The Risk Performance and Compliance Category

The Growth of E-Invoicing Compliance: Exploring Vendor Capabilities and Approaches (Part 2) [PRO]

MBO Partners

In recent years, invoice-to-pay service providers have grown significantly, and there are now hundreds of them around the world. Some are truly local on an in-country basis. Others have a regional focus. And the largest tend to serve customers globally (albeit with partner support on a localized basis). We can even find service providers who handle just inbound invoices and others who can handle both inbound and outbound invoices.

This Spend Matters PRO research brief explores the solution scope and reach of e-invoicing providers today, including Coupa, Invocus (Zycus), GEP, SAP Ariba, Taulia and Tradeshift. Our approach is to cut through the noise to help companies to assess providers to determine the degree to which they fully support VAT, regulatory, statutory, data privacy and related compliance areas on a localized basis — beyond just partnering with TrustWeaver, alone. Provider insight is in part based on the information collected and analyzed as part of the Spend Matters Q2 2017 Invoice-to-Pay SolutionMap.

PRO Subscribers can also access the first installment of this series: E-Invoicing Compliance, Globally: Beyond TrustWeaver’s “Seal of Approval”

E-Invoicing Compliance, Globally: Beyond TrustWeaver’s “Seal of Approval” [PRO]

invoice

Just about every solution provider with an e-invoicing or procure-to-pay (P2P) solution talks about compliance in the invoice-to-pay — and sometimes order-to-cash — area. Many often use language that would suggest their “unique” approach is a source of competitive advantage when it comes to complying with local government regulations. But all too often providers are referring to just having a digital signature or signing capability (often in part or in whole outsourced or certified by a third party) for the purposes of proving authenticity and certification of origin. Beyond this, there are other forms of e-invoicing compliance, such as complying with local VAT requirements and the archiving of invoices for audit purposes (e.g., the number of years varies depending on the country).

But compliance is even more nuanced than just simply checking the box on one or more of these areas for a particular country, and just having an agreement with TrustWeaver does not mean it is fully compliant for a specific transaction scenario. Depending on how tightly one wants to define compliance, it is also necessary to meet not only inter-country requirements but also intra-country (and intra-regional) requirements. This includes scenarios in countries where a submitted e-invoice requires a previous clearance by tax administrations and where part of the regulation requires that additional attachments be added to transactional documents in the invoice-to-pay process, as is the case in some Latin American and Asian countries.

This Spend Matters PRO brief explores components of what true e-invoicing compliance is — or should be. It starts by taking a look at the basics, including what TrustWeaver certification provides vendors (and their customers) with. Yet our approach is not just to address the basics, even though they are important. Rather, we take aim at the myth of vendor e-invoicing compliance that permeates the market today and what a broader definition and approach to compliance should encompass. The second installment in this brief will explore what specific steps vendors such as SAP Ariba, Coupa, Taulia, Tradeshift and others are doing beyond the norm to provide compliant solutions for trading partners.

The Gig Economy in the U.K.: Growth, Issues and Predictions

Brexit

The “gig” or “platform” economy is a worldwide phenomenon. Whether car service drivers or skilled online freelancers, it is present and growing in many countries in every region across the world. Not only is it an enormous pool of labor, the gig economy may also represent potential sourcing networks, since generally workers are connected through various digital platforms. But for now, while the gig economy is growing across the globe, labor issues and legal uncertainties are common.

Eaze: On-Demand Cannabis Delivery to Your Home

In the past month or so, Spend Matters has featured a number of articles about the fast-growing cannabis industry and supply chain. It’s complex, but the cannabis industry is not what it used to be. While the earlier articles have focused on procurement and supply chain processes and technology, there is another area of the business that was not covered: on-demand home delivery. Over the past two years, a number of startups have emerged to provide the platform/app-based service — think of it as a Grubhub or DoorDash for pot, instead of food. The list includes companies like Nugg, Speed Weed and grasp.it, but perhaps the most recognized — and most well funded — is Eaze.

