e-invoices are tax and legally compliant
The challenges facing RS when looking for an e-invoicing solution were manifold. Firstly, was being able to dedicate resource to integration. “We have a small integration team” says Rachel Strachan, Senior Delivery Manager - Procurement Solutions. “We’re handling all integrations for both Europe and Asia, so we’ve got a finite resource. Because of this, we’re looking at reducing time to onboard, and how we can make it quicker to go to market.
Secondly, for every customer RS wanted to send e-invoices to, they had to not just satisfy the attendant legal requirements, but also get the blessing of the authorities for each and every customer relationship.
Meet RS Components
RS Components UK is part of the Electrocomponents Group which is listed on the London Stock Exchange in the Support Services sector. Electrocomponents has 27 operating companies – 2 in the UK, 11 in the rest of Europe and 14 in the rest of the world, including Japan and the USA. Through the RS Components and Allied (USA) subsidiaries, they distribute over 300,000 products to over 1,500,000 technical and industrial professionals throughout the world.
RS Components wanted to create a totally paperless acquisition process and implement a standard invoicing solution for their clients globally. They need an e-invoicing solution which could meet complex customer and VAT requirements.
Through partnership with Tungsten Network, RS Components has both reduced invoice processing costs and can deliver better service for customers.