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Highlights: Continuous Transaction Controls (CTC) mandates Business automation and CTC compliance Consequences of non-compliance and future readiness

In the ever-evolving landscape of global commerce, Continuous Transaction Controls (CTCs) have emerged as a pivotal element in ensuring compliance and enhancing business automation. Kir They This It 01 These Businesses This 01 The When As In This This The The key to success lies in:

Understanding the obligations and requirements of CTC compliance

Identifying gaps in current systems and processesWorking together as a team to implement changes

Developing a project methodology with key metrics, timelines, and sign-off from all stakeholdersContinuously evolving and updating processes to ensure future-proofing

Some of the key people-related aspects to consider include:

Skill set: Do you have the necessary skills to implement CTC compliance?

Stakeholders: Who are the key stakeholders that need to be involved in the implementation process?

Communication:

How will you communicate the changes to the rest of the organization? Training:

• What training is required to ensure that employees understand the new processes and regulations?
• Consequences of non-compliance
• The consequences of non-compliance with CTC mandates can be severe, including:

Penalties and fines

• Increased operational expenses due to manual processingImpact on profitability due to delayed or denied VAT deductions
• Inefficient supply chain processes leading to worsening working capitalShutting down of business operations in non-compliant countries
• Negative impact on company reputationPotential imprisonment of line managers in certain jurisdictions
• The future of CTCCTC mandates are here to stay, not just in the EU, but globally. It Some key takeaways include:

Work with other stakeholders to develop a strategic approach

Get a budget and plan for data cleansing and process automationMap out AP and AR processes early and start automation invoicing reception and issuance

• Continuously monitor and update processes to ensure future-proofing
• Consider the impact on people and processes, and develop a plan to address these challenges
• The convergence of business automation and CTC compliance is transforming the financial landscape. Understanding Remember, CTC mandates are not just a regulatory requirement; they are an opportunity to transform your business and improve operational efficiency.
• E-invoicing compliance: A world of complex challenges for global organizations
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