State of Risk 2017: Procurement Needs to Be More Proactive About Supply Chain Risk Management

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That procurement is shedding its origins as a back-office function is old news. As organizations become more advanced, their role in the overall company is evolving into a more strategic one compared with its tactical past. And a crucial component of this strategic transformation is taking responsibility for mitigating supplier and supply chain risk. But how many procurement organizations actually have a comprehensive risk management strategy in place? RapidRatings and ProcureCon Indirect East teamed up to conduct a risk-focused benchmark survey of 88 procurement executives, the results of which are published in a report titled “The State of Risk.”

Cannabusiness: The Riskiest Legal Supply Chain in the World?

Because marijuana is classified as a Schedule I drug by the U.S. Drug Enforcement Administration, it’s still federally illegal. For that reason, states that have legalized cannabis for medical — and especially recreational — consumption have had to implement considerable systems of regulatory compliance for businesses to follow.

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The Next Procurement Frontier? Reconciling Speed and Compliance

As the pace of business continues to accelerate, procurement has been recognized, and rightly so, as a fundamental business enabler and strategic function. Now it’s time for the next step. The priority of achieving sustainable cost reduction and reducing risk has met a new role: enabling agility. Considering the current hyper-competitive and fluctuating state of global business, the question procurement should be looking to answer is, How do you move fast while also remaining compliant?

Contractor Insurance Innovator Bunker Raises $6M in Series A Round

funding

Bunker, a San Francisco-based “digital business insurance platform” startup, announced a $6 million Series A funding round in addition to the full commercial launch of its services platform. The round was led by Omidyar Network and included Comcast Ventures and Route 66 Ventures. Bunker raised $2 million of seed funding less than a year ago. Bunker, founded in 2015 to deliver an entirely new small business insurance buying experience, is a licensed insurance broker in all 50 states and works closely leading insurance carriers in building new and unique products, according to the press release.

De-Risking Your Global Contract Workforce: The Why and How for American Businesses

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While protectionist rhetoric has taken over the current political climate, penetrating new markets and otherwise operating in foreign countries will remain a business reality for U.S. companies. Correspondingly, companies will engage workforce on a contract basis when there may not be a business justification to establish legal entities in other countries. However, engaging workers in foreign countries — each with different business practices and customs, labor laws and compliance requirements for social benefits and taxation — can be risky business if mitigation measures are not adopted.

Bad Procurement: A Roundup of Recent Procurement Scandals

Procurement scandals haven’t been a priority coverage area on Spend Matters, but that may change soon. Monday's Afternoon Coffee column covered the news, broken by the New York Post, that the chief procurement officer for New York City’s Metropolitan Transportation Authority (MTA) has been fired for allegedly soliciting bribes from a contractor. There is of course a “lady friend” involved in this saga too, but I’ve gotten ahead of myself. But this got us wondering: How does this compare with other procurement-centered crimes? Here is a roundup of recent scandals, some more salacious than others.

Companies Are Largely Unprepared for Internet of Things Cyber Risks, Report Finds

Procurement is hardly the only sector excited about IoT. According to a survey of nearly 1,000 enterprise IT buyers worldwide conducted late last year by research firm 451Research, 71% of organizations are already gathering IoT data. Over the course of this year, 90% will be increasing IoT spending. There are still plenty of concerns, such as uncertain ROI, but the top factor impeding IoT deployments is security.

Risk Management Strategies for a Complex World: Webinar Next Week!



Pierre Mitchell, chief research officer at Spend Matters, joins Icertis to discuss Risk Management Strategies for a Complex World on Thursday, April 6, at 12 p.m. CDT. During the event, they will cover: how to identify the significant risks hidden in contracts, real world stories on how leading organizations have managed risk, the advantages of an enterprise contract management platform and more. Sign up here!