Discover the Best E Invoice Format for Entertainment

E invoice format for Entertainment

hello everyone and welcome to today's webinar the impact on business and tax compliance my name is Ashley and I'm with Avala and I will be your host for today's webinar so before we get started I do have just a few housekeeping items to cover a friendly reminder that Avala cannot provide legal or tax advice but we will answer your questions as best we can on your screen is our Safe Harbor policy so please take a moment to review that while I continue with some additional housekeeping items we are recording today's webinar so if you want to listen to it again or share it with a colleague you'll receive the recording later today the console you're looking at can be customized so feel free to move or resize the windows the additional resources section contains related resources including today's slide deck we do have a few ways for attendees to engage during today's call so first of all if you have any questions you can submit those using the Q&A box we will answer as many questions as we can throughout today's webcast and we will also have some time at the end for Q&A you can also use that ask a question box if you have any troubleshooting questions and I will try to help you out second you can join our group chat and this is your way to chat with other so the group chat is an option along the bottom click that the chat box will pop up so if you want to open that now and drop in where you're calling from what the weather's like today I'm calling in from the Midwest and it's supposed to be a high of 80 today so it's feeling a little more like Summers and then third you can engage with our reactions this is new if you've attended our webinars before something we added recently you can click the little emoji smiley face and throughout the presentation you can react with those and presenters can see them so kind of a fun way to engage I do want to call out that we are not inot not offering CP Credit for today's we will have full questions but those are just a way to engage with our presenters not to qualify for CP Credit and lastly if you have any technical issues there is a question mark by con that you can go to for resources or you can use that ask a question box that I mentioned so let's meet today's presenters first we have Kate the director of global Solutions Tac technology products at aala Kate can you take a moment to introduce yourself yes absolutely thanks Ashley I guess a relevant things on on this slide here is that I have been in the Tax Technology field for more than 20 years and throughout that entire time I've been working with Oracle financials as far back as release 104 uh character mode thank you Kate next we are joined by too he is the vice president Erp applications development at Oracle can you take a moment to introduce yourselves sure thanks Ashley hi I'm Tapo day I'm a part of the development team here at Oracle joining in from Redwood shows California and uh just like Kate I started my exposure to Oracle financials in the 107 character mode days right and then it's been a journey since then I've been with orle for uh a little more than 25 years and it's had been a pleasure to not only design and develop the products with the most modern technology but also to help our customers succeed glad to be here today thanks for being here and are joined by Kevin research director of financial applications at IB Kevin can you take a moment to introduce yourself to the audience sure Kevin permenter I'm a research director here at IDC my main coverage area is financial applications and that's everything from small business accounting through to the big Erp Financial Suites and then into key Point solution areas like accounts payable corporate tax accounts receivable Treasury and expens we do market shares forecasts and Market Assessments in all of those areas and uh gives me a unique perspective and I'm excited excited to be here this is a great topic so it's gonna be fun great thank you Kevin and thanks to all of our presenters for being here today that is all I have for housekeeping so I will pass it back over to Kevin to get us started like yeah thank you so much um like I mentioned earlier this area is uh highly Dynamic Financial applications highly Dynamic space and I'm getting a little feedback not sure what that is this area is a highly Dynamic space and one of the key places that's that's seeing that change seeing that dynamism is the office of the CFO that office and I I I mean that is sort of everybody in the the you know under the charge of the CFO right um so CFO at large and that world is undergoing tremendous changes one of which is now more than ever they have to deal with more than just debits and credits more than just financial data um they've been asked to in some ways go from being a CFO to a CBO Chief data officer and what do I mean by that well look you know now initiatives like diversity equity and inclusion all of these things are landing in the the the the lap of the CFO the CFO also has to participate in in in sort of a a deep and meaningful way in leading the charge when it comes to Information Technology it transformation and then also of course talk to some CFOs that have Consolidated all operations data supply chain Hardware inventory sales Ops data all of it goes to the office of the CFO going one step further um you I've talked to some customers that are and they've even said that their business relies on the office of the CFO to validate some of these streams of data so in that case A supplier supply chain data isn't valid until it comes from the office of the CFO you can imagine now that that puts over here in this call out box puts an emphasis on creating platforms again with data management data connectivity data visibility at their core because again CFO is having to transition to CBO one of the other things that's happening inside of the office of the or the CFO or actually in broader Financial applications is this idea of convergence over the last two or three years we have been tracking a growing trend