"Increasing financial regulatory demands combined with fragmented internal systems are creating a 'compliance breaking point,' preventing businesses from reaching their full global potential. More than one-third (36%) of companies have incurred fines by submitting incorrect tax audits, highlighting how widespread tax compliance failures are and why businesses risk being held back on the global stage."
"Basware's analysis of 272 million invoices last year revealed that 57% still arrive as PDFs or paper documents rather than compliant e-invoicing formats. This represents $783 billion worth of non-compliant invoices flowing through global businesses. Despite mounting regulatory pressure and e-invoicing mandates, more than half of all business invoices remain stuck in formats that require manual processing, delay payments, and increase error rates."
Financial regulatory complexity and fragmented internal systems are creating a compliance breaking point that limits global expansion. Over one-third of companies have received fines for incorrect tax audits, and 39% have experienced invoice rejections due to tax or invoicing compliance errors. Non-compliance disrupts supply chains, delays shipments, and strains partner relationships. Basware found that 57% of 272 million invoices arrive as PDFs or paper, representing $783 billion in non-compliant invoices that require manual processing, cause payment delays, and increase error rates as e-invoicing mandates expand.
Read at London Business News | Londonlovesbusiness.com
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