IFS Partnership announcement
August 2022
Millennium Consulting is delighted to announce it has signed a Partnership Agreement with global cloud enterprise software company IFS
IFS develops and delivers cloud enterprise software for companies around the world who manufacture and distribute goods, build and maintain assets, and manage service-focused operations.
“Our new IFS partnership builds upon the software and services arrangements that have been developed by Millennium with other complementary software vendors over the past 15 years.”
— Philip Keet, CEO, Millennium Consulting
IFS is a fast-growing leading software vendor that focuses on key market sectors. Growth in H1 2022 came from winning net new customers as well as from the IFS install base who continue to upgrade to IFS Cloud, resulting in cloud revenue growth of 56 % in H1 2022 compared with H1 2021. The company attributes its continued growth and success to its deep industry expertise, innovative and flexible IFS Cloud solution, and seamless integration across all its capabilities.
“We are very pleased to welcome Millennium Consulting as a partner. Millennium Consulting is a solid, experienced organisation with a strong client base and has delivered successful projects for many years. This partnership will help both companies with their significant growth plans and we look forward to a long and successful partnership.”
— Alan Laing, Managing Director, IFS UK&I
About IFS
IFS develops and delivers cloud enterprise software for companies around the world who manufacture and distribute goods, build and maintain assets, and manage service-focused operations. Within our single platform, our industry specific products are innately connected to a single data model and use embedded digital innovation so that our customers can be their best when it really matters to their customers—at the Moment of Service™. The industry expertise of our people and of our growing ecosystem, together with a commitment to deliver value at every single step, has made IFS a recognized leader and the most recommended supplier in our sector. Our team of 4,500 employees every day live our values of agility, trustworthiness and collaboration in how we support our 10,000+ customers. Learn more about how our enterprise software solutions can help your business today at ifs.com.
About Millennium Consulting
Millennium Consulting is a UK headquartered management consultancy which for the past 28 years has provided Enterprise Resource Planning (ERP) and Finance Transformation services to clients globally.
Mandatory B2B E-Invoicing in France: What it means for your business
Mandatory B2B E-Invoicing in France: What it means for your business
August 2022
The French Tax Authority (DGFIP) has announced its intention to make e-invoicing and e-reporting compulsory from 1 July 2024*.
Read on to understand what this means and who will be affected by the changes. We also consider the wider global trend of mandatory e-invoicing and the steps businesses should take to prepare for what is ahead.
*Important update: The French government announced on 28th July 2023 that it was decided to postpone the implementation of the system, scheduled for 1st July 2024, to allow sufficient time for this reform to be a success. The date of the postponement will be defined as part of the work to adopt the Finance Act for 2024. Therefore, all dates mentioned on this page are subject to further change.
This page will continuously be updated (originally published August 2022, last updated November 2023)
The what and why of e-invoicing
E-invoicing is different from merely generating an invoice in a digital format. Rather, it refers to specific frameworks for the issuing, delivery, and receipt of invoices in a standardised way.
The data contained in e-invoices follows a structured form, enabling it to be automatically logged on companies’ accounts systems. In most – but not all – jurisdictions where it is mandated, e-invoicing is accompanied by an ‘e-reporting’ requirement, i.e. submission of data to the relevant country’s tax office.
Why is e-invoicing on the rise?
In short it is because governments are losing tax revenue receipts. Across the EU in 2021, the annual tax gap – i.e., the amount of tax revenue lost to fraud or inaccurate reporting – was estimated to be in excess of EUR 130 bn. Tax authorities see it as a way to reduce inaccuracies (not least, e-invoicing theoretically eliminates the possibility of revenue somehow becoming lost on its way to an AP system). E-invoicing is also favoured by treasury ministries because it can help reduce the gap between tax liabilities and tax being actually paid.
When governments go down the mandatory e-invoicing path, they usually apply it to government procurement first, before rolling it out to B2B transactions. The UK is currently at the stage of mandatory e-invoicing for public bodies following the introduction of The Public Procurement (Electronic Invoices, etc) Regulations 2019. This means that virtually all public sector organisations are required to use e-invoicing.
What is changing in France?
France has had mandatory e-invoicing for business-to-government (B2G) transactions in place since 2020. This means that any B2G sales invoice must be an invoice and must be compatible with the country’s designated platform for this, Chorus Pro.
France has now announced that from July 2024, all companies subject to VAT will be required to accept e-invoices. Furthermore, the use of e-invoices along with e-reporting will start becoming mandatory for B2B transactions from July 2024 through to January 2026 (depending on company size).
