Avalara, Inc., a leading provider of cloud-based tax compliance automation for organizations of all sizes, has announced that it is partnering with Oracle NetSuite to help customers to streamline invoicing even more within NetSuite.
NetSuite Electronic Invoicing, which is powered by Avalara, will allow organizations to increase efficiency, reduce costs, and address compliance with global e-invoicing mandates.
More than 60 countries worldwide have announced or already have mandates for e-invoicing, a number that could 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. As the number of mandates for e-invoicing and other digital reporting requirements increases, it would have become more challenging and expensive for NetSuite customers to address compliance without a centralized approach that this new solution offers.
“E-Invoicing is no longer just a local compliance issue and cannot be solved without technology, it is a global phenomenon that is fast becoming a business continuity risk that requires a strategic and scalable solution,” said Meg Higgins, SVP of Global Partners at Avalara. “We enable NetSuite to bring leading e-invoicing technology to its customers and help ensure they remain compliant as mandates continue to evolve.”
With this new solution, customers will be able to; Quickly support e-invoicing models by country or region. NetSuite will connect to Avalara’s global API to fulfill e-invoicing mandates, including digital signatures, QR codes, and tax authority clearance and approvals.
The solution would also facilitate easily access e-invoice exchange networks and government platforms. Organizations can connect to national and international networks, like Peppol, as well as government e-invoicing platforms directly from within NetSuite.
“Staying ahead of regulations across the globe can be a fulltime job and e-invoicing compliance is often outsourced to local vendors, which adds cost and complexity,” said Scott Derksen, Senior Director of Business Development, Oracle NetSuite. “With NetSuite E-invoicing, which is powered by Avalara, our customers can eliminate inefficient processes and automate compliance with local e-invoicing regulations to improve operations, reduce costs and mitigate risk while expanding into new markets.”