Company: Invoiceware International, Atlanta, GA
Entry Submitted By: AR|PR
Company Description: Invoiceware International enables multinational companies to effectively maintain compliance in multiple Latin American countries, reduce the risks and costs associated with changing regulations in each country throughout the region, and streamline electronic invoicing and fiscal reporting processes. The hybrid cloud solution provides automated management and updates required for SAP ERP s
Nomination Category: Company / Organization Categories
Nomination Sub Category: Company of the Year - Financial Services

Nomination Title: Invoiceware Streamlines Financial Service Operations and Delivers Multinational Compliance

Tell the story about what this nominated organization has achieved since January 1, 2014 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms.

In recent years, countries throughout Latin America have enacted rigorous e-invoicing mandates. Not only does non-compliance result in hefty fines and business disruptions, but these regulations change frequently, requiring companies to constantly monitor the shifting mandates and respond with costly updates to their business operations. Launched in 2011, Invoiceware International provides the only regional solution that allows companies to streamline their compliance within their existing ERP frameworks.

This hybrid Latin American e-invoicing compliance platform has been widely adopted by multinational companies in the industrial manufacturing, consumer products and goods, chemical and pharmaceutical industries. In 2014, Invoiceware International introduced new solutions that simplify compliance as countries expand their mandates from e-invoicing into e-accounting (Mexico’s eContibilidad) and human resources (Brazil’s eSocial) and reached 17% market share in Brazil with more than 200 multinational customers.

Since January 2014, the company has experienced 480 percent quarter-over-quarter growth compared to last year, as well as 100 percent client renewal and 21 new clients signed in Q3 of 2014 alone. This tremendous success can be attributed to the growing needs in the enterprise market for a single, hybrid e-invoicing solution that can be easily integrated into existing ERP systems and also provides complete end-to-end compliance for multiple countries in Latin America.

Growth

Scott Lewin, President & CEO at Invoiceware International, attributes the company’s significant growth in revenue in the last year to: “the effectiveness of our unique approach to managing regional financial regulatory updates across Latin America.” Unlike other compliance solutions serving companies who do business in Latin America, Invoiceware International has the unique ability to deliver necessary updates and automated management to SAP ERP systems to meet requirements for multiple countries from its single hybrid cloud platform, making it a complete compliance partner. Outside of Invoiceware International, companies operating in multiple Latin American countries are forced to integrate multiple solutions in order to meet the differentiated compliance requirements in each country. This can result in additional costs and wasted resources, as well as frustrations from working with multiple third-party vendors. As a hybrid cloud solution, Invoiceware International is able to integrate directly on-premise, while benefitting from the power of cloud technology.

Client Renewal

As a testament of the value Invoiceware’s hybrid solution brings to multinational enterprise organizations, Alexandre Quinze, CIO of Philips, attributes his organization’s 80 percent reduction in compliance costs and 25 percent increase in productivity across business units in Brazil to the deployment of the Invoiceware hybrid cloud solution. Additionally, clients like SunChemical have seen reductions in costs of ownership across Latin America and have expanded their relationships with Invoiceware International to other countries in the region based on changing regulations, such as Mexico’s new electronic accounting mandates set to begin in January 2015.

Market Expansion

Invoiceware International was created with the needs of large-scale multinational organizations in mind. For those operating in multiple countries throughout Latin America, companies are experiencing the effects of various, changing requirements for accounting, finance, payroll, invoicing, HR and fiscal reporting processes. As countries throughout Latin America begin to adapt and incorporate electronic payment trends and aim to boost economic standing, Invoiceware International remains on the forefront of changes in regulations so that clients are able to maintain complete compliance – whether it relates to fiscal reporting, electronic invoicing or government signatures required for logistics. Rather than devoting itself to one area of service offerings, such as electronic payments, Invoiceware International consistently expands its platform to include solutions needed to maintain compliance in multiple areas of the financial services industry. In 2014 alone, Invoiceware International has expanded its solution to provide complete compliance support in Mexico and Ecuador.

In bullet-list form, briefly summarize up to ten (10) of the chief accomplishments of this organization since the beginning of 2014 (up to 150 words).

- With 83 Billion USD transacted so far in 2014, Invoiceware International is officially the largest Latin American business network.
- Taking pride in its enterprise customer support, Invoiceware has seen 100 percent client renewal since January 2014 with over 65 companies having renewed multi-year contracts this year, including The Coca-Cola Company, Eli Lilly, Kellogg, Siemens, and Ashland
- The release of new compliance solutions on the hybrid cloud platform, such as electronic accounting for new regulations in Mexico and Ecuador, has prompted existing customers such as Coca-Cola, SunChemical and CHEP to expand contracts and utilize the solution in new markets.
- Invoiceware International has signed over 40 new clients since January 2014, with recent customer relationships including some of the most innovative Fortune 500 and Global 2000 companies, such as Barry-Callebaut, DSM, Philips, WR Grace, Abbvie and Continental Tire.

Of the following measures of success, which ONE do you want the judges to most appreciate about your organization's story of achievement since the beginning of 2014?

Fast Growth