To whom does this apply?
The rules apply to French VAT registered and established companies. Such companies will need to have the capacity to receive e-invoices. If they issue invoices to business customers, they will also need to move to e-invoicing in respect of those contracts within the relevant timeframe.
Also, the new e-invoicing requirements are accompanied by additional e-reporting rules. Be aware that despite there being no requirement for French companies to issue e-invoices for B2C transactions or in respect of customers based outside of France, certain data in respect of such transactions will need to be submitted to the French tax authority.
Companies with a multinational presence will need to check carefully whether, and to what extent they are caught by the new rules.
Timeframes at a glance
- All companies subject to VAT in France must be able to receive e-invoices starting 1 July 2024.
- Mandatory issuance of e-invoices and e-reporting for enterprises: 1 July 2024.
• Small and medium-sized enterprises (a workforce of less than 5000, and annual sales of less than 1.5 bn or a balance sheet total of less than 2bn)
• SMEs and small enterprises (fewer than 250 employees and annual sales of less than 50m or a balance sheet total of less than 43m)
E-reporting data requirements
E-invoices can be issued through the Portail Public de Facturation (PPF) via the Chorus Pro platform, which is the system currently used for B2G e-invoicing. Alternatively, businesses can opt to send invoices via an approved third-party commercial platform (known as a PDP). Under each system, businesses issue the e-invoice to the platform and the platform does the rest: i.e. delivery of the e-invoice to the buyer and reporting to the French tax authority (DGFIP).
The invoice can be created in one of three base formats compatible with the EU’s e-invoicing standard: UBL, CII, Factur-X.
The following information needs to be captured and transmitted to DGFIP:
Companies with a multinational presence will need to check carefully whether, and to what extent they are caught by the new rules.
• Date of payment collection
• Amount collected, including VAT
• Unique identification number (SIREN) for both supplier and customer
• Intra-community VAT number for supplier and customer
• Intra-community VAT number of supplier’s tax representative
• Supplier’s and customer’s country
• Category of supply
• Invoice issue date
• Unique invoice number
• Number of the rectified invoice if a corrective invoice is issued
• Option for tax payment based on debits
• Total payable exclusive of VAT
• Amount of corresponding VAT by rate
• Applicable VAT rate
• Details of any exemption
• Invoice currency code/designation
• Mention of self-billing (where applicable)
• Reference to any special scheme
• Mention of reverse charge (where applicable)
• Date of delivery or performance
• Date and amount of any deposit paid
Preparing for the changes
Organisations with a corporate presence in France should act now to determine the extent to which the new regime will impact their invoicing and accounting processes. Even if you do not have a French presence but you regularly provide goods or services to companies over there, it is good practice to find out the requirements of your business partners. In other words, if regular customers intend to start using e-invoices, do you have the technical capabilities to accommodate this?
France is currently ahead of the UK in rolling out the mandatory use of e-invoices and e-reporting beyond B2G transactions. However, given the direction of travel in this country (particularly with the government’s Making Tax Digital initiative), it is likely to be only a matter of time until similar requirements are put in place here.
This is the ideal time to consider your readiness for e-invoicing, particularly with regards to AP and AR automation. Also, despite mandatory e-invoicing being a government-driven policy, it can also bring material benefits to businesses. Not least, the fact that data is sent directly to a buyer’s AP system means that invoices can be logged, processed and approved in a fraction of the time it would take with traditional invoicing processes.
More generally, if you can demonstrate to business partners that you are equipped with e-invoicing capabilities at an early stage, it helps demonstrate your commitment to hassle-free billing and invoice management: a potentially valuable selling point in the current climate.
Looking to futureproof your accounting processes to accommodate new ways of invoicing?
Millennium is highly experienced in working with European companies, helping them manage the diverse accounting regulations.
Focussing on digital invoicing, our software has been used to successfully process hundreds of thousands of outgoing and incoming XML invoices for Unit4 Financials (previously known as Coda) since January 2019, when it became obligatory in Italy.
Millennium Raising Futures Kenya Golf Day 2022
We raised £4,500 for Raising Futures Kenya
There’s something about the annual Millennium Raising Futures Kenya Golf Day that seems to bring out the best in the UK weather and this year was no exception. Of course, bright sunshine is normally accompanied by grey clouds and this proved to be the case on Friday at Westerham, Kent.
The players assembled to compete for the coveted Millennium Golf Challenge trophy and this year it was the Europeans who emerged victorious, ably captained by Ray Seamer, a legend in Millennium circles.
