Lifetime management of mandates
Mandates are not a single event; they evolve throughout their life. Every change adds complexity and cost to compliance. They start with an initial concept and steadily mature with phased role outs where more businesses or geographies fall within scope. We then see technical and tax rate changes made to optimize ease of use and amount of tax revenue raised.
As we look towards the medium to longer term, we expect some harmonizing of mandates to take place across regions and industries until the change pendulum swings back towards tailoring to specific country needs in line with political policy changes and economic cycles.
It is this constant change that makes the management of mandates so compelling. And the more countries you trade in, the more difficult it is for traditional business systems to cope and comply with constant change.
Enterprise size customers ask us to help them comply because although they have highly skilled employees, they are businesses with complex IT and processes and often have more than one ERP system. Some of these are legacy versions, which for the time being, they want to keep and require a network and suitable workflows flexible enough to integrate with government and buyer systems.
Mid-sized customers tend to have more modern systems but do not have enough staff or time to build compliant invoicing systems for every market and be able to cost effectively maintain compliant processes over the lifetime of the mandate. In fact, some are finding the procurement of individual compliance solutions for each country is stretching their IT team to breaking point.
Lifetime compliance service model
Tungsten’s lifetime Compliance service scans the globe for mandate changes, and we alert customers accordingly to the required changes. We invest, design and build-in the changes to our network and agile platform for both AP and AR services, ensuring the required mandate process changes are efficient and effective for customers to use. It’s the classic ITiL process of discover, design, build and run but the customer stays in full control and doesn’t bear the inefficient cost of building a single solution version each time a mandate appears.
The benefits to customers:
- Your compliance risk is minimized
- Your costs are optimised, predictable and OPEX based
- You can stay focused on delighting your customers
- You have peace on mind knowing you can continue to trade in your chosen markets without incurring e-invoicing penalties levied by Governments.
For more information on our compliance services contact us here.