This strategic partnership aims to streamline compliance with Germany's evolving e-invoicing mandates through OpenText's advanced cloud solutions
WATERLOO, ON, Sept. 5, 2024 /PRNewswire/ -- Nippon Gases Deutschland, the German business unit of Nippon Sanso Holdings Corporation (NSHD) an industrial and medical gases company, is partnering with OpenText? (NASDAQ: OTEX), (TSX: OTEX), to expedite the implementation of mandatory B2B e-invoicing in Germany, ahead of the January 1, 2025 deadline. By leveraging OpenText? Active Invoices with Compliance, Nippon Gases Deutschland will equip its tax and invoicing teams with innovative tools to confidently navigate, document, and manage the complexities of e-invoicing regulations and industry-specific challenges, ensuring both transparency and full compliance throughout.
OpenText (PRNewsfoto/Open Text Corporation)
"The absence of a universally accepted international standard for e-invoicing is a critical issue for us. Managing the diverse e-invoicing regulations across various markets, particularly Germany's specialist and evolving requirements, creates substantial hurdles," said Stephan Keysselitz, Finance Director at Nippon Gases Deutschland. "The lack of standardization means that each market can enforce its own rules, heightening the risk of non-compliance, which could lead to severe penalties and significant operational disruptions. Given these complexities, adopting a proactive strategy to stay ahead of regulatory changes is crucial. Partnering with a trusted provider like OpenText enables us to implement a flexible and comprehensive solution that safeguards compliance while streamlining our processes and effectively mitigating risks."
Germany's e-invoicing regulations differ from other European countries by not mandating a specific method for exchanging and reporting invoices. Instead, the focus is on approved formats for electronic invoices and the requirements for their issuance and receipt. OpenText will support Nippon Gases Deutschland in adapting to these distinctive requirements, facilitating a smoother transition and process adjustments for its tax and invoicing teams.
OpenText's fully managed business network cloud and e-invoicing platform is designed to streamline operations by automating manual processes. This highly scalable platform integrates with industry-standard ERP, e-procurement, order management, and accounts payable systems, accelerating payment processes while ensuring regulatory compliance across multiple global markets.
Keysselitz continued: "Choosing OpenText as our partner was a strategic decision. Their expertise and adaptable e-invoicing solutions provide the confidence we need to meet Germany's complex regulatory requirements effectively. This partnership not only promises compliance but also boosts the efficiency and reliability of our invoicing processes. By implementing OpenText's advanced technology, we can improve operations, reduce errors, and empower our team to focus on strategic initiatives, ultimately driving greater value for our business."
The OpenText cloud suite, including OpenText Active Invoices with Compliance and OpenText? Business Network Cloud Foundation, simplifies e-invoicing compliance across more than 50 countries and offers B2B integration for small and mid-sized businesses. With these comprehensive solutions, OpenText will help Nippon Gases Deutschland reduce invoicing time, minimize errors, expedite payments, and mitigate non-compliance risk.
"E-invoicing is not a new concept," said Muhi Majzoub, EVP & Chief Product Officer at OpenText. "The real challenge lies in the varying digital capabilities of trading partners are the increasing complexity of regulatory requirement. A one-size-fits-all solution cannot address the multifaceted needs of a business and its diverse trading partners, therefore, to navigate these difficulties, a tailored and flexible approach – that can be scaled - is essential."
Majzoub concluded, "Our suite of business network solutions is carefully designed to simplify compliance and address ever evolving regulatory requirements with ease. By utilizing these tools, we enable Nippon Gases Deutschland to focus on their core operations while OpenText's smart technology removes the burden of complex regulatory red tape. Our proven approach not only ensures robust adherence but also increases operational efficiency, empowering businesses to navigate developing regulations with confidence and precision."
To learn more about OpenText? Business Network Cloud Enterprise, read here.
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
About Nippon Gases:
Nippon Gases, one of the leading industrial and medical gases companies in Europe, is part of the Nippon Sanso Holdings Corporation, which has over 100 years of experience and also boasts a major presence in Japan, Southeast Asia, Australia, the United States and Canada, operating in 31 countries with more than 19,000 employees around the world. Our presence in Europe positions us as a leading company with over 3,200 employees of which 27.9% are women, operating today in 13 countries and serving more than 150,000 customers.
Safety, priority number one in our company, is constantly improving due to the search for risk factors and behaviors, and the observance of our safety principles by all our employees. Nippon Gases commitment to our customers, employees and associates and to the communities in which we operate is a reflection of our dedication to the environment and to sustainability.
Together, we are "The Gas Professionals" and we all have the same goal: "Making life better through gas technology".
The company is also an industry leader in Germany and is certified to ISO 9001, 14001 and 50001. With 14 of its own locations and about 200 sales partners, Nippon Gases has a nationwide presence.
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. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Further, readers should note that we may announce information using our website, press releases, securities law filings, public conference calls, webcasts and the social media channels identified on the Investors section of our website (https://investors.opentext.com). Such social media channels may include the Company's or our CEO's blog, Twitter account or LinkedIn account. The information posted through such channels may be material. Accordingly, readers should monitor such channels in addition to our other forms of communication.
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