Atlanta—Sept. 26, 2014—Invoiceware International, a solutions provider for e-invoicing and fiscal reporting requirements across Latin America, recently expanded its SAP enterprise resource planning (ERP) fiscal reporting solution portfolio to simplify the recent tax declaration requirements released by Mexico’s tax authority—the Sevicio de Administracion Tributaria (SAT). The SAT now requires multinational corporations operating in Mexico to file accounting information through its mailbox system by January 25, 2015, for financial records from July through December 2014. Information required includes the chart of accounts, as well as monthly transaction details with identification for third parties involved. For businesses, this means stricter reporting standards with heightened risks of hefty fines—upwards of $3,000 per accounting error—that could easily translate into six-figure fines for large enterprises operating in Mexico.
By mandating the use of electronic invoices in 2013, Mexico’s audit capability continues to evolve as the tax authority now has insight into each invoice exchanged within the country. Additionally, the SAT now has the ability to audit tax payment accuracy and evasion in real time with electronic accounting reports. In response to the addition of eContabilidad (eAccounting), Invoiceware International now offers the most comprehensive e-invoicing and tax declaration support for multinationals operating SAP ERP for their Mexico subsidiaries and divisions.
Invoiceware International’s Mexico eContabilidad solution ensures customers are able to:
- Maintain SAP ERP as the system of record. Reports are extracted directly from SAP accounting tables, eliminating the need for duplicate databases that result in synchronization issues.
- Extract matching transactional e-invoicing data for reporting. Multinationals can’t afford data discrepancies, as penalties are severe for each invalid event, in addition to criminal prosecution of the fiscal managers overseeing the accounting books in Mexico.
- Manage local requirements while protecting the global ERP template. Invoiceware buffers the corporate SAP template through automation from constant changes due to local legislative modifications.
“With the release of these tax declaration requirements, Mexico is taking another step to increase transparency and eliminate tax evasion in the country. Just like Brazil, the Mexican government now has the ability to audit organizations in real time and utilize big data rather than manpower to enforce its tax policies,” said Scott Lewin, president and CEO, Invoiceware International. “With the release of Mexico eAccounting Solutions, Invoiceware International remains the only solution provider to offer both e-invoicing compliance and fiscal reporting services on a single platform.”