and you've seen it in the m&a activity you've seen it in the organic and inorganic growth activity from some of these software vendors bringing together these siloed areas like accounting and payments or AP and financing AR and Treasury and Reporting tax and accounting all of these things are starting to to come together and what's really interesting about it is that this hey venture capital Bingo kind of thing happening off in an ivory Tower somewhere this is actually bubbling up from the line of business users that don't want to bounce between multiple applications get things done they'd rather be able to do as much as they can in a particular workflow these like s sort of key workflows they'd like to be able to do as much of those workflows in one application and what we've seen as well is that as we move forward we've asked the questions okay so what kind of combinations would you like to see more and more we're starting to see if we have an accounts payable spending spend management solution boy we'd really like it to be paired with an expense solution or tax management solution to handle compliance issues tax management issues and the like same thing now when you're talking about broader accounting applications so you can see the stat here at the bottom it's very indicative of what we've been seeing overall and I got to say more and more we as some of these initiatives that we'll be talking about later like e invoicing some of the other uh digital taxation issues start to develop you're going to see things like compliance including tax management tax automation uh audit all of that those aspects of compliance really take you know more forward seat I've actually heard anecdotally that compli sence has been you know a big aspect of closing a deal for a lot of the software vendors and that's that makes sense to me again with all of the regulatory issues regulatory uncertainty that we're seeing that takes me to my next slide which is boy are we in the middle of a transformation when it comes to taxation you know I don't want to go into all of these again Kate and toppo will will dive into a lot of these in more detail but I guess I want to impress upon you that all of these things crossborder Commerce and Duty and Customs issues that result from it digital transactions digital taxation e invoicing the increased enforcement when it comes to tax authorities all of it is happening now and not only is it all happening right now it's all happening differently in different countries different regions different markets different vertical markets and and then on top of that the only trajectory that we've seen for the last 10 years to now and the only trajectory that we we're anticipating from the for this year to the next 10 years is that these regulatory issues will just continue to increase so it's it's confusing now it's complicated now and it's only trending to be more complicated take e invoicing for example you've got competing mandates happening in different countries different countries are taking a different spin on it whether it's in southern Europe northern Europe Amia or middle easn Africa southeast Asia South America they're all sort of doing it slightly differently enough to to to cause you a lot of issues if you don't have and this is what the the the real key comes down to if you don't have the proper tools to to man manage this this will be untenable end the story and it will just get worse as we move forward so what do those tools look like what's the future of these Financial applications what does it look like I do think there are four major sort of categories that they'll all sort of fit into be definitely a digital aspect you'll see these Financial applications like accounts payable for example um moving from checks and paper invoices to digital e invoicing will will will take you know more forward leaning step there be converged you'll see again in accounts payable but also in some of these other areas see convergences around certain key so the convergence that we've seen so far in the in the excuse me the convergence that we've seen so far has been around two areas money going out the door so spend seen expense Management Solutions procurement Solutions payroll corporate payment Payment Solutions all sort of coalescing in these really interesting ways and then we've seen it also on sort of the revenue management money coming in the door seen it with some interesting combinations of billing systems subscription Management Systems treasury of course accounts receivable reconciliation systems reporting systems all in that effort to handle money coming in the door we do continue to see those two as major convergence points but then there's a third level of convergence where at the Erp level you're starting to see all of these products and all of these sort of solutions be built out under a larger sort of management dashboard layer that a lot of the latest latest Erp Innovation is is starting to provide so big push around fpna and insight insights Solutions Insight management has been a big push again it's all in line with this convergence issue of course you'll see it being fully automated we'll definitely see automation at the core level here's an example at invoice ingestion where we're going to see automation you're going to see automation on the on the AR side for example when it comes to writing emails and corresponding with clients on the tax side you'll see automation when it comes to filing and and and sort of gathering tax content updating tax content there'll be more and more automation for some of these core data management issues that you'll see when it comes to financial applications and yeah look I Do cover accounts payable accounts receivable tax treasury accounting you name it right it's as broad as it comes every one of those markets every one of those constituencies are anticipating massive change massive transformation when it comes to intelligence MML for sure will be part of these kinds of workflows but then also we'll see Chen work its way in large language models work their way into these U to these