The compliance toolbox

Tax Compliance

Currently the Cevinio Compliance Toolbox is processing invoices from over 90 countries. However, the responsibility of the accuracy of the rules remains with you. Keeping the Toolbox up-to-date can be obtained by using an external party (like the Big-4) or other companies specialized in specific rulings for a country. Based on their information, your team can maintain the compliance rules for any jurisdiction. During step 1 (explained at the non-PO coding way of working) compliance rules will be created by the robot, for the robot, based on historic accounting. In short: you can ask your compliance specialist if the bookings have been created correctly.

Another frequently encountered problem is erroneous VAT-codes in Purchase Orders. Since buyers typically are not tax-experts, the VAT-code on the PO is not always correct. These errors will be detected by the Compliance Robot. If the robot is not “sure enough” about the correct tax-coding, these cases will be queued to a Tax specialist.

Legal compliance

With legal compliance we confirm if an invoice is a “legal document”. For example: in certain countries a typo in the name of the addressee would result in a “non-legal document”. Our robot can easily detect these errors and send the invoices either back to the vendor, or to the AP-team to manage them.

Corporate compliance

Under corporate compliance we include controls to check for bank account numbers and VAT-registration numbers on the invoice, as well numbers that exist in the Vendor Data Master file (or other file where this information is stored). This check has multiple benefits

• Avoiding payments to a wrong bank account, resulting in reconciliation efforts later on
• Avoiding payments to fake invoices. The level of ingenuity of criminals is increasing daily. An example is when criminals intercept an invoice and make changes to the bank account number. The result would be that your money would be transferred to those criminals and not to your supplier!

Another type of compliance check that we offer is searching for special terms on an invoice such as consignment, Reverse charge VAT, insolvency and compensation (all in any language, of course). Once the Robot has detected these terms (fully configurable to your requirements, without any technical knowledge or third-party support), those invoices will be queued to a compliance expert.