The individual scratch winner was Gordon O’Malley on 77 and Stableford winners were Derek Mcateer and Jane Keet with 42 points apiece. Other prizes were awarded for the longest drive, closest to the flag and best turned out team.
A post-round dinner followed the golf and afterwards Kirsty Erridge of Raising Futures Kenya provided an insight into the activities taking place on the ground in Kenya and demonstrated the value of the support we provide.
Thanks are due to our corporate Sponsors, Unit4, ICorp, Hennessy IT Consulting, Sound Integration and Arbonne International as well as the gifts many of the players such as Fiskars Group and Derek Mcateer provided on the day.
Here are some of the highlights:
The day generated £4,500 for Raising Futures Kenya and the money will be put to good use helping young Kenyans.
We look forward to reconvening in 2023 for the next event and the date and location will be announced in the coming months. We welcome new participants so if you would like to play next year then contact the Millennium team who will be happy to update you with the details.
Millennium Consulting’s Elite Partner Status Reconfirmed by Unit4 for 2022
Millennium Consulting’s Elite Partner Status Reconfirmed by Unit4 for 2022
January 26th, 2022
Millennium Consulting’s Elite Partner status reconfirmed by Unit4 for 2022.
The Unit4 global partner program operates across three levels focused on capabilities, contributions, and customer satisfaction. Elite level partners have achieved the highest level within the Unit4 partner program. This level is awarded to partners that have consistently demonstrated the ability to meet the highest level of success with Unit4 and our joint customers.
Jeremy Lucas, COO at Millennium Consulting, “We are all delighted by the continued recognition of our Elite Partner status by Unit4. Last year presented plenty of challenges, but the whole team went above and beyond to ensured we continued to best serve our customers and offer them the excellent service we’ve become known for. To be re-awarded Elite Partner status is a fantastic way for Millennium to start the year.”
Millennium Consulting Awarded FSQS-NL Registered Certificate
Millennium Consulting Awarded FSQS-NL Registered Certificate
January 2022
Following our recently renewed ISO 27001 & 9001 certification, we are also proud to announce our ongoing relationship with FSQS with validating body Hellios.
FSQS is a cross-sector collaboration solution that reduces the time, cost, resources and duplication needed to provide information for a community of financial institutions including banks, building societies, insurance companies and investment services.
For our existing clients this qualification adds an extra layer of assurance and for new prospective companies, this means a significant amount of due diligence has already been performed through the standardised FSQS process ensuring business onboarding with Millennium is a smooth and easy process.
We’re now registered providers with the CPD Certification Service
We’re now registered providers with the CPD Certification Service
August 5th, 2021
Millennium Consulting is pleased to announce that they are now an official registered provider with the CPD Certification Service. Established in 1996, The CPD Certification Service is the largest and leading independent CPD accreditation organisation working across all industry sectors.
This means finance professionals undertaking courses run by Millennium Consulting count towards annual professional development requirements set by professional regulators. Any delegate attending the future courses will be issued with an accredited CPD Certificate of Attendance, which they can subsequently use within their formal CPD record for a professional body, institute or employer.
Millennium is currently submitting courses for approval, and these will soon be available to book via the CPD Service.
Jeremy Lucas at Millennium Consulting said, “I am pleased to announce that Millennium Consulting is working towards being able to offer CPD certified courses to finance professionals. This is not only further confirmation of the high quality of our services but also endorses our view of the importance of good assessment practice. Our CPD programme will allows you to keep up to date with the latest industry trends and best practice, learn new skills and develop existing ones.”
Our accreditation can be verified by clicking this link: https://cpduk.co.uk/providers/millennium-consulting
Millennium Consulting and Hennessy IT Consulting announce Strategic Alliance
Millennium Consulting and Hennessy IT Consulting announce Strategic Alliance
June 9th, 2021
Unit4 Financials Elite Partner Millennium Consulting and Unit4 ERP Premier Partner Hennessy IT Consulting have today announced a strategic alliance to deliver Unit4 ERP and FP&A software and services.
Founded in 1995, Millennium Consulting is a Unit4 Financials software and services company with offices in the UK, Italy and the United States whilst Hennessy IT Consulting has offices in Scotland and Ireland delivering Unit4 ERP software consultancy and was established in 2010.
Millennium Consulting CEO, Philip Keet states that “The Millennium and Hennessy alliance will combine the strength of our companies, allowing us to be a focused delivery implementor, combining the Millennium’s expertise and customer centric capabilities currently provided for Unit4 Financials to drive excellence in Unit4 ERP software and services delivery“.
