Overcoming Compliance Challenges: How to Avoid Missed Opportunities for Business Expansion
Overcoming Compliance Challenges: How to Avoid Missed Opportunities for Business Expansion
In today's increasingly interconnected world, businesses often aim to expand their operations globally. However, a significant barrier stands in their way: compliance with invoicing and tax regulations. A recent report by Basware highlights a shocking statistic—56% of companies state that they are unable to expand internationally due to missed invoicing and tax compliance deadlines.
The Compliance Crisis
As firms face increasing financial regulatory demands and fragmented internal systems, they reach a compliance breaking point. This situation leads to operational inefficiencies, signaling missed opportunities in the global marketplace. Approximately one-third of businesses have encountered fines due to incorrect tax audits, indicating widespread compliance failures that can hinder growth on an international scale.
The Basware report, titled
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