Telecommunications is a global business.
Of the top 50 telecom carriers identified in the CIA’s 2019 World Factbook, only 9 are headquartered in the USA. For organizations that do any significant amount of business internationally, the chances are pretty good that they will have to deal with invoices and payments in foreign currencies, special taxes (e.g. VAT), and other nuances that arise from these global services.
If a business receives invoices from just one international carrier, these complications can be a significant administrative hassle. But if a business has to manage invoices in multiple different currencies, and deal with the unique requirements for multiple countries and foreign carriers, the challenge can become overwhelming, especially because international telecom carrier invoices can be even longer and more complex than their US counterparts.
That’s why we are really excited about the version 4.0 release of our gpxcloud software platform.
International Currency Support
gpxcloud is now able to manage, display and report on cost data with international currencies. Specifically, gpxcloud can:
- Display local currency
- Maintain a currency exchange rate table
- Display common currency totals using the defined exchange rates.
- Display international date formats
- Support international address formats
- For clients with international invoices and/or invoices with multiple currencies, an enhancement to the AP batch output process supports multiple currencies in the file output.
International VAT Processing Support
With our new release, gpxcloud now supports the identification and management of VAT charges and VAT exempt charges.
- gpxcloud can identify VAT taxes on invoices.
- gpxcloud can identify VAT exempt charges.
- After VAT taxes are identified, they are validated against the expected tax rates and then packaged for the AP output process.
Of course, doing business internationally can present huge opportunities – and gpxcloud’s new capabilities make it a little easier to take advantage of them.
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