The alliance will subsequently be formalised in a Joint-Venture company which will enable each party to contribute fully to enabling customers to successfully deploy software from the Unit4 product suite.
Millennium Consulting and Diesis Sign Partnership Agreement
Millennium Consulting and Diesis Sign Partnership Agreement
June 9th, 2021
Joining forces and sharing expertise, that is what the partnership between Millennium Consulting and the Dutch consultancy Diesis is all about.
Separately both companies have more than 25 years of experience with Unit4 Financials. The companies already meet regularly in the field and share experiences and knowledge around Unit4 Financials. With this agreement, the co-operation between the only two Global Unit4 Financials Elite partners is confirmed.
Jeremy Lucas, Chief Operating Officer of Millennium Consulting said: “I am delighted about the partnership agreement with Diesis. We are looking forward to working together and using our extensive experience and combined knowledge to greatly enhance the support of Unit4 Financials clients globally.”
Tino Wendriks, Managing Director at Diesis added: “We have known Millennium for a long time since we both have been operating on the Unit4 Financials (Coda) market for more than two decades. Just like Diesis, Millennium can also call upon many years of knowledge and experience, both functional and technical. Our co-operation will lead to a further strengthening of both our positions in the Unit4 Financials market. Whereby we can help each other in supporting our international clients!”
We look forward to a successful partnership and continuing and deepening our support of the Unit4 customer base.
Millennium Consulting continues expansion by moving to new UK head-quarters
Millennium Consulting continues expansion by moving to new UK head-quarters
March 24th, 2021
Next week on Monday 29th March, Millennium Consulting will be moving to new head-quarters in the former NatWest Bank building in Hythe, Kent, England. Since 2017 the building has been empty following the closure of the branch however an extensive refurbishment/modernisation program has taken place in recent months and the building is now ready for occupation.
“We are looking forward to moving to this beautiful Grade 2 listed building at the heart of the local Hythe community. Our Kent employees live in Hythe and the surrounding areas and we expect the new office will become a dynamic collaborative hub for the business. We are excited about the team and infrastructure we are putting in place as we prepare for the post-pandemic era.” Philip Keet, Millennium Consulting CEO.
In 2020, Millennium Consulting celebrated 25 years supporting clients with Finance Transformation and Regulatory Change programs. Having started out in 1995 as a specialist finance systems consultancy, the wider challenges of Y2K were soon recognised and attention switched to transitioning a diverse range of clients to new Y2K compliant software. Based initially in the City of London, the company relocated to Hythe in 2009.
Today Millennium Consulting is an international management consultancy that supports clients with the deployment of next generation financial and operational technology. The company works globally across multiple industry sectors and has teams located in Italy and the US.
In 2020 Millennium was awarded Elite Partner status by Dutch ERP software vendor Unit4. The Unit4 global partner program launched in June 2020 operates across three levels focusing upon capabilities, contributions and customer satisfaction and Elite status is the highest level within the partner program.
New appointments
New appointments
February 24th, 2021
Millennium Consulting is delighted to announce the appointments of Sam Guilding, Jeremy Lucas, Adam Leach, Chris Peall, Lucy Keet and Sam Keet.
Sam Guilding has been appointed Head of Marketing with responsibility for on and offline. She joined Millennium with over 10 years experience working within PR and Social Media across multiple sectors.
Jeremy Lucas has been appointed Director of Professional Services & Consulting and has assumed overall responsibility for client program delivery. He is a senior financial market professional with over 20 year’s Banking and Management consulting experience.
Adam Leach has been appointed Principal Technical Consultant to play a key role in developing the Insurance market sector consulting operation with particular focus upon accounting rules engine technologies such as Aptitude to support IFRS17 regulatory compliance. He is an experienced Senior Developer and Data Analyst with a successful record working as a consultant within the Insurance, Banking and Telecom sectors.
Chris Peall has been appointed Project Manager with responsibility for managing cross- industry projects across multiple technology platforms. He joins bringing a successful record of project delivery focussing upon data science and supporting businesses modernise their data landscape.
Lucy Keet has been appointed Social Media Manager with responsibility for delivering the Millennium message across multiple social media platforms. Previously she worked as a Marketing Executive within the Retail sector.
Sam Keet has been appointed Client Services Executive within the marketing department to enhance client communications. Prior to joining Millennium, Sam worked within recruitment in the City of London.
We are excited about the team emerging at Millennium as we put the foundations in place to prepare for the coming post-pandemic era.