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Companies Are Scrambling to Comply With the New Electronic Accounting Regulations in Mexico
September 22nd,2015
As part of the fiscal and government regulations in Mexico, a remarkable change in reporting requirements was issued by the federal authority in August, 2014, posing a huge challenge for all companies with operations in Mexico. In the past, all legal entities were required to create and submit financial reports to the Mexican government. Although tedious and time consuming, this system allowed for fiscal departments to review and correct reports prior to submission. Under the new guidelines, generally referred to as e-Accounting (Electronic Accounting), legal entities are now required to report their accounting books in an XML format file, directly from their accounting systems to the government authorities, on a monthly basis. Along with this, all invoices must now be electronic invoices and must be accompanied by a validating XML file containing detailed information on taxes, vendor tax ID, purchase order and much more. SAP Notes have devised the technical solution for extracting and formatting the financial data to submit to the Mexican Government.
These financial reports, however, are more than just an extraction from your SAP books. Because they serve as an official statement to the government authorities regarding invoices, payments made and received, and postings processed, companies must exercise caution before posting and submitting information. While SAP Notes provides the technical solution for extracting and formatting the financial data, companies still need solid reporting and a process to ensure that all of their multiple payments and clearing scenarios have been properly differentiated and reported. This is where Bokanyi Consulting Mexico, a Kellton Tech Company has come into the game.
Bokanyi Consulting Mexico, a Kellton Tech Company has generated a set of extracting programs, validations, reports and workflows to help our clients to not only to extract the information, but also to make sure they submit the correct information to authorities. Our extensive accounting background allows us to guide clients in making the best decisions on how to segregate their postings to reflect the proper amounts as revenues, expenses, costs, etc. Not only does this ensure compliance with XML formats, but also ensures that their figures are aligned with the tax declarations, thereby eliminating the risk of fines and audits. Our references include high transaction volume clients such as the pharmaceutical company, AstraZeneca, and recently Spectrum Brands. Both of these have huge amounts of retail and wholesale transactions, resulting in thousands of XML files which must be stored, posted and finally reported. Aside from the obvious benefit of regulatory compliance, Bokanyi Consulting Mexico's e-Accounting solution allowed for global standardization of AstraZeneca's fiscal processes. They were also able to align their financial data with current business projects, resulting in more transparency and enhanced business planning.
The e-Accounting regulations have created a drastic change in fiscal reporting in Mexico, and Bokanyi Consulting Mexico, a Kellton Tech Company is on top of it. Large corporations using SAP need a solid partner to not only meet the basic requirements of generating formatted XML files, but also to help them determine how these reported figures are impacting their fiscal strategies. Bokanyi Consulting Mexico, a Kellton Tech Company creates a Project Team that includes fiscal, accounting and IT threads, providing peace of mind to our clients while helping them to comply with this new challenge.
