Source: Sterling Commerce
Sterling Commerce, a subsidiary of AT&T Inc. (NYSE:T), today unveiled a new electronic invoicing strategy that will reform the way enterprises meet the growing need to comply with international electronic invoice tax laws.
As part of the new strategy, Sterling Commerce has signed a partnership agreement with TrustWeaver, a leading expert in meeting multiple Value Added Tax (VAT) and Goods and Services Tax (GST) mandates. The partnership strengthens Sterling Commerce's advanced business-to-business (B2B) integration solution set and will enable the company to deliver electronic invoicing solutions that will eliminate the need to support multiple solutions across different geographies.
"In order for electronic invoicing to reach critical mass, enterprises operating in Europe and beyond must implement solutions that address increasing complexity in the area of compliance," said Susan Feinberg, research director at TowerGroup. "Such organizations must partner with solution providers that can bring the appropriate mix of local expertise, global support and superior integration technology to the table in order to provide a comprehensive electronic invoicing solution."
The Sterling Commerce electronic invoicing strategy will deliver that mix of local expertise and B2B integration technology to reduce the costs, risks and complexity in meeting government tax regulations across country and regional boundaries. The company's solutions will address multiple legislative mandates for multiple countries in one single solution that will be available on premise, on demand or through a hybrid solution that uses both models.
"When an invoice does not meet a country's minimum requirement, tax authorities can impose various costly sanctions, the buyer can lose the right to reclaim VAT paid, and taxes need to be retroactively applied for noncompliant invoices within the archival period," said Anders Hellermark, chief executive officer for TrustWeaver. "Today's lack of standardized processes and technical requirements introduce additional complexity and risk into a company's information technology (IT) and business infrastructure. By melding its market-leading B2B integration expertise with TrustWeaver's local tax law compliance proficiency, Sterling Commerce will deliver an offering that solves all aspects of electronic invoicing."
Under the partnership, TrustWeaver's compliance technology will be incorporated into Sterling Commerce's leading-edge on-demand and on-premise integration products to allow companies to support global e-invoice compliance via a single solution. TrustWeaver assures legal compliance and cost-effective audits through its unique and highly scalable software as a service (SaaS) model built on its thorough understanding of local tax laws and integration of the electronic signatures recommended by local tax authorities. Its software enables customers to mitigate the significant financial risks associated with electronic invoice regulatory compliance, including loss of the buyer's right to reclaim VAT and mandated fines, while also enabling customers to support tax audits by government agencies on a country-by-country basis. TrustWeaver's proven compliance methodology includes a thorough understanding and documentation of local tax regulations, which enable audit interfaces based on the specific needs of local tax auditors.
"Organizations involved in international trade must be equipped and ready to comply with diverse legislative demands or suffer severe penalties and risk," said Chris Johnson, vice president of Product Management for Sterling Commerce. "To be successful, they need a single, smart integration solution that reduces manual intervention and eases the burden of IT, while adhering to multiple, complex and diverse legislative requirements in an efficient, timely manner."