Solutions and really sort of push the market forward in terms of what it can do on the tax side you'll definitely see that developing around some of the reporting characteristics that you have to do some of the filing that you have to do again it will be present on the E invoicing side as well so yeah every Market I cover will be more intelligent going forward due to the the rise of AI ml dealing with exploring and sort of trying to harness geni as we go forward as well so I hope I my goal was to set the stage here for broader discussion dive into some of the key issues around Financial applications and and where it collides with compliance where it collides with tax management e invoice in so with that I want to throw it over to Kate Kate take us away all right thanks Kevin so we're going to dive into e invoicing but I'll just give a a quick overview about Avala so we are global company we have 22 offices across four continents uh we've been in business since 2004 so we are celebrating our 20year anniversary this year we serve more than 30,000 customers globally and I think more than 75 countries including onethird of the fortune 1000 we have a strong partnership with Oracle we have more than 10 Integrations across the Oracle Suite of products today actually we'll talk a little bit about our solution with Oracle Erp Cloud fusion and all right let's let's dive into e invoicing oh let's have a question before diving into e invoicing Ashley yeah I can take it away thanks Kate so we do have our first poll question it is are you a current oracal user yes or no you can take a moment want to answer that and we'll look at the results in a second I do just want to have a quick reminder that this webinar is not eligible for CPE credit so this poll question is just for engagement and so the presenters can help tailor their message so I will give you just a few more seconds to answer that okay and then these are the results so about 30 60% split 370% split so with that I will pass it back over to Kate thanks Ashley okay so let's just start out with a quick definition of what an e invoice is really two key points that I want to show you here one is that a PDF sent via email uh is not an electronic invoice it's not an invoice the definition really is you have to have structured machine readable data so a PDF could accompany that uh e invoice but it is not an e invoice in it in itself you need something that's in XML format or ubl a Universal Business language a little history lesson here so e invoicing itself is not new as far back the 70s and there was kind of the the starting the first exchanges of of invoice data this was a a peer-to peer network uh it did improve process efficiency but it was complex to implement and maintain incredibly expensive really only available to very large corporations and at this point definitely nothing electronic was accepted by the tax authorities paper invoices were still required as the official documents so we move on to the 1990s the late 1990s and there's still the the peer-to-peer exchange of invoice data but what you're also seeing happening is sending those PDFs as email attachments there was sort of improved accessibility to the the peer-to-peer connections but a lot of this still lacked automation there were definitely some efficiencies gained on the seller side uh but the buyer side still needed to deal with manual I guess one of the other things to point out that happened in the 1990s is digital signatures started to be included in those those PDFs still the tax authorities were not accepting any of that as your official documents you did still have to have your paper invoices back up okay okay now we move into the 2000s and the mid-2000s there's um adoption of more standard formats such as ubl as I mentioned earlier um you're starting to see with this that getting efficiencies both on the buyer side as well as continuing on the the seller side and we're starting to see e invoices accepted by tax authorities still you need the paper and PDF is back and you're also starting to see governments mandating electronic you can think about Brazil really a Pioneer there so what we move into here is what Kevin mentioned earlier that more and more countries are beginning to adopt this electronic invoicing as mandatory um there's a paradigm shift that is happening now between accepted by by tax authorities and mandated by tax authorities so really what we're seeing here is it's not that e invoicing is new it is that the requirement to use the invoicing is new just kind of a a simplified slide here of how does e invoicing work processing the transactions again between the supplier and buyer those are going electronically so it's going directly into your systems giving you those efficiency gains the difference now is that the tax Authority is involved and that can be done in a variety of of different ways and I'll I'll step through those in a moment okay here's kind of a quick overview of what we're seeing globally as how countries are adopting these mandates they're sort of falling into right now I would say about four different camps and they're moving towards that that last one continuous transaction controls so let's look at the first one here this is referred to as a four corner model and it's kind of the the simplest form of at this point this this model does not include the tax Authority directly you're still going to be issuing returns reporting to those tax authorities periodically monthly or quarterly um whatever makes sense for your country um there's two main programs here one it's much more common in Europe and a little bit in some other countries as well and that's the P format so you may you may hear that word the other one I want to call out here is digital business Network Alliance this has become the standard for North America and this was actually released and available at the beginning of this year okay okay so then we move to the next level of complexity and this is what referred to model still sending from the supplier to the buyer but those invoices also go to the service provider who is sending