Electronic invoices : a regulatory issue

Facture électronique : un enjeu réglementaire

Digitalizing the invoice process and generalizing the use of electronic invoices are key steps in a finance department’s digital transformation.

Many changes in the legal and fiscal framework are on the horizon and are tending towards the widespread use of electronic invoices, thus making it important for CFOs and finance departments to move forward with invoice process digitalization.

Processing invoice workflows

Regulations around the world, along with models and formats, all have to coexist, increasing heterogeneity and making it more complicated to process invoice workflows.

The main issue for finance departments consists of being able to automatically and electronically process all their invoices, regardless of the format (EDITax EDIPDF, paper…), country, or regulatory model.

This represents a major challenge, in particular when the context requires compliance with various international laws, and when trying to anticipate changes in coming years.

Heading towards a Clearance model in France

Regulatory changes in France have been accumulating over the past several years (such as those regarding reliable copies and reliable audit trails) and others are on their way.

The 2020 French Finance Law suggests a transition towards a Clearance model starting in 2024 (it had previously been slated for 2023). Even though the actual conditions for implementation are still being examined, it is now essential for companies to anticipate the change and consider “Clearance Ready” solutions.

A solution that covers all potential cases

In this context, ICD International and ITESOFT joined forces to create a complete Procure-to-Pay solution that can process all types of invoices while also meeting legal requirements in all countries.

By combining ITESOFT’s expertise in business process automation with ICD International’s command of electronic exchanges, the Streamline for Invoices solution for processing accounts payable invoices offers a ready-to-use application that can handle all possible circumstances at an international level.

While digitalization of finance functions is inevitable for most companies, changes in the tax and legal framework have often slowed down action and caused finance directors and departments to hesitate regarding the need to speed up their transition. With this new “Clearance Ready” solution, ICD International and ITESOFT bring a reassuring implementation that allows companies to fully engage digitalization of their finance processes and adopt electronic invoices.