Thomson Reuters has announced it has closed its acquisition of Pagero, a global leader in e-invoicing and indirect tax solutions, for $800 million. More than 80 countries today have mandated e-invoicing or continuous transaction control requirements. For multinational companies, navigating the complexity of e-invoicing regulations worldwide is an escalating challenge, as governments sharpen their focus on tax reform and real-time reporting.
Commenting on this, Thomson Reuters head of corporate tax and trade, Ray Grove, said: “Compliance is the next big challenge for multinational corporations. Today, e-invoicing compliance is a major priority. Non-compliance poses significant financial and reputational risks – risks that companies cannot afford to take in today’s competitive trading environment.
“Getting compliance right takes an organization-wide effort, from the C-suite to the finance, tax and IT teams. The challenges around e-invoicing compliance are not limited to one department. Regulations vary significantly across regions and having the right technology in place is critical to reducing compliance errors, costs, and helping multinationals to meet compliance obligations accurately, efficiently and confidently.”
JLL: Simplifying e-invoicing across global business operations
JLL is a major global commercial real estate and investment management company that helps clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. With operations around the world, compliance with e-invoicing regulations brought complex challenges for the company.
JLL senior director, Kevin Escott, said: “The influx of e-invoicing obligations was reaching a tipping point and the associated risks of getting it wrong was a concern for our operations. There is much more to the regulations than simply submitting an invoice to a tax authority – preparation for effective management of e-invoicing compliance involves data considerations, changes to a global ERP system, as well as being able to interpret the myriad requirements across various countries.
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By GlobalData“At JLL, we needed a technology vendor that had expertise and knowledge to support compliance and minimise risk. We also needed a solution that could scale, and one that could meet our needs today and into the future. Thomson Reuters ONESOURCE E-Invoicing powered by Pagero was a natural fit for us, offering end to end comprehensive e-invoicing compliance. Today, JLL has simplified our e-invoicing management, and we will be able to confidently comply with e-invoicing mandates in the countries where we operate as they materialise. Through a single solution, we have oversight of the process end-to-end.”