them to the tax Authority the tax Authority is not involved up front it's involved after that transaction has been sent an example of a a country who uses this model is Hungary Next Level complexity is the clearance model and here the tax Authority is getting involved upfront that supplier is sending that invoice to the tax Authority and the tax Authority will respond back with some kind of approval this could be an ID number it could be a stamp it could be a QR code but the tax Authority is reviewing that invoice data first and then allowing the supplier to send that to the buyer with that stamp or QR code or or ID included and available the next kind of level of complexity here referred to as a central issuance model and at this point the tax Authority is actually involved in the middle not only does it approve that invoice and and send back that acknowledgement to the supplier but it also takes care of sending the invoice directly to your buyer via their service provider oh let's go ahead and do another question Ashley yes I'm back with another question so this is our second question what is the size of your company there are several options that you can pick from and hit submit and just as a quick reminder we are not offering to be credit for today's webinar so this poll is just to engage and so we can help tailor the message to you better so you can submit that when you have a second and I will pass it back over okay thanks Ashley so we kind of walked through the first four models that are in operation today and being adopted today um and if you think about especially those those last two models the tax authori is directly involved and they're directly involved upfront so that inherently comes with some risk if the tax Authority system is down for some reason actually stopping Commerce until they can get that back up again so the to more of a a decentralized model so continuous transaction controls and here's where you have service providers also supporting the government there'll be certified providers by the government so it reduces the risk will be multiple different different providers involved and the supplier can also send the information directly to the buyer and the tax Authority does get the information from all of those transactions so and this Kevin alluded to in his presentation that you know every country really is taking their own approach and there are many countries coming out now and in the next few years with these mandates this diagram really isn't to scale if you look on the left hand side that's 20 years of of adoption and then we've broken down the last last few years and looking at what's happening over the next five six years so again as as Kevin mentioned earlier it's important to to get ready now um it is it is definitely a trend I don't think there's any stopping of this trend uh that tax authorities are going to be mandating and expecting the the electronic documents to be the source of Truth for your invoice transactions as governments are identifying and implementing these mandates it could happen quickly for example Italy it was just a few months after they announced the mandates that companies needed to comply so a mandate can really occur at any at any time the other thing that you know makes it really important to get ready now is your paper invoices your PD PDF invoices um will become noncompliant you have to utilize em in order to do business in that country so we've also estimated that in the next few years before 20 about 45% of the GDP in in the EU alone will be covered by E invoicing and you can think about the primary drivers obviously the government has quite a bit of priorities here what they're going after is reducing the the VAP Gap or the GST Gap in their in their country reducing their compliance control cost because everything is automated and they also will get a lot of data about what's happening in in the country and if we look at this from a a company perspective perspective it's not just that this is something you have to do to comply will actually gain some efficiencies with having all of this transaction flow electronic so you will see some cost reduction there will be a faster payment cycle and you will see improvements in efficiency and I really want to point out the yes we are talking about invoicing but a key part of an invoice is to have the correct tax result on that invoice and it has to be immediate real time your invoices will be rejected if you don't have that correct result on them so that's really sort of turning the compliance model on its head it's not linear it is now basically working with almost like micro reporting each of those invoices is again going directly to the tax authorities the way that a tax Authority will audit is changing because they do have all of this data they can see the invoices supplier sent they can see the buyer information and what they can start to do is utilize analytics AI machine learning to identify discrepancies identify potential issues you know and they can it it allows for a different way to audit your business okay so this this is the approach that that Avala is taking to provide support for your company to be compliant if you look on the left side I sort of refer to this diagram as as the spaghetti so traditionally when you need to be compliant in a country with e invoicing you need to find a local service provider it becomes an entire project very specific to that country you need to know the local language in most cases so as going through each of these countries it's really working with separate project teams and it's really working with local Ser service providers that you need to identify and develop a relationship with what Avala is doing is simplifying the work on the Erp side where you can send a base set of data um over to Avala and then we will look at what country what mandate is this a businessto business transaction is it a busines to government transaction we will translate it into the proper local country format um whether that be pep or in Italy as Poland the KF format Etc so we take that burden off of you