FINAL WORD
And that ’ s not the end of the story . Once implemented mandates often continue to evolve . The scope of the mandate expands to apply to more companies of a smaller size and the granular data required may need to be captured for other flows putting additional pressure on systems in the IT landscape .
‘ This sounds like a problem for the finance team ’ I hear you remark . Yes and no . Although finance and accounting teams will no doubt shoulder most of the burden of adapting to data mandates and e-invoicing requirements , it ’ s IT that will need to play a key role in procuring and implementing digital solutions to enable compliance .
There ’ s no escape from government data mandates
This isn ’ t a passing trend . Instead , it ’ s a new reality for both IT and finance leaders – since tracking and ensuring compliance goes far beyond the capability of periodic manual processes . With the implementation of data mandates and e-invoicing , regulators become directly involved in organizations ’ data stacks – dictating how data should be captured and presented , as well as examining transactions in real-time .
The big question for any business when the government is in the middle of your supply chain , is how does your technology need to evolve ? Because in these countries where real-time data mandates are a reality , the government is now a third partner in all your transactions .
Unlike other IT projects , organizations don ’ t have the luxury of deciding when to implement or upgrade protocols . What ’ s more , as authorities fine-tune their
‘ This sounds like a problem for the finance team ’ I hear you remark . Yes and no .
www . intelligentcio . com INTELLIGENTCIO NORTH AMERICA 83