SOURCE: Elemica


May 05, 2011 07:40 ET

Elemica Director Gary Neights Presents at FUSION 2011

International Invoicing Presentation Includes Best Practices on VAT and Mandatory Compliance Issues

EXTON, PA--(Marketwire - May 5, 2011) - Elemica, leading provider of supply chain integration and optimization services to the chemical, tire & rubber, energy and selected manufacturing industries, announces that Gary Neights, Director Product Management will be speaking at the FUSION 2011 conference on Thursday, May 12, 2011 in Orlando, Florida. FUSION 2011 is a joint conference of the International Account Payable Professionals (IAPP), International Accounts Receivable Professionals (IARP), and The Association for Work Process Improvement (TAWPI) that targets finance professionals in accounts payable (AP), accounts receivable (AR), and procurement. Gary's presentation will focus on voluntary versus mandated invoice processes and how VAT compliance overlays across both types.

"Little is gained, and much can be lost, by printing an invoice out of the order fulfillment system. It has to be mailed to the customer, and then they manually enter it into their payment system," says Gary Neights. "Automated invoicing reduces errors, provides better visibility and control, and most importantly improves the cash-to-cash cycle. It's critical to ensure that invoices contain accurate business data and are legally compliant."

Adds Rich Katz, Senior Vice President of Elemica, "Electronic invoicing is a necessity for driving cash flow within an organization. The support of electronic invoices that address value added tax (VAT) within Elemica helps our global clients gain efficiencies while reducing ordering and processing time, paperwork and costs."

Almost all countries around the world, except the United States, impose a VAT. A paper written by Jane Winn of the University of Washington, School of Law and Angela Zhang of the University of Hong Kong Faculty of Law entitled, "China's Golden Tax Project: A Technological Strategy for Reducing VAT Fraud," explains that various mandates have been imposed to ensure VAT compliance and reduce fraud, yet monitoring this compliance is a serious challenge. Other countries like Brazil and Mexico have mandated specific processes to drive VAT compliance that provides those governments with real-time visibility into GNP indicators. By contrast, the European Union takes a voluntary approach and focuses on strategies to increase adoption of e-invoicing technologies with a goal of increased competitiveness.

There is little debate that electronic invoicing saves money. The European Association of Corporate Treasurers estimates that Electronic invoicing reduces costs 80%. Elemica research has found savings of $20 per invoice within accounts payable, and savings related to postage and print in the EU of approximately EUR 2.0 per invoice. Besides cost reductions, e-invoicing fosters a lower carbon footprint, greater security, and increased visibility into processes.

Over 2000 attendees are expected at the conference, which takes place May 8-12 at the Gaylord Palms Hotel & Convention Center in Orlando-Kissimmee, Florida. More information can be found on the IAPP website:

About Elemica
Elemica delivers state-of-the-art services in the areas of customer, supplier, sourcing, and logistics management. Elemica's Connect -- Transact -- Optimize model drives bottom line business results by promoting reduced cost of operations, faster process execution, automation of key business processes, removal of transactional barriers, and seamless information flow between business partners. Elemica was founded in 2000 and today connects more than 3000 companies across multiple industries, processing over $60 billion in annual transactions. Clients include BASF, Continental, The Dow Chemical Company, DuPont, The Goodyear Tire & Rubber Company, LANXESS, Rhodia and Shell.

Contact Information

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