and that becomes more of a a project and initial project of gathering up that data so as I mentioned it is it's an API based approach you just need to send the data to our our rest API um and it allows you know for faster deployment so it is a a single scalable seamless Global solution and we do have that based on ubl this is a little bit of the architecture of of how we're doing this as mentioned from the ER it will come in VIA that rest API integration once we received that in our ELR module E invoicing and live reporting we will put that through what we call the Avala instruct that identifies exactly what that country needs and it also identifies the workflow so if if this is a a transaction that needs to go first to the tax Authority it will go first to the tax Authority gather up that stamp of approval or QR code and then do the delivery with Oracle Erp Cloud sorry Oracle cloud or Fusion as is might be known to at least about 30% of you in this in this webinar today um we have actually automated working with Oracle provided collaboration messages framework where we are seated service provider and we we help have that the correct data gathered for you to send that through so we're not just working with the rest API we're doing a lot of that upfront work for you to make sure the right data is is going in okay and with that I'm going to turn things over to too yeah thanks gate so let's jump right into the approach that we are taking at Oracle for the whole point that Kev and Kate has been talking about here's a quick Safe Harbor statement just to um build upon Ashley's Safe harbor around avalara because what we are talking about today some of it is all available some of it is going to be a little bit into the future right so given that around 30% of you are not yet using Oracle so let me take a moment to just uh give a little bit of a background on where Oracle fits in the overall Financial management system and all the new industry trends that Kevin talked about Oracle as you know is an infrastructure provider a platform provider as well as an application provider which is a software as a service AS application Kate mentioned fusion and Cloud ER delivering the whole Erp Suite as a service so more than 10,000 customers across the globe most of the Fortune 100 customers are companies are our customers which is something to be proud of literally billions of dollars of transactions going through our systems every day now that said invoicing as you know is a fast changing space that's what Kevin talked about and Kate talked about how as a service provider they are handling that on a country by basis but at the same time standardizing and making sure that we are able to scale so this kind of an approach duve Tails very neatly into oracle's strategy over here where as a financial solution provider as an Erp provider we are within Oracle are experts on the credit to cash flow and the procure to pay flow we handle the transactions within your organization the interaction or the movement of the invoice with or without the government agencies within the ecosystem is dependent on or is really accelerated by a service provider like avalara so from our perspective we leverage e invoicing for touchless credit to Cash Processing for touchless procure to pay processing but we need a provider like avalara to make sure that we Converge on a standard and do things in a scalable fashion and that's exactly where we think that avalara fits in so let's expand a little bit more on that so when we say that okay Erp is going to focus on credit to cash and procure to pay and the partner or the service provider is going to help with e invoicing what exactly are we looking forward to from a partner engagement perspective one part of it is the content validation making sure and and Kate touched upon this that it's very important that when we hand over an invoice for an outbound e invoicing kind of a flow that the software receiving it in this case avalara actually is able to validate and confirm that that's the exact piece of information that's needed for the onward transmission both from a government compliance perspective as well as on the other side for the buying organization to receive the invoice so that they're able to pay similarly when you're when you're at the receiving end when you're transmitting the information into the buyer's payable system which is again presumably or any other system making sure that that has all the relevant pieces of information the next part of it is about the connectivity so when we are sending and receiving information the actual handshake making sure that the messages the acknowledgement and all of those things come back in a seamless fashion such that it is truly touchless and your it department or your business users don't have to go in and check on the validity of the messages and the acknowledgements and making sure that there are no no uh reports back from the tax authorities on any of the information that they have received and that's another very important piece over there and we'll talk about it a little bit on where Valera comes into the picture and the advantage it becomes very very important for the service provider to have the element of the tax touched upon it which is essentially the compliance and interoperability part of it tax is one part of the compliance the timely reporting the micro level reporting that we touched upon earlier all of those things are very very important for the service provider and that's where we come into the avalara approach over here the way we are building this is it's an embedded service within Erp so the onboarding so if you need to bring a service provider like avalara sometimes you end up spending months trying to integrate you're getting that for free it's an embedded service so you onboard it almost as good as like clicking a button and making sure that subscribe to Avalar service so we want to make it that kind of a touch list and then the big thing over here is the aval what we call the avalara advantage it's a multicountry e invoicing and international tax expertise in One