Thomson Reuters has confirmed the acquisition of Pagero, an international expert in e-invoicing and indirect tax solutions. With e-invoicing and real-time tax reporting becoming increasingly prevalent in all sectors of global commerce, multinational companies face growing challenges in maintaining compliance with e-invoicing regulations worldwide. This acquisition, costing USD $800 million, is set to pave the way for enhanced compliance, streamlined end-to-end workflows, and expanded global scale.
Today, over 80 countries have instituted obligatory e-invoicing or continuous transaction control provisions. These increase the complexity for multinational organisations, especially as governments focus on tax reform and real-time reporting. The integration of the Thomson Reuters ONESOURCE suite with Pagero's e-invoicing solutions will offer relief to these corporations by enhancing compliance and automating procedures.
Ray Grove, Head of Corporate Tax and Trade at Thomson Reuters, gave valuable insights. He noted, "Compliance is the next big challenge for multinational corporations. Today, e-invoicing compliance is a major priority. Non-compliance poses significant financial and reputational risks that companies cannot afford to take in today's competitive trading environment."
"Getting compliance right takes an organisation-wide effort, from the C-suite to the finance, tax and IT teams. The challenges around e-invoicing compliance are not limited to one department. Regulations vary significantly across regions and having the right technology in place is critical to reducing compliance errors, costs, and helping multinationals to meet compliance obligations accurately, efficiently and confidently," said Grove.
Due to its global operations, JLL, a commercial real estate and investment management company, faced complexities related to e-invoicing regulations. Kevin Escott, Senior Director of Program Management at JLL, highlighted the strain of rising e-invoicing commitments. He stressed the need for a comprehensive technological solution to manage e-invoicing compliance, comprising data considerations, adjustments to a global ERP system, and deciphering various regulatory requirements across different countries.
Escott explained, "We needed a technology vendor that had expertise and knowledge to support compliance and minimise risk. We also needed a solution that could scale, and one that could meet our needs today and into the future. Thomson Reuters ONESOURCE E-Invoicing powered by Pagero was a natural fit for us, offering end-to-end comprehensive e-invoicing compliance."
Escott expresses satisfaction with simplifying their e-invoicing management, which allows them to confidently adhere to e-invoicing regulations in various countries. Utilising a single solution, they now have comprehensive oversight of the entire invoicing process from start to finish.
"Today, JLL has simplified our e-invoicing management, and we will be able to confidently comply with e-invoicing mandates in the countries where we operate as they materialise. Through a single solution, we have oversight of the process end-to-end," said Escott.
With Thomson Reuters' acquisition of Pagero, multinational businesses can expect a strategic and streamlined approach to address the complexity of e-invoicing compliance and real-time tax reporting, resulting in increased efficiency and minimised risk.