The solution is to create an Invoice Hub with gateways to each of the different Governments. Why? Because a network is an unneeded link in the data chain and it acts as a data barrier to suppliers. Unfortunately, this just won’t work if the AP process is locked behind “old school” networks like Basware, Coupa, Tungsten, or Ariba. With each country presenting different reporting needs, invoice formats, and compliance needs, the process complexity can be overwhelming. In addition, AP teams will need to support both Government tax systems and non-electronic invoices at the same time.
What are the implications? Every supplier will be forced to send Government approved invoices to their clients. Europe will join Latin America, India, China, and other countries already on the path to real-time tax collection. Almost all governments are looking to onboard CTCs, with most of Europe being covered by 2026. CTC systems not only enable governments to streamline Supplier Invoice tracking and monitor tax reporting–but keep an eye on unpaid VAT as well truly revolutionising our approach on how taxes will be collected going forward! France 2024: The Detailsįrom the outside, France 2024 appears simple–even trivial, but the impact is extraordinary. It’s already hit most Latin American countries, India, China and Italy, but the next big wave hits France in 2024. The first and most visible element of this change are the emergence of Government tax networks or Continuous Transaction Controls (CTC) systems. Whether we’re prepared or not, this game-changer will completely reshape how businesses handle their AP operations.
The biggest change to Accounts Payables since the introduction of double entry journals is about to hit finance departments–but are they prepared? This is a massive and unstoppable inflection point that will both rock and revolutionise how a business processes its Invoices.
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