Source right so at the end of the day as an oracle customer what you're getting is the powerful of the best P Suite out there in the financials but at the same time you have these kind of added services avalara being an example which are being embedded to really bring in the entire thing in a touchless fashion to you so with that actually there's another question so this question is would you like to hear from an aala sales rep so yes or no so if you found today's presentation interesting or you have more questions hit yes and we will get someone to follow up with you and help with those questions or explore your options so I will advance the slides and I believe I'm passing it back over to Kate that is correct so thank thank you Tapo for all that information and thanks for the Baton Ashley so let's let's jump in as Tapo mentioned we're very Clos to align we a seated service provider to provide an embedded experience so I'm just going to walk through a little bit with account receivable the way that we have done this integration the accounts receivable user the billing uh specialist really their day-to-day work does not change they don't have to go to new places they don't have to do anything different than what they would normally do so you'll see at the bottom of the screen here it's a small snippet of the managed transaction screen in Oracle when an invoice is first created uh for those of you familiar with Oracle the transactions from order management it can come through and be consumed by Auto invoice and generate these invoices in accounts receivable at this point that invoice is not printed and you will see there's no information in these fields right here the delivery status any error messages in the delivery method there is a a job that is is run it's a scheduled process process in Oracle itself that will run basically the invoice print an electronic format so it's referred to XML invoice processing um when that job is kicked off you can actually see delivery in progress in that manage transaction screen as it has sent the data to Lara as the service provider you will see that the delivery has succeeded and once it has gone through and done the workflow process um reaching the tax Authority and getting the response back you will see that that transaction is accepted if there happened to be an issue you would also see a message right here of what that problem is the invoice itself will be marked as incomplete so you can do the correction and resend it and I'm just going to just sort of sum up here that we have done a deep dive into e invoicing today we do actually you know solve for more than with our compliance Cloud you can also so have your your VAP calculated your sales tax calculated um we we do that determination that information feeds directly into your e invoice and then we also have a vat returns product that kind of round out that full full cycle same thing in in US and Canada but we're really focusing here on on the uh countries outside of the US uh for the the V returns and that I think oh one more slide here so if you are interested to take a look at the Oracle Marketplace and see our offering here the QR code will take you directly to that screen to get more information and I think we're at the point to handle question so I will pass the Baton back to Ashley great I'll change the camera view so we can all see each other for questions um so thanks everyone that submitted a question so far as a reminder if you do have a question we have that good question box on your screen so you can go ahead and submit there and we will dive in with these last 10 minutes so our first question is is there any deadline in place for the implementation of invoicing for and there's a little bit of ano so can mute themselves and then come up if you have a response okay I can actually jump in here hopefully I'm not causing an echo uh there there is not a specific mandate for the us but the process is is available so you can start to implement utilize this network and and if you recall it's using the four Corner model so the transactions are not directly being sent to the US tax authorities you can definitely Implement now there is no official mandate where you have to implement in this manner thank you all right next question is p an independent body that hold wait before you go before you go forward I want to add something and I was on mute so sorry about that it's not a specific mandate right now but I think the folks at aalo will will also attest to this especially here in the US mandate a lot of the the driving force behind the Mandate isn't actually coming from Congress or your state department it's actually coming from businesses many of them are multinationals that have to do it anyway and they see some of the benefits so I just wanted to make sure that that's that's part of the discussion as well right now there isn't a mandate here in the US but a good chunk of the momentum is is actually bubbling up from the specific companies not necessarily you know Capital Hill great I'm going to hop around to a similar question actually we had a few people more specific questions and I'm going to generalize it into one um so the question is when a company's selling into multiple countries and some have an incoming e invoice mandate and others like us don't should they Implement e invoicing for every country they sell to what are the benefits for that should they just do it as the mandates come up any thoughts on this well yeah Kevin you wanna go first I'll I'll let Kate jump in there and then I'll I'll help out if I can Okay so this is something that actually you your your situation what what you're looking at is going to dictate it a bit I will say that if you as countries are coming out with new mandates they are all slightly slightly different so it may make sense to plan the rollouts for this information as you go as you are expanding into these countries or you know if you already are doing business there I I would suggest working with the time lines that the governments are are coming out with having said that if you look at sort of the