Thomson Reuters has announced the launch of ONESOURCE E-Invoicing. This centralised platform is designed to streamline electronic invoicing management for multinational businesses who are being mandated to comply with e-invoicing regulations around the world.
The new solution gives customers a single access point to manage e-invoicing compliance. It offers pre-built integrations connecting financial systems, including common enterprise resource planning (ERP) systems. Additionally, a collaboration with Pagero supports customers in achieving comprehensive e-invoicing compliance that minimises the cost and effort to comply. ONESOURCE E-Invoicing brings together the best in global tax compliance and e-invoicing into a single solution.
Today, more than 80 countries have mandated e-invoicing or continuous transaction control requirements, and this figure could potentially surge by 2025 as governments prioritise tax reform and real-time reporting.
Commenting on this, Thomson Reuters head of product, transactional compliance, Ray Grove, said: “We’re seeing an abundance of tax reforms and greater sophistication of tax authorities worldwide, and for tax departments in multinational corporations this requires a step change in how they keep pace with new rules and regulations to mitigate risks for their business.
“Compliance with e-invoicing mandates is accelerating as a key priority, and historically it has not been an easy task, with regulations varying significantly across regions. We’re excited to be able to support businesses in overcoming these challenges with ONESOURCE E-Invoicing. This helps them accurately and efficiently meet compliance obligations – increasing confidence and peace of mind on what can be a daunting and ongoing task.”
ONESOURCE E-Invoicing benefits customers managing e-invoice mandates, providing:
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- Centralised control – E-invoicing compliance supported across networks and borders, managed within a single platform.
- Reduced cost – Lower implementation costs, effort, and ongoing maintenance with pre-built integrations for SAP and Oracle, in addition to other direct API integrations.
- Simplified data management – Economies of scale across countries with universal data mapping.
- Time saved – Maximised invoice flow supporting a faster time to payment, with automated einvoice validation and data enrichment.