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Global Compliancy Doesn’t Have to be Hard

6/18/2017

In today’s economy no business is immune to the opportunities, impacts, and challenges of business beyond geographic boundaries. Epicor products are used in 100+ countries around the world where we have been enabling our customers to do business for 40 years. We know how hard compliance is globally with legislation changing constantly, so no matter how widely your business is distributed, our global business management tools are designed to meet the most complex of regulations.

In my previous article , I spoke about compliance and what this means. Compliance is hard and it is getting tougher, but our goal is to demystify this and make it simpler.

We have totally re-thought the creation and management of global solutions by replacing the traditional concept of ERP design with a series of interlocking global engines that allow the configuration of how and where transactions are posted, how tax is calculated, how currency is handled, and how ERP data is stored.

Just looking at the United States, there were over 16,000 different tax changes in 2016. This is further exacerbated when you consider that the number of global tax changes in 2016 was nearer double that number.

Reporting legislation is constantly evolving and many tax authorities around the world are beginning to require comprehensive data submissions on a regular basis. There is also an increasing requirement for companies to provide real-time reporting of transactions in addition to existing periodic submissions. A growing number of countries are adopting comprehensive electronic reporting and eInvoicing requirements.

Global Compliance


Adoption of eInvoicing has gone from 59 countries in 2011 expected to reach over 100 countries by the end of 2017. This is expected to affect over 14 million companies in Europe alone.

The introduction of a goods and services tax (GST) regime in India not only saw changes to the way tax is calculated but also how this is reported. India has now introduced nine new electronic reports as part of the GSTR1 report set. Poland introduced their own variation of the single audit file for taxation (SAF-T) reports earlier this year, requiring companies to submit five new electronic reports known locally as JPK files.

The proliferation of electronic reporting around the globe continues to put pressure on organizations and their ERP systems at an exponential rate. We understand the challenges in remaining compliant and what it takes to meet these ever changing reporting regulations.

Both Epicor ERP and iScala now feature powerful electronic compliance engines allowing us, our partners, and even our customers, to develop solutions supporting complex, government mandated electronic and printed formats for reporting of fiscal compliance easily without needing to change application code.
 

The electronic compliance engine and associated capabilities allow content to be delivered dynamically as and when needed. This means that Epicor ERP and iScala users are ready for the challenges compliance may through up today, tomorrow or in the future.

Posted by Robert Sinfield, Director, Global Product Marketing




 

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