Paper-based invoicing is time-consuming and expensive and there are clear and compelling benefits to automating Accounts Payable and Accounts Receivable processes. In many countries sending and receiving electronic invoices (e-invoices) requires compliance with government regulations due to concerns about tax fraud. As governments seek to combat fraud and gain greater visibility into the economy, they are increasingly turning to electronic invoicing. Widespread reforms are now mandating that all invoices switch to electronic.
These government mandates and regulations differ from country to country. Ensuring compliance across all of their invoice processes – whether inbound, outbound, for direct materials / supply chain invoices and for their indirect / goods not for resales spending – is a significant challenge for global businesses.
OpenText™ Active Invoices with Compliance (AIC) automates invoicing while meeting regulations
Active Invoices with Compliance (AIC) is a cloud-based e-invoicing solution that provides buying and selling organizations with the technology and services needed to automate all of their invoicing processes while meeting mandates and ensuring compliance.
What’s new in Active Invoices with Compliance 23.3?
The latest release of AIC builds on our previous release, which included support for outbound e-Invoices via the Polish KSeF portal. The new release now adds inbound flows, including as support for the Official Receipt Certificate (UPO).
The Polish e-Invoicing mandate was delayed from its planned summer 2023 implementation to July 2024. However, OpenText was already well on track to deliver against the original deadline. Polish companies who wish to begin implementation and testing can do so now, and there are many benefits to be seen from starting deployment early.
What does OpenText™ Active Invoices with Compliance (AIC) deliver?
- Global e-Invoicing compliance. Meets current regulations and stays ahead of government tax and electronic invoicing regulations in 48 countries.
- E-Invoice delivery. Supports both PDF or structured electronic invoice formats through the various means legally permitted globally. This includes including email, secure portal, secure EDI protocols, PEPPOL network and government clearance portals.
- Validation of mandatory invoice data. Country-specific validation of invoice data ensures that required fields are present per government regulatory requirements.
- 100% invoice automation. AIC is completely agnostic and provides a solution for both accounts payable and accounts receivable invoices, as well as direct and indirect materials.
- Invoice integrity and authenticity. Supports country-specific digital signature, EDI and government clearance requirements to ensure that e-Invoices come from the claimed source and have not been altered.
- Archive and audit. Archives and provides audit access throughout mandatory retention periods. Supports advanced search and scheduled reports. Allows uploads of invoice evidence and download/export of invoices for audit.
How is OpenText™ Active Invoices with Compliance (AIC) different?
An e-Invoice is only one B2B document among many and is usually part of a global EDI/ B2B rollout. OpenText offers the only e-Invoicing solution built on a global EDI network. It supports both inbound and outbound compliant e-Invoicing, while exchanging all types of other transaction documents covering the entire buying and selling business process.
Some e-Invoicing providers only support outbound or inbound invoice processing scenarios. This often requires all of your customers and suppliers to join the provider’s network. OpenText’s open network approach enables both outbound and inbound e-Invoicing. It also supports direct connections, EDI VAN, trading networks, vendor portal/web forms and various other options.
Self-service onboarding tools combine with the industry’s largest dedicated team of expert onboarding specialists to rapidly enable 100% of your community, increasing your business agility. Active Invoices with Compliance allows companies to digitize their invoicing processes, increasing automation and freeing their teams up to focus on core business activities while maintaining compliance with varied regulations today and as they evolve.
Learn more about OpenText™ Active Invoices with Compliance and how to comply with e-Invoicing regulations today, and as they evolve. View the Product Overview or read about the impending mandates in our 2024 Guide to e-Invoicing Mandates.
In addition, our e-Invoicing mandate readiness check service is available to assist customers in assessing the output from their ERP/finance/accounting systems to ensure it meets the new legislation. Reach out to your OpenText account representative or contact us here.