Industrial cleaning solution manufacturer turns to leading Latin American compliance solution to minimize audit risks and support Mexico’s latest electronic accounting mandates
August 12, 2015 (MINNEAPOLIS) – Invoiceware International, the leader in Latin American electronic invoicing and fiscal reporting, today announced it has been selected by leading industrial cleaning manufacturer Tennant Company (NYSE: TNC) to manage eContabilidad (eAccounting) compliance in Mexico. Holding one-third of the world market on industrial cleaning supplies, Tennant Company turned to Invoiceware to simplify the implementation processes necessary to effectively comply with Mexico’s new electronic accounting requirements taking effect in September.
Mexico’s latest requirement under eContabilidad legislation requires multinational companies operating in Mexico to begin submitting journal entry (Polizas) reports on September 3. These reports must match supporting XML electronic invoices or companies will risk being audited, facing fines up to $3,000 per invoice for any inaccuracy.
Invoiceware International allows companies to seamlessly manage compliance across Latin America, eliminating the need to dedicate additional costs and resources for necessary changes to their existing SAP ERP systems. With Invoiceware, Tennant Company looks to enhance internal efficiencies by automating financial processes, including invoicing and business-to-government reporting requirements.
“With the latest Mexico eContabilidad reporting requirements, companies who are already sending e-invoices should prepare for journal entry reporting as soon as possible, or they’ll likely face fire drills and audits from the tax authority,” said Scott Lewin, President & CEO, Invoiceware International. “Our clients are able to eliminate audit risks and implementation challenges, allowing them to ultimately benefit from seamless, automated processes while maintaining compliance in one of the strictest regulatory environments in the world.”
Companies currently sending and receiving CFDI electronic invoices should expect to follow these eContabilidad requirements in order to remain compliant and avoid being audited.
For more information about Mexico’s journal entry (Polizas) reporting requirements, click here to watch Invoiceware International’s latest webinar entitled How to Address Hidden Issues with Mexico eAccounting Reports Due by September 3rd, 2015.
About Invoiceware International
Invoiceware International standardizes complex compliance regulations in Latin America for the world’s largest companies, including The Coca-Cola Company, Philips, Kellogg, DuPont and Siemens. As the largest regional business network, Invoiceware reduces the risk and cost of maintaining compliance, empowering its clients to capitalize on government standardized e-invoicing to improve supply chain efficiency and optimize cash flow. Invoiceware International is based in Atlanta with operations covering Brazil, Mexico, Chile, Peru, Colombia, Ecuador, Uruguay and Argentina. For more information, visit invoicewareint.com and follow @InvoicewareInt on Twitter.
About Tennant Company
Minneapolis-based Tennant Company is a world leader in designing, manufacturing and marketing solutions that help create a cleaner, safer, healthier world. Its products include equipment for maintaining surfaces in industrial, commercial and outdoor environments; chemical-free and other sustainable cleaning technologies; and coatings for protecting, repairing and upgrading surfaces. Tennant's global field service network is the most extensive in the industry. Tennant has manufacturing operations in Minneapolis, Minn.; Holland, Mich.; Louisville, Ky.; Uden, The Netherlands; the United Kingdom; São Paulo, Brazil; and Shanghai, China; and sells products directly in 15 countries and through distributors in more than 80 countries. For more information, visit www.tennantco.com.