Why is this important?
Tax authorities around the world are continuing to impose new requirements to increase controls on the transactions of companies.
One example is Italy: All invoices sent from your Italian subsidiary to B2B customers within Italy must be registered in the so-called SDI portal where the invoices are verified before they are either forwarded to your customer, or your customer can log on to the portal and retrieve them.
These scenarios where invoices need to be passed via an authority for verification are referred to as Continuous Transaction Controls (CTC).
The aim of CTC is to increase efficiency, cut costs and fight fraud. This is creating huge pressure for businesses to implement global e-invoicing in a consistent, scalable, and cost-effective manner.
The topic of efficient, timely and compliant electronic invoicing is particularly relevant for global and multinational companies. If your organization has subsidiaries in multiple countries, and especially within Europe, you need to start thinking about how to automate, centralize, and streamline the processes needed to meet their periodic VAT reporting obligations.
Check list: Are you all set for compliant e-invoicing?
If your answer is “No” or “Not sure” to any of the below questions, you will most likely benefit from a review of your current e-invoicing setup.
- Are you aware of the latest CTC e-invoicing rules in the countries with VAT or similar laws in which you operate?
- Are you confident that you are currently complying with the e-invoicing rules in all the jurisdictions that your business has VAT liability?
- Have you given much consideration to the impact of new CTC mandates on your current billing and reporting processes?
- Do you regularly review your source systems from which e-invoicing and e-reporting data needs to be extracted as CTC mandates continue to evolve?
How Can TrueCommerce Help?
TrueCommerce is one of the leading global providers of EDI and supply chain optimization. Since 1987, we have helped SMB and enterprise companies across the world streamline and automate their trading with customers/suppliers by digitalizing their exchange of orders, invoices, and other critical business documents (EDI). The TrueCommerce EDI platform is one of the most efficient and reliable solutions on the market with 99,8% uptime, and we give you access to a global trading network of 500,000+ companies.
TrueCommerce integrates to NemHandel. We have strong expertise in electronic invoicing, and our EDI platform comes with an integration to NemHandel, which is the Danish national standard format for electronic invoices when trading with the Danish public sector.
TrueCommerce’s integration to NemHandel means we automatically convert your electronic invoice to the mandatory OIOUBL (NemHandel) format before we forward to your public trading partner.
TrueCommerce is a PEPPOL access point. For many years, NemHandel was the only format used to send e-invoices for the Danish public sector, but in April 2020, it became mandatory for all public authorities across the EU to be able to receive invoices in the PEPPOL (BIS 3.0) format.
The PEPPOL format enables your company to send electronic invoices to all public sectors across the EU. This makes it easier for your company to trade internationally because you don’t have to deal with specific standards for each country.
PEPPOL is more than a format — it’s an entire secured network for routing electronic documents between companies and their trading partners. The PEPPOL network is tied together via so-called PEPPOL Access Points (typically EDI service providers). TrueCommerce is a PEPPOL Access Point, meaning that our customers can send PEPPOL invoices to other trading partners connected to the network.