Coroplast Group Partners with OpenText to Meet Poland's E-Invoicing Mandates

Rhea-AI Summary

OpenText partners with Coroplast Group to provide e-invoicing solutions for Poland, empowering businesses to comply with global mandates and improve efficiency.

Insights

Supply Chain Management Expert

The integration of OpenText's e-invoicing solutions for Coroplast Group in Poland is a significant step in the company's efforts to stay compliant with the European Commission's ViDA mandate. This development is particularly relevant for businesses operating in multiple jurisdictions where e-invoicing regulations can vary and be complex. The ability to streamline document processing and gain real-time invoice information is a strategic advantage for Coroplast Group, potentially leading to better cash flow management and more efficient operations.

Supply chains are increasingly digital and the adoption of electronic data interchange (EDI) systems is important for the seamless exchange of documents. OpenText's Business Network Cloud Foundation appears to offer a flexible solution that can adapt to the unique needs of mid-sized businesses like Coroplast Group. This can result in reduced operational costs and increased efficiency, which are important factors for any business looking to maintain a competitive edge in today's market.

Tax and Regulatory Compliance Expert

From a compliance standpoint, the partnership between OpenText and Coroplast Group addresses the critical need for businesses to align with local tax mandates, such as the KSeF-portal in Poland. The shift towards mandatory e-invoicing across Europe, driven by the ViDA initiative, underscores the need for robust systems that can handle not just the electronic invoicing process but also ensure compliance with diverse and evolving tax regulations.

For mid-sized businesses, the challenge of managing VAT returns and staying abreast of regulatory changes can be daunting. OpenText's platform seems to provide a solution that not only mitigates the risk of non-compliance but also offers the potential for expedited VAT returns. This could translate into significant savings and reduced administrative burdens for businesses, allowing them to reallocate resources to other strategic areas.

Financial Technology Analyst

The adoption of e-invoicing platforms such as OpenText's Business Cloud and E-Invoicing Platform reflects a broader trend in financial technology where automation and cloud-based solutions are becoming essential for operational efficiency. For investors and stakeholders in OpenText, the expansion of their e-invoicing solutions into new markets like Poland signals potential growth and a stronger market position.

Furthermore, the ability to provide B2B integration and compliance solutions for over 48 countries is indicative of OpenText's scalability and commitment to innovation in the fintech space. As businesses increasingly look for ways to reduce errors and expedite payments, platforms that offer comprehensive e-invoicing capabilities are likely to see increased demand, which could positively impact OpenText's financial performance in the long term.

OpenText's Business Cloud and E-Invoicing Platform simplifies e-invoicing for global mid-sized business

WATERLOO, ON, April 2, 2024 /PRNewswire/ -- OpenText™ (NASDAQ: OTEX), (TSX: OTEX), the information company, today announced that it has been selected by Coroplast Group, a leading manufacturer in the fields of Technical Adhesive Tapes, Wires & Cables, and Wire Harnesses, as its e-invoicing provider for Poland. OpenText's e-invoicing solutions will empower the growing global company to confidently manage mandatory governmental requirements in Poland, partnering toward the goals of a seamless connection to the Polish KSeF-portal and compliance with the local mandate.

As part of the European Commission's universal e-invoicing mandate (ViDA), businesses operating in Poland must comply and establish the necessary infrastructure. With OpenText as its e-invoicing provider, Coroplast Group can feel confident in its compliance while also reaping the benefits of the platform, such as streamlined document processing, real-time invoice information for business management, and expedited VAT returns.

"As our company grows worldwide, it can be tricky to understand and follow the various mandates in each new market," said Astrid Hasen, Teamlead SAP FI/CO at Coroplast Group. "With OpenText's help, we are confident that we now meet the electronic invoicing requirements not only in Poland but also in other countries. This ensures not only our compliance but also provides our teams access to a world-class user-friendly invoicing platform that makes our processes more efficient."

Coroplast Group's decision to partner with OpenText is based on the robust capabilities of OpenText's Business Network Cloud Foundation. This innovative solution offers a lean and adaptable approach, especially suited for companies venturing into managed services. This strategic move aligns seamlessly with the evolving landscape of digital transformation, empowering mid-sized companies like Coroplast Group to efficiently manage their electronic data interchange (EDI) and e-invoicing processes.

"As a leader in supply chain optimization, we are committed to helping businesses meet the growing global e-invoicing mandates," said Muhi Majzoub, EVP & Chief Product Officer at OpenText. "In today's fast-paced global economy, complying with ever-changing regulations can be a challenging and time-consuming task for many companies. OpenText is here to take the pressure off businesses by offering trustworthy and flexible e-invoicing solutions. Our goal is not only to meet regulatory requirements but also to provide valuable real-time insights that will revolutionize the future of business."

OpenText's Business Cloud and E-Invoicing Platform is a cloud-based electronic invoicing solution that helps businesses reduce operational costs,  comply with regulations, and increase process efficiency. The platform offers a broad set of solutions to support electronic invoicing, including OpenText™ Active Invoices with Compliance and OpenText™ Business Network Cloud Foundation. These solutions simplify e-Invoicing compliance to meet regulations in more than 48 countries and provide B2B integration for small and mid-sized businesses. With OpenText's Business Cloud and E-Invoicing Platform, businesses can reduce the time spent on invoicing, minimize invoicing errors, expedite payment, and enhance customer satisfaction.

Additional Resources:

• Stay up to date on new global developments and trends in the field of e-invoicing by watching our webinar on demand series.
• Check out our German E-Invoicing blogs.
• Discover our e-invoicing solutions and offerings.

To learn more about OpenText™ Business Network Cloud Enterprise read here.

About Coroplast Group

The Coroplast Group is a globally successful, independent, family-run company managed in the third generation by Natalie Mekelburger as President and CEO. Over its 95-year history, the company has evolved from a local manufacturer of electrical insulation materials to a global player and technology leader in the fields of Technical Adhesive Tapes, Wires & Cables, and Wire Harnesses. Visit our website to learn more.

About OpenText
OpenText, The Information Company™, enables organizations to gain insight through market leading information management solutions, powered by OpenText Cloud Editions. For more information about OpenText (NASDAQ: OTEX, TSX: OTEX) visit opentext.com.

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Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on OpenText's current expectations, estimates, forecasts and projections about the operating environment, economies, and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. OpenText's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Copyright © 2024 OpenText. All Rights Reserved. Trademarks owned by OpenText. One or more patents may cover this product(s). For more information, please visit https://www.opentext.com/patents.

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SOURCE Open Text Corporation

FAQ

What is OpenText's ticker symbol?

OpenText's ticker symbol is OTEX.

Why did Coroplast Group choose OpenText as its e-invoicing provider for Poland?

Coroplast Group selected OpenText due to the robust capabilities of OpenText's Business Network Cloud Foundation and its user-friendly invoicing platform.

What benefits does Coroplast Group expect from using OpenText's e-invoicing solutions?

Coroplast Group anticipates streamlined document processing, real-time invoice information, expedited VAT returns, and compliance with global e-invoicing mandates.

How does OpenText's Business Cloud and E-Invoicing Platform help businesses?

The platform helps businesses reduce operational costs, comply with regulations, increase process efficiency, minimize errors, expedite payments, and enhance customer satisfaction.