ATLANTA--(BUSINESS WIRE)--Amid new regulations by Mexico to combat increasing cases of fraud in business-to-business transactions, Invoiceware International, the largest e-invoicing compliance network in Latin America, today announced the release of a new solution, “Mexico eInvoice FastTrack,” to help companies migrate to the country’s recently mandated Comprobante Fiscal Digital por Internet (CFDI) format and guarantee a testing slot before the year-end deadline.
Mexico’s taxing authority, the Servicio de Administracion Tributaria (SAT), announced May 31st, 2013a that all commercial invoice transactions sent by companies earning more than 250,000 Pesos annually must be submitted to the authority in a standard electronic format for approval effective Jan. 1, 2014. The mandate, which eliminates the use of the legacy CFD process, is expected to affect an estimated 500,000 companies, many of them multinationals with operations in the United States and Europe. Although the change has been expected for some time, the short notice has created a rush to bring systems into compliance before the end of 2013.
The new compliance mandates being instituted in Mexico will:
- Affect all outbound shipping by companies, as CFDI is a real-time process;
- Require accounts payables organizations or shared services to adjust to the flood of newly created CFDI e-invoices from their suppliers;
- Affect companies with revenue of at least 250,000 Pesos, compared with the previous minimum of 4 Million Pesos.
“Invoiceware International is on top of Mexico’s evolving electronic-invoicing requirements,” said Scott Lewin, CEO of Invoiceware International. “With enterprise experience gained from the previous Mexico CFDI mandates in July 2012, our team has the knowledge to help companies through this major regulatory change and our eInvoicing platform is optimized for the transition. With upwards of 500,000 companies affected, we are encouraging organizations to have a team focused on implementing these new mandates before the end of June 2013.”
Invoiceware’s eInvoice FastTrack solution for Mexico’s new requirements provides:
- Turn-key eInvoicing Platform & ERP Engines: The majority of ERP and accounting systems were not designed for these eInvoicing requirements. With specialized solutions for ERP systems, including SAP® ERP, Invoiceware eliminates the configuration issues that are often the biggest hurdle during an eInvoice transition.
- Accounts Receivable and Accounts Payable Best Practices: The new legislation affects receivables and payables processes. Invoiceware packages both into a single deployment to ensure full compliance.
- Multilingual Project Management: The transition to CFDI requires adjustments to the ERP system, logistics processes, and end customer integration; global organizations require implementation teams to speak both Spanish and English.
- Guaranteed Compliance: As with all rollouts of government-mandated eInvoicing requirements, companies can expect additional changes and adjustments. Invoiceware guarantees upgrades as part of its ongoing service, so that multinationals won’t find themselves in these fire drills every year.
To learn more about Mexico CFDI Compliance mandate set for December 31, 2013 please visit Invoiceware Mexico CFDI 2013.
aThe official documentation of the legislative changes was published: El 31 de mayo de 2013 se publica en el DOF la 2ª Resolución de Modificaciones a la Resolución Miscelánea Fiscal para 2013 (2ª RM para la RMF 2013). Link to Mexico SAT Documentation
About Invoiceware International
Invoiceware International is the leader in Latin American eInvoicing and operates The Compliance Network, a cloud-based platform that delivers financial and supply chain managers the regulatory processes that they need while eliminating ERP configurations and customizations for the IT staff. A single connection to the network simplifies the mandates, the implementation, and the ongoing change management associated with regulations in the Americas, including Brazil Nota Fiscal, Mexico SAT, Argentina AFIP and Chilean DTE. Invoiceware International is headquartered in Atlanta, Georgia with operations worldwide. For more information, please visit: www.invoicewareint.com.