standardized the p and a it might make sense to kind of do those jointly and then I'll also add in if you are updating your Erp maybe you moving from another Erp to you know oracle Cloud Erp Oracle Fusion that's you want to time this with the roll outs of you know as you're you're creating rollouts for that implementation you probably want to look at when when are these mandates coming up and make sure you don't Implement a country too late if that if that makes sense because if you if you end up scheduling to implement a country six months after that mandate comes into play you're going to have to cover that in your old Legacy system as well as well as your your new system hopefully that that covered it Kevin do you have additions oh yeah go ahead too sounds like he I was going just build up on the last point that Kate mentioned definitely when you're looking at an Erp and when you're migrating over to Erp I mean especially if you're moving on to Oracle I mean that our whole point is wherever there is a mandate there is definitely an oracle solution probably through avalara and if there isn't a mandate or something that's coming up as well well there are Partners available the the ISP kind of model that we talked about where you will get the full support So to Kevin's point it's a very fast changing or uh landscape the the more visibility you have into that the better off you are so that that would be a very important trigger point when you are updating your Erp to look into that space and see where you're going yes yeah k b knows a million times more than I do about this topic and she's the one to talk to about diving into the logistics of it but here's what I can say the visibility gained from being able to see your in real time stretches all the way from of course your your AP teams or your AR teams all the way to the accounts I mean all the way through to the the office of the CFO right to the actual CFO being able to have that visibility allows uh to to be more accurate with the forecast be more accurate with their cash management visibility is the name of the game visibility translates to agility and Agility is what you need in all this uncertainty and all of that starts with being able to see your invoices at speed so you can wait if you want for you know a government to tell you to do that or you can take advantage of the momentum that's already happening and get those get that visibility that you need I think yeah that's an excellent point Kevin and it you know what what's actually happening here with with this transformation just like the governments can start doing analytics using AI using machine learning to look at their aggregate you get the opportunity to do the same thing for for your company and so you know it sort of ends up that the the tax department the tax director actually has all of this data and can share that out can share that out to the office of the CF it also can be useful for other areas of the company looking at the procur to pay flow looking at the ordered cash flow all of that it just it it kind of gives you a lot more visibility about what's going on thank you all I think on hearing this presentation a lot of people are thinking this sounds like quite the undertaking to implement so a question from Victoria is is related to what type of costs are companies seeing to implement these e invoice mandates both from you know a monetary standpoint and a resource standpoint any thoughts on that it seems I always have thoughts I don't know if Kevin or Tapo you wanna you want to jump in go ahead go ahead K okay this definitely is a product project you do need to pay attention to where you store certain information um how clean your master data is do you have the right like your vat ID for your customers have you gather that information for your vendors so that's that's an aspect of the project that could be um a cost I don't I don't have numbers for you I'm really just looking at activities but hopefully you can kind of GA gauge based on you know the activities that I've mentioned so you know that can be cleaning up that Master data depending on where you are at with your system that may or may not be a large undertaking next thing to think about is you do need to look at okay you may have your data clean but where are you storing it are you storing it in the the standard Fields where Oracle toos organization has identified a lot of the data in the ubl but you're going to have to make some overrides with it um or or integration definitely picks that up and gives you a tool might be might be easiest to work with an implementation team to you know who really understands how how to do that and that will happen for you very very quickly so you need to look at how many custom Fields am I using right now if everything is in the standard Fields that's going to be a really smooth implementation if you've got some things in different places if you have some some quirks to how your processes work then you're going to have an implementation cost to think about I'm not sure what else would I want to point out there but there definitely is a project involved when when you do these if you are moving to a new Erp that project actually can sort of be folded into you know typically these are country rollouts that happen when you're doing all of your processes all of that testing that's required to do that um can definitely be leveraged for this as well so that can make the E invoicing project much less expensive much much less a usage of your resources to test and verify it because it's already planned thank you for that I those are my points yeah thank you we are at the top of the hour so I just want to respect our presenter time and the audience time so I will just wrap up really quickly you will receive a postevent email later today with a link back to this on command recording and the slide deck um and you'll be able to access all the additional resources if you weren't able to save or bookmark those so thank you all for joining today and thank you again to our presenters for sharing and that concludes today's webinar great