Coroplast Group Partners with OpenText to Meet Poland's E-Invoicing Mandates
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The integration of OpenText's e-invoicing solutions for Coroplast Group in Poland is a significant step in the company's efforts to stay compliant with the European Commission's ViDA mandate. This development is particularly relevant for businesses operating in multiple jurisdictions where e-invoicing regulations can vary and be complex. The ability to streamline document processing and gain real-time invoice information is a strategic advantage for Coroplast Group, potentially leading to better cash flow management and more efficient operations.
Supply chains are increasingly digital and the adoption of electronic data interchange (EDI) systems is important for the seamless exchange of documents. OpenText's Business Network Cloud Foundation appears to offer a flexible solution that can adapt to the unique needs of mid-sized businesses like Coroplast Group. This can result in reduced operational costs and increased efficiency, which are important factors for any business looking to maintain a competitive edge in today's market.
From a compliance standpoint, the partnership between OpenText and Coroplast Group addresses the critical need for businesses to align with local tax mandates, such as the KSeF-portal in Poland. The shift towards mandatory e-invoicing across Europe, driven by the ViDA initiative, underscores the need for robust systems that can handle not just the electronic invoicing process but also ensure compliance with diverse and evolving tax regulations.
For mid-sized businesses, the challenge of managing VAT returns and staying abreast of regulatory changes can be daunting. OpenText's platform seems to provide a solution that not only mitigates the risk of non-compliance but also offers the potential for expedited VAT returns. This could translate into significant savings and reduced administrative burdens for businesses, allowing them to reallocate resources to other strategic areas.
The adoption of e-invoicing platforms such as OpenText's Business Cloud and E-Invoicing Platform reflects a broader trend in financial technology where automation and cloud-based solutions are becoming essential for operational efficiency. For investors and stakeholders in OpenText, the expansion of their e-invoicing solutions into new markets like Poland signals potential growth and a stronger market position.
Furthermore, the ability to provide B2B integration and compliance solutions for over 48 countries is indicative of OpenText's scalability and commitment to innovation in the fintech space. As businesses increasingly look for ways to reduce errors and expedite payments, platforms that offer comprehensive e-invoicing capabilities are likely to see increased demand, which could positively impact OpenText's financial performance in the long term.
OpenText's Business Cloud and E-Invoicing Platform simplifies e-invoicing for global mid-sized business
As part of the European Commission's universal e-invoicing mandate (ViDA), businesses operating in
"As our company grows worldwide, it can be tricky to understand and follow the various mandates in each new market," said Astrid Hasen, Teamlead SAP FI/CO at Coroplast Group. "With OpenText's help, we are confident that we now meet the electronic invoicing requirements not only in
Coroplast Group's decision to partner with OpenText is based on the robust capabilities of OpenText's Business Network Cloud Foundation. This innovative solution offers a lean and adaptable approach, especially suited for companies venturing into managed services. This strategic move aligns seamlessly with the evolving landscape of digital transformation, empowering mid-sized companies like Coroplast Group to efficiently manage their electronic data interchange (EDI) and e-invoicing processes.
"As a leader in supply chain optimization, we are committed to helping businesses meet the growing global e-invoicing mandates," said Muhi Majzoub, EVP & Chief Product Officer at OpenText. "In today's fast-paced global economy, complying with ever-changing regulations can be a challenging and time-consuming task for many companies. OpenText is here to take the pressure off businesses by offering trustworthy and flexible e-invoicing solutions. Our goal is not only to meet regulatory requirements but also to provide valuable real-time insights that will revolutionize the future of business."
OpenText's Business Cloud and E-Invoicing Platform is a cloud-based electronic invoicing solution that helps businesses reduce operational costs, comply with regulations, and increase process efficiency. The platform offers a broad set of solutions to support electronic invoicing, including OpenText™ Active Invoices with Compliance and OpenText™ Business Network Cloud Foundation. These solutions simplify e-Invoicing compliance to meet regulations in more than 48 countries and provide B2B integration for small and mid-sized businesses. With OpenText's Business Cloud and E-Invoicing Platform, businesses can reduce the time spent on invoicing, minimize invoicing errors, expedite payment, and enhance customer satisfaction.
Additional Resources:
- Stay up to date on new global developments and trends in the field of e-invoicing by watching our webinar on demand series.
- Check out our German E-Invoicing blogs.
- Discover our e-invoicing solutions and offerings.
To learn more about OpenText™ Business Network Cloud Enterprise read here.
About Coroplast Group
The Coroplast Group is a globally successful, independent, family-run company managed in the third generation by Natalie Mekelburger as President and CEO. Over its 95-year history, the company has evolved from a local manufacturer of electrical insulation materials to a global player and technology leader in the fields of Technical Adhesive Tapes, Wires & Cables, and Wire Harnesses. Visit our website to learn more.
About OpenText
OpenText, The Information Company™, enables organizations to gain insight through market leading information management solutions, powered by OpenText Cloud Editions. For more information about OpenText (NASDAQ: OTEX, TSX: OTEX) visit opentext.com.
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