturing facility in Brazil for example, they will need to onboard trading partners quickly, integrate to corporate business systems and work with different regional B2B or EDI standards, whilst at the same time adhering to local business laws or regulations. Manufacturers need to work with a B2B vendor that can help remove the complexity of establishing an operation in a new market, a vendor who can work with them on a truly global basis through a single cloud based B2B platform. So as you can see on this slide the manufacturing sector is truly global in nature and supply chains need to have flexibility and scalability built to support expansion into new markets. Being able to partner with a B2B vendor that can help remove the barriers of doing business in any country worldwide, especially when trying to understand country specific regulations with regards to e-invoicing, can provide a significant competitive advantage in the market.
- In addition to the six areas I mentioned previously, a further area of complexity is to understand how to adhere to the numerous e-Invoicing compliance standards around the world.For example how is tax compliance treated in France versus the UK and how long do e-Invoices have to be archived in Germany versus Spain.Many companies have been using traditional EDI as the basis of their e-invoicing process but what benefits would a dedicated e-invoicing provider offer to a manufacturer with trading partners all over the world?
- At this point in the presentation, I will hand over to Nigel who will provide an introduction to the area of e-invoicing and the regional challenges of implementing these particular solutions.
- Depending on where you are in the process you will have a different perspective of electronic invoicing. Starting from the right… Sellers continually strive to reduce their days sales outstanding, that is the amount of time it takes to receive payment from their customers for the goods or services they provide, commonly known as the order to cash cycle. Your company has shipped the goods or service and is issuing electronic invoices to your many customers through your receivables department, ultimately, the customers pays you. This is known as business to business e-Billing, and the focus is on reducing overheads and ensuring payment is received on time. On the opposite side, buyers are concerned with ensuring that everything is in order before payment is made… this is known as the order to pay cycle, and the length of time taken is understood to be the days payable outstanding. In this scenario your company is receiving electronic invoices from your many suppliers in your payables department, you will check if the goods have been delivered, and in good order and will compare to the original purchase order, if everything matches then you will pay the supplier. This is known as e-Invoicing and the focus is on reducing overheads and gaining visibility into the process. The new electronic invoicing models automate both buyer and seller, they simplify both trading parties’ end-to-end processes, and it is e-Invoicing and B2B e-Billing that provide the platform to remove paper, and to capture the cost savings that will directly impact your companies’ bottom-line.
- If you would like to learn more about e-Invoicing then please visit our dedicated website where we have pulled together a number of resources to help companies who may be looking to deploy an e-Invoicing solution for the first time.Please visit www.einvoicingbasics.co.uk
- This brings us to the end of this session, thank you for taking the time to watch this presentation. If you should have any questions regarding GXS or our e-Invoicing solution then please contact us via the details shown on this slide.Good bye.