The Republic of Moldova, located in the central part of Europe in the northeastern Balkans, recently mandated the implementation of electronic invoicing in that nation as of September 1, 2014. Lurie Leanca, The Republic’s Prime Minister, has instructed the Republic’s State Tax Inspectorate (STI) to connect 150 public institutions to an automated electronic invoicing system by that date.
It seems odd to talk about companies moving toward the digital world. It isn't that this is a strange topic, but isn't everyone already there? In fact the answer is a resounding 'no' - or at least 'not yet' as reported in Altimeter Group's report "The 2014 State of Digital Transformation." While much of the underpinning work required to make processes and systems digitally functional, most companies are still missing the boat.
According to a recently released report published by Billentis and sponsored by Ricoh Europe, European companies can enjoy a cost savings of between 60 to 80 percent by adopting e-invoicing. In addition, the report estimated a business will recover its initial investment for implementing electronic invoicing within six to 18 months.
CIO, CFO, CEO, CPO, CxO; if you're in posession of one of these titles, you know that being Chief takes a lot of heat. And if you're new to the position or about to assume the role, you may be in for some surprises.
The Ministry of Finance in Costa Rica has decided to scrap all efforts made to introduce electronic invoicing the last five years. Instead, Fernando Rodriguez, Deputy Minister of Revenue at the Directorate General of Taxation (DGT), has opted to restart the country’s attempts to utilize electronic invoicing from the outset. In doing so, he has decided to discard the work performed by the previous administration and initiate a new project for mandatory e-signatures from scratch. In addition, the new system includes the creation of new procedures to capture, process and control e-invoice information.
In a determined effort to keep Argentinean money within its own borders, the government recently issued new restrictions limiting citizens to two purchases of goods from foreign e-commerce web sites annually. Not only that, the new laws limit the value of foreign goods Argentineans may buy through the Internet at $25 per year.
Despite how much easier it is to manage invoicing and receivables electronically, countless companies worldwide continue to rely on manual processing. That means money wasted on paper, envelopes, stamps and labor.
With the growth in scope of Supply Chain Management (and possibly a new Supply Chain Control Tower), we need to re-evaluate if the leader of SCM should be a “manager”; (as is the case in many companies today); or should the position be a director or vice-president.
Chile, the first nation to introduce electronic invoicing ten years ago, is taking it one step further. Starting November, 2014, e-invoicing will transition a prescribed business tool to a mandatory one. The new system combines aspects of the batch-oriented folio method utilized in the Mexican CFDI model with real-time communications, as is the norm in Brazil and Argentina.