The hot news of the e-invoicing world right now is Mexico’s mandatory CFDI change, bringing in the new XML format for nearly all companies in Mexico. We’ve shared our thoughts and those of Tradeshift partner, Invoiceware International, who will be joining us for a full webinar about the topic on the 26th of June.
Next, we caught up with a few key analysts in our space to get their view.
So, what do the analysts think about Mexico’s CFDI policy?
Pete Loughlin, Purchasing Insight
“If the other Latin American countries thought they could take a breather then think again. The momentum in Mexico shows no sign of abating as they set the pace for this style of government mandate.
There are lots of positives to be taken from the Mexican mandate, not least of which is the standardisation of business processes across all industries but business better beware – this is not optional. Electronic invoicing needs to be at the top of the priority list.”
Ellen Leith, Accounts Payable News
“Ultimately it’s the culmination of a number of different factors – the economy, technology driven ability and a solid belief in the cost and associated benefits of doing so. Perhaps overriding all of this though – governments have woken up to the fact that not only does einvoicing speed the process up and save money, it also makes things a lot more visible – making it harder to hide, easier to trace and to ensure tax, and other compliance.
Mexico’s recent announcement has shaken a business world which thought they’d be safe continuing with the old CFD process with the news that it will no longer be valid from 1st Jan 2014 when enterprises will have to be in a position to handle CFDI XML.
The change brings compliance into even sharper focus and drills mandatory einvoicing deeper into the business community. It remains to be seen what they will make of these changes, but the fact that they will have to rise to the challenge pretty quickly is beyond doubt.”
Susie West, SharedServicesLink.com
I think it was inevitable after being mandated for the larger organisations and a matter of time. But it’s interesting how it’s channelling an emphasis toward the supplier, while for years the focus has been on the buyer. So the necessity to react is now much greater for suppliers. Meanwhile, the buyers need to be ready to accept CFDI files.
The timing seems quite ambitious – doable, but ambitious. It’s not even the SMB market, it’s the small business market, which is a big ask. So now is a time for a lot of small businesses with tiny turnovers to start mobilising.
It’s making e-invoicing relevant and applicable to all, helping it move into a new age where it’s not just buyer-centric, it’s supplier driven as well. But suppliers will need to educate themselves on what’s required. What’s the impact on billing systems (if they have them?) It could be simpler to use a portal.