Invoiceware launches Mexico eAccounting reporting solution

The SAT now requires multinational corporations operating in Mexico to file accounting information through its “mailbox” system by January 25, 2015, for financial records from July through December 2014. Information required includes the chart of accounts, as well as monthly transaction details with identification for third-parties involved. For businesses, this means stricter reporting standards with heightened risks of hefty fines – upwards of USD 3,000 per accounting error – that could easily translate into six-figure fines for large enterprises operating in Mexico.

By mandating the use of electronic invoices in 2013, Mexico’s audit capability continues to evolve as the tax authority now has insight into each invoice exchanged within the country. Additionally, the SAT now is able to audit tax payment accuracy and evasion in real-time with electronic accounting reports. In response to the addition of eContabilidad (eAccounting), Invoiceware International now provides an e-invoicing and tax declaration support for multinationals operating SAP ERP for their Mexico subsidiaries and divisions.

Invoiceware International operates the Global Compliance Network, a cloud-based platform that delivers financial and supply chain managers the regulatory processes they need while eliminating ERP configurations and customizations for the IT staff.

In recent news, Invoiceware International has been selected by Germany-based Krones AG to lower the cost of implementing and maintaining electronic invoicing with Brazils Nota Fiscal mandates including the required updates to version 3.1 by December 2014.