Avalara Inc., a provider of cloud-based tax compliance automation for businesses, unveils today Avalara E-Invoicing and Live Reporting (Avalara ELR), a compliance API designed for multinational businesses to streamline their compliance with e-invoicing mandates.
“While many businesses are investing in digital tax compliance solutions like e-invoicing, they are finding that e-invoicing requirements are complex, vary by country, and resource-intensive,” said Jayme Fishman, EVP & GM Indirect Tax, Avalara. “Avalara has spent the last nearly two decades addressing the complexity around the indirect tax compliance space for businesses and their trusted partners with our industry-leading compliance platform that makes tax less taxing. Now with Avalara ELR, part of our cloud compliance platform, we are further helping our customers and partners comply with e-invoicing mandates today and as they change in the future.”
Today, more than 60 countries have announced or already have mandates for e-invoicing – a number that is expected to more than double by 2030. Additionally, a growing number of countries have introduced other digital reporting requirements, including live reporting of invoice data and e-reporting of international sales and purchases.
While many businesses have implemented e-invoicing as a part of their digital transformation initiatives, the surge in government-driven and country-specific e-invoicing initiatives presents a challenge for businesses selling goods and services internationally. Governments view e-invoicing as an effective tool to enforce tax laws by increasing data visibility and further shoring up tax gaps.
As e-invoicing mandates grow in number, complying with them globally becomes more challenging and expensive. Local solutions are no longer sufficient for multinational businesses to meet compliance requirements efficiently. To keep up with the constantly evolving tax compliance environment, businesses may want to adopt a centralized approach to international compliance.
Avalara ELR helps businesses streamline international e-invoicing compliance, optimize payment and cash collection cycles as well as save costs and resources.
The flexible and scalable e-invoicing solution can be integrated into accounting, e-commerce, ERP and other invoicing systems via a single API that enables businesses to deploy e-invoicing simultaneously in multiple countries.
The API is designed to adhere to evolving legislative requirements, helping to ensure businesses are e-invoicing compliant globally. Avalara ELR also enables partners to enhance their platforms by seamlessly addressing global e-invoicing requirements within their customer experience.
Avalara ELR enables businesses to quickly and securely:
- Set up global e-invoicing capabilities in their enterprise resource planning, e-commerce, or accounting systems. Businesses can purchase Avalara ELR from their ERP or accounting app store, set up their credentials, and configure the app based on their reporting needs.
- Access e-invoice exchange networks and government platforms. Businesses can connect to national FACeB2B in Spain, etc.) and international (Peppol) networks, as well as government e-invoicing platforms (KSeF in Poland, SDI in Italy, etc.).
- Support e-invoicing models by country or region. Businesses can connect to Avalara’s global API to fulfill e-invoicing mandates, including digital signatures, QR codes, digital archiving, and tax authority clearance and approvals.
- Monitor the status of e-invoices. Businesses can monitor the status of all their e-invoices from a single reporting console, providing real-time visibility on the lifecycle of the e-invoice and any messages or errors returned by tax authorities.
- Set up compliant archiving. Avalara ELR can archive e-invoices to comply with data localization, security, and retention policies.
Avalara has an extensive partner ecosystem comprising more than 1,200 signed partner integrations, as well as a history of providing tax compliance integrations with technology platforms across accounting, e-commerce, ERP and more.
The company will extend its strategy to provide out of the box integrations which will make global adoption of e-invoicing a one-click experience for multinational companies.
For additional information on Avalara ELR, click here. Partners interested in learning how they can solve e-invoicing for their customers with Avalara, visit the U.S. or Europe partner webpages.
For more information, visit avalara.com.
