Invoiceware International simplifies compliance with Colombia DIAN`s e-invoicing mandates

Companies leveraging Invoiceware International’s regional compliance platform will benefit from minimal business disruptions, as the Latin American compliance leader manages all necessary requirements seamlessly within each company’s ERP. Further, Invoiceware International’s clients operating in Colombia are positioned to increase internal efficiencies and reduce IT maintenance costs, helping them realize the underlying opportunities presented by these complex requirements.

When the Colombia DIAN made its announcement in late 2015, it became the eighth country to mandate electronic invoicing and financial reporting in Latin America. Similar in scope to mandates in Brazil, Mexico, and Chile, this allows Colombia to strengthen its fiscal policies in order to minimize its current estimated 22% tax evasion. In the initial e-invoicing rollout, the DIAN is identifying a select group of companies to begin piloting e-invoicing in the first half of 2016. The DIAN’s goal is to have the majority companies doing business in Colombia to be fully live through the end of 2017 when current processing requirements are due to be sunset.

Invoiceware International provides complete compliance support for companies affected by Colombia’s e-invoicing mandates, including configuration (Invoiceware eliminates the implementation and alignment challenges that are a primary issue for companies migrating from paper to electronic invoice documentation), accounts receivable and accounts payable (Invoiceware manages complete compliance with legislation changes affecting accounts payables, accounts receivables, and reporting and validation processes), and multilingual support (Invoiceware’s fixed-cost implementation includes guidance in both Spanish and English to ensure government processes are accurately and easily managed).

Colombia’s complex policies include stringent invoice formatting and reporting, certification and approvals by the tax authority, as well as a 48-hour validation window.