Multinational Organizations rely on OB10 and Buzón E to Comply with Changing Mexican e-Invoicing Regulations
ATLANTA and MEXICO CITY, June 13, 2013 /PRNewswire/ --
- Pharmaceutical, energy, and technology giants among companies adopting unique e-Invoicing services in Mexico
Twelve months after processing its first electronic invoice in Mexico, the combined services from OB10 (http://www.OB10.com), the global e-Invoicing network, and Buzón E, a government-accredited e-Invoicing solution provider, are being used by leading multinational organizations from across the pharmaceutical, consumer goods, energy, technology and manufacturing sectors.
While these companies benefit from the advantages of compliant electronic invoicing and straight-through processing through the partnership, they are also set to comply with recently announced changes to Mexican legislation that will affect them and their suppliers.
Estimates suggest that from January 1, 2014, 500,000 more supplier organizations must comply with the e-Invoicing requirement, and adopt new processes and responsibilities. The Mexican tax authority, Servicio de Administración Tributaria (SAT), has mandated that companies earning more than MXN$250,000 (US$20,000) must submit invoices electronically. The previous revenue threshold stood at MXN$4,000,000 (US$300,000).
In addition, self-generated invoices, Comprobante Fiscal Digital (CFD), will be abolished. Organizations will only be able to issue Comprobante Fiscal Digital por Internet (CFDI) invoices generated by an authorized service provider like OB10/Buzón E.
International corporations from the US and EU are processing invoices in Mexico through the unique OB10/Buzón E service. "Unlike other offerings in Mexico, we not only validate that invoices are compliant, but that they can also be processed by the buyer's ERP system without causing costly manual failures," says Paul Frederick, President at OB10, Inc. "Combined with our world-class technology and approach to supplier onboarding, more companies are enjoying the benefits of true e-Invoicing."
"It takes years to build the necessary capabilities to generate and process compliant e-Invoicing in Mexico," says Benito Celorio, Managing Director at Buzón E. "By combining our certification capabilities with OB10's global e-Invoicing network, we are helping companies keep up with changes to our regulations."
OB10 (http://www.OB10.com), the global e-Invoicing network, streamlines the complex invoice-to-pay process to enable prompt payment. Operational across Europe, the Americas and Asia, OB10 can reduce the cost of invoice processing by 60% and deliver an ROI in less than a year.
The OB10 network connects large organizations and governmental agencies to their thousands of suppliers around the world. Buyer customers include Aviva, Cargill, Deutsche Lufthansa, Nomura, GM, GlaxoSmithKline, IBM, Kellogg's, Motorola, Tesco, US Federal Government and Whirlpool.
About Buzón E
Buzón E is a government-authorized certification provider and pioneer of electronic invoicing in Mexico. Through its innovative technology platform, Buzón E provides a high-security, large-volume environment to generate, distribute and manage personalized compliant fiscal invoices, and other documents like payroll receipts and tax-retention formats, helping its customers to move to a paperless world with significant reductions in operational expenses. Buzón E is part of Grupo Estafeta, the leading express and logistics service provider in Mexico.
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