OB10 Customers Already Compliant With Recent Changes in German VAT law
Strength of the OB10 global e-Invoicing network a tremendous benefit to multinational companies requiring compliance in countries where they do business.
Atlanta, GA (PRWEB) May 14, 2009 -- OB10 exhibited the strength of its global e-Invoicing network by having already met the legal and fiscal requirements for all data formats that are processed on its network, including recent changes in VAT law by the German legislature for electronic data interchange (EDI) invoices. Until now, if a company exchanged invoice data via EDI, collective invoices were also required, either on paper or electronically with a qualified electronic signature. The reason was that EDI-Fact datasets contain accounting information only and do not contain all the required information for tax audit purposes. In addition, the authenticity and integrity of the invoice data could be proven by means of a collective invoice.
To ensure the authenticity and integrity of the data, OB10 uses the signature solution from AuthentiDate, compliance of which has been approved by the Federal Network Agency (Bundesnetzagentur). The Federal Network Agency is the German regulatory office responsible for former governmental market segments which have been released into public economy.
"By already being compliant with the recent German law change, OB10 customers can rest assured that we are truly the leading global e-Invoicing network," said Thayer Stewart, Vice President Marketing and Business Development -- OB10. "Our compliance illustrates OB10's unique ability to work with both buyers and suppliers in 100 different countries seamlessly and successfully."
Through the OB10 network, invoice data submitted by suppliers in their data format are translated into the buyer's format and enriched with information required for accounting and workflow purposes - including non-accounting information for tax deduction purposes.
OB10 is also able to support all suppliers, regardless of size or accounting system. Suppliers can either send a data file directly from their invoice application to OB10 using the Integrated Solution of create online invoices using the OB10 Web Form. The Web Form has been designed for companies without a robust accounting system or that send a low volume of invoices per year to their customers.
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