Steve Sprague, VP Product Strategy, Invoiceware International, one of the leading e-invoicing networks with 200 global enterprises, in his blog on Finextra described the key difference between Latam and Europe. The top 5 Differences in Brazil and Mexico are:
- The dreaded scanning and OCR technologies are removed, as the government has mandates the use of an electronic invoice.
- Multiple invoice formats go away because the governments in Mexico and Brazil have standardized the invoice XML and data format.
- Supplier rollouts and conversion to electronic invoice are simplified as the government mandates that the XML invoice, which is what matters fiscally, be made available to the buyers
- Many accuracy issues are reduced as what is on the invoice will match what is on the truck. Part of the process mandates that a truck cannot leave the warehouse without a special printed version of the invoice accompanying the truck.
- Processing time constraints shrink because the XML invoice can be made available to the Buyer even before the goods arrive at the unloading dock. Your invoice can run through the majority of matching even prior to the truck arriving. This accelerated matching and time savings make the Latin America market an opportune target for supply chain financing and reverse factoring.
Read more in his blog - recommended - here.
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