“Midmarket business financial leaders are scrambling to expand their organization’s eCommerce capabilities in the face of soaring customer demand for new digital services. But the tax, reconciliation, compliance and, international trade requirements create a minefield of complexity that puts these initiatives at risk. Organizations are speeding up e-commerce plans – especially direct-to-consumer strategies – to meet customer demand for new digital services. In the Gartner CIO Agenda 2021 survey, 76% of CIOs said
there was increased demand for new digital products and services due to COVID-19; 83% said they expect demand to increase again in 2021. Also, 65% of CIOs reported increased use of self-service by customers/citizens; 79% expect that usage to still grow more in 2021. But financial leaders, and IT teams, frequently lack up-to-date knowledge and direct experience with the host of tax, legal, and compliance details in new markets—including domestic markets. Without this knowledge and experience, organizations sooner or later will run afoul of tax codes, credit card brand regulations, trade laws, international custom duties, and much more. Financial reconciliation, especially with foreign currencies, can turn into a nightmare. The business risks are potentially crippling”.