Vertex Study: Global Tax and Finance Leaders Significantly Shift in Support of e-Invoicing

Core Insights - Vertex Inc. has released research indicating that 79% of global business leaders view e-invoicing mandates as beneficial for business, with 80% believing these mandates will enhance data accuracy and financial reporting [1][2] - The survey, which included 1,150 global tax and finance professionals, shows that 80% of businesses plan to enhance e-invoicing system integration in the next two years, reflecting a positive shift in sentiment towards e-invoicing [2][6] E-Invoicing Benefits - E-invoicing is recognized for improving efficiency and cost savings, with approximately 60% of tax and finance leaders citing these advantages, alongside enhanced economic growth and global competitiveness at around 80% [2][3] - The implementation of e-invoicing is seen as a necessary step for organizations to maintain tax compliance while driving growth, especially in the face of increasing complexities in tax regulations [3] Challenges in Implementation - Approximately 51% of respondents in mandated countries identify maintaining data security and privacy as their biggest challenge, while 55% of current and 63% of soon-to-be mandated countries cite integration with existing software as a significant roadblock [3][7] - Time constraints are also a major barrier, with 49% of respondents indicating the need for frequent system updates, 48% for integration with existing systems, and 46% for training staff on new processes [7] Future Outlook - The percentage of sales subject to e-invoicing mandates is expected to rise from 47% to 57% by 2027, indicating a growing concern for businesses operating in mandated jurisdictions [7] - The use of AI in supporting e-invoicing is on the rise, with 86% of respondents currently using or planning to use AI for various functions such as customer support and fraud detection [7] Company Overview - Vertex, Inc. is a leading provider of indirect tax solutions, focusing on delivering trusted tax technology to enable global businesses to transact, comply, and grow confidently [8] - The company aims to simplify the complexities of continuous compliance for major lines of indirect tax, including sales and consumer use, value-added, and payroll taxes [8]