As technology develops and evolves, innovation in the field of compliance delivers more efficient and effective solutions. Tungsten Network recognizes the value of innovation – its specialists actively work to improve compliance technology and enhance all the procedures and techniques involved.
Tungsten Network assists its clients in streamlining their operations by providing products that focus on digital tax filing and electronic invoicing.
Tungsten Network’s technology has advanced significantly since its inception in 2000. Still, its sole mission has remained the same: to establish automated practices for companies to complete tedious, time-consuming, and error-prone tasks.
Its solutions enable an entirely digitized invoice process through its integrated network of buyers, suppliers, and other business ecosystems. It lays the groundwork for an international standard of financial performance for any organization that uses its services.
Tungsten Network is the most extensive compliant business transaction network in the world. It offers all its clients value-focused solutions, including no-touch digital trade and e-invoicing, amongst a slew of other advantages.
Relatively, Tungsten Network is tax compliant in more countries than any other global trading network. Clients may use its products to increase internal controls, minimize the risk of fraud and errors, and improve invoice auditing capabilities.
Its digital Accounts Payable processes drive the global business value and success of its clients. The Tungsten Network Total AP solutions help organizations improve their cash management and save time and effort. It grants them the agility required to operate in a global market by converting their invoices into a single, digital format.
Total AP allows for the streamlining and simplification of AP procedures from receipt of invoices through payment submission by customers. This enables both, exception management and a comprehensive view of the invoice data at all times. Customers and suppliers may also monitor invoice status online using Total AP solutions, decreasing the need for calls and emails, avoiding additional expenses and lost time, and so enhancing productivity and savings for both clients and suppliers.
All Accounts Receivable processes are also fully digitized through Tungsten Network’s Total AR. The platform allows organizations to submit a single file in any channel and format, to facilitate the delivery of 100% of their bills to 100% of their customers. Total AR connects clients to buyers anywhere in the world and gives them complete insight into their billing progress.
Clients may now better monitor their cash flow, grow their company operations, and boost the AR department’s efficiency using Tungsten’s Total AR solutions. Total AR may be used as a strategic asset by lowering invoice handling expenses and decreasing errors.
Using Total AR, clients can send 100% of their outbound invoices electronically through a single supplier, independent of invoice submission methods. They can improve invoice processing and credit collection efficiency while lowering the cost of sale and the time spent waiting for payment on their goods or services. Total AR also enables its clients’ AR processes to be automated, providing them greater control over their working capital situation and the knowledge they need to operate efficiently.
Continuous Transaction Controls (CTC), which are the standard requirements for transmitting commercial invoice data in real-time, may vary per jurisdiction. These CTC models may require multinational enterprises to negotiate numerous systems in order to execute the same activity.
Tungsten Network brings its Decentralized CTC and Exchange model – DCTCE model for short, which enables companies to submit digital tax reports through a central tax platform. Certified and decentralized service providers are at the heart of this DCTCE model since they fulfil the data validation and exchange required for digital tax reporting.
This model was proposed by Tungsten Network’s Vice President of Product Compliance, Mr. Ruud Van Hilten, and it stands to become a crucial component of the future generation of digital tax reporting and invoicing.
Tungsten Network understands that beyond the present swath of EU directives, each nation has its own set of laws and regulations for tax invoicing. Other tax factors, such as corporation tax and even income tax, are also frequently applicable. Tungsten Network has a thorough awareness of the international regulatory environment. Its collaboration with industry tax experts like PwC assists customers in creating fiscally legal domestic and cross-border invoice papers.
With the right technology, firms can obtain a plethora of analytical data, strategic value, and money from the invoicing process. Delivering maximum value to global enterprises is the driving force behind all of Tungsten’s products, and it recognizes that historic difficulties necessitate innovative answers.
Its own team of in-house professionals delivers the greatest guidance and thought leadership in the business. It also offers the latest and most up-to-date country-wise compliance advice on its website and in its bi-monthly newsletter. The company provides white papers and webinars, and will soon unveil a new assessment tool that will allow firms to analyze their personal tax risk and the urgent steps they must take to be compliant.
On a global scale the number of government mandates and regulations are constantly on the rise. Tungsten’s compliance network enables clients to future-proof their businesses and keeps them on top of legal responsibilities while lowering the risk of fraud and human error.
When it comes to standards and certifications, Tungsten Network follows internationally recognized best practice frameworks to deal with sensitive client data. It ensures all security protocols and controls are in place so clients can rest assured that their business is confidential and that all their data is uploaded onto a safe, supervised network with a solid foundation.
“We believe our customers’ trust is something earned, not assumed. Ensuring the integrity of all the data we handle, as well as the security of our global network is at the heart of everything we do,” says Mr. Paul Copper, CEO of Tungsten Network
With that in mind, the network’s success hinges on its commitment to anonymity, availability, and integrity. These ideals are deeply embedded in the company’s culture and procedures.
Over the past two decades, Tungsten Network has created a network of the world’s largest global brands. It is committed to being a trusted partner that understands its client’s demands and it strives to help businesses in achieving world-class performance.
Tungsten Network aspires to keep improving its operations and customer service. The company aims to improve workflow, automate trade finance, and increase the health of supply chains. It works with its clients when new government regulations become law and provides the best solutions for staying safe and compliant in this ever-changing environment.