Governmental portals as natural part of the invoice processing habitat
As an AP Automation software provider, Cevinio understands that governmental portals are becoming an important centerpiece in invoice processing, particularly in the context of electronic invoicing and government-mandated invoice systems.
Navigating Governmental Portals for Compliance and Efficiency with Cevinio
As the Autonomous Accounts Payable Automation expert, we keep a close eye on Governmental Portals in jurisdictions where they come up. Our goal is to ensure that Cevinio Suite is able to cover and guarantee all technical and legal requirements implied by the governmental directives in the countries of operation. We have done this in the past and we will continue doing this in the future.
Governmental portals have impact on several fronts:
Compliance and Validation
Governmental portals may include validation mechanisms to ensure that invoices meet the required legal and regulatory standards. This can include checking for accurate invoice details, proper tax calculations, and adherence to specific invoicing formats or standards.
Legal and Tax Compliance
Governmental portals help businesses comply with tax regulations by providing features such as tax reporting, tax calculation support, and integration with tax authorities' systems. They may also facilitate electronic submission of invoice data to tax authorities for auditing or reporting purposes.
Invoice Registration and Tracking:
Governmental portals often serve as a central registry for invoice information. Suppliers may be required to register their invoices on the portal, providing details such as invoice numbers, dates, amounts, and relevant parties. This allows for tracking, transparency, and auditability of invoice transactions by the government.
Each country may apply specific requirements about the duration the issued documents should be stored, and the systems where they should be kept.
Reporting and Analytics
Governmental portals can generate reports and analytics based on the invoice data submitted. This data can be used by government entities for statistical analysis, tax collection purposes, and policy-making decisions.
Impact on Accounts Receivable and Accounts Payable
We have seen that majority of the impact is on the Accounts Receivable side:
- Suppliers send out invoices which need to go through the respective portal for checking on completeness, compliance and validation of tax rules.
- Some governments have implemented electronic invoicing systems or portals where suppliers are required to submit their invoices electronically.
- In many countries, governments have introduced electronic invoicing (e-invoicing) initiatives to streamline processes, increase efficiency, and reduce paperwork. These initiatives may involve the establishment of centralized portals or platforms where suppliers can submit their invoices digitally
- The purpose of these portals is to facilitate the exchange of invoices between suppliers and government entities, ensuring accuracy, transparency, and compliance with tax and accounting regulations.
We continue to see limited impact on the Accounts Payable side. Invoices, in these jurisdictions, have been checked and registered before they reach the customer AP side.
Governmental Portal Integration with Cevinio Services
We are a full-service provider when it comes to both AR and AP. In that respect, Governmental portals are considered a natural path in our service. Our experts follow the certification bodies and keep a close eye on the requirements.
In the future set-up, when a customer is using our:
Cevinio AR services
- Cevinio will communicate the outgoing invoices via the respective governmental portal(s).
- Cevinio will adhere to the specific requirements and regulations regarding invoicing and submission methods which differ from country to country.
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Cevinio AP services
- Cevinio will accept ingested invoices, received from suppliers or downloaded from portals to the required governmental portal for registration.
- Once the feedback is received, Cevinio will act upon the reply of these portal with respect to how to deal with the invoice.
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