While the developed countries will most definitely feel the effect of coronavirus mostly in the unemployment rate, it is not them who will suffer the most. Indeed, developing economies that are still transitioning to stable economies and highly depend on the help of the 1^st world will be hit the hardest by coronavirus. Is the global pandemic already making its mark on the world? Unfortunately, yes it does – and we are already facing many changes.

The Financial Shockwave for developing economies

Developing countries, such as Bangladesh, sub-Saharan countries, and many others, strongly depend on the external help they get from many countries of Europe and the USA. Now that nearly everyone is economically struggling, each country has turned to itself, naturally prioritizing its citizens before anyone else. So, where does this leave developing economies that can’t make it on their own, How will they find a way to come out of the coronavirus crisis unscathed?

Unfortunately, nobody has offered a solution yet, but we are witnessing a lot of negative effects. Bangladesh, which spent millions on educating its young nation and improving its health care system, will probably be forced to stop funding these two areas. The money will go directly into fighting the epidemic and the potential economic crisis following it.

This is only one country out of many that are suffering from the same or worse effects from COVID-19. And this is exactly what might set the world back, nullifying the many accomplishments we’ve made so far.

In 1990, 36% of the world’s population was considered to be living on a little bit more than $1 a day. This sums up to about 1.9 billion people, more than North America and Europe combined. By 2016, this number dropped to approximately 700 million people, which represents a revolutionary improvement. This sums up to only 10% of the world’s population.

Mostly, some of the Asian and African countries owe these numbers to their first-world partners, whom they have put a lot of hope into stabilizing their economies. In India, for example, global initiatives saved over 170 million people from poverty, while Bangladesh lifted over 20 million people out of poverty.

Now, these numbers are rising again, and it is a legitimate reason to worry because poverty leads to illness and disease.

Cutting-down investment

Over 90 countries have already asked for emergency help from the International Monetary Fund, however, not many developed, well-standing economies are willing to help for now. The USA alone has decided to invest almost $3 trillion to help its working class and small businesses and, protect people from falling into poverty. Japan invested almost a trillion, and many European countries have followed the same path.

India, on the other hand, has decided to invest only $22.5 billion, and Pakistan plans to spend only $7.5 billion on helping its working class, even though it is the fifth largest and most populated country in the world.

Now that countries have come to a halt, we have yet to see whether the countries of the first world will be able to help those in need. Many experts say that this might be necessary because the biggest reason the world recovered from the WW2 is precisely strong economic ties between the countries. In a way, everyone hopes that this already established and tested tactic will come to life one more time to help humanity through a difficult time.

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This is a step many countries have decided to make – Taiwan, South Korea, and now India. So, how exactly does invoice matching work?

Explaining Invoice Matching

Invoice matching is “the process of comparing information on the invoice with supporting documents such as a purchase order, goods receipt, and contract.” The point of invoice matching is to detect any potentially fraudulent or irregular invoices. Once the purchase requisition has been approved within the organization, the purchase order can be generated and then sent to the vendor.

Of course, an invoice deviation can happen sometimes. This is also called invoice exception, and it appears when the data on the invoice doesn’t match the supporting documents. A deviation usually leads to a traditional and thorough investigation which should determine if it was acceptable or if there was an error.

How Does TaxCore Do It?

Invoice matching seems to be an outdated, labor-intensive, cost-inefficient method due to the way it deals with possible deviations. Traditionally auditing any irregularities is a waste of time and workforce in most cases, especially given the advances in technology. But it’s not just any application of technology that works, as the IMF indicates, just bringing in more computers to make processes go faster is not the answer. A new tech-based invoice is needed, and TaxCore is a proven new tech-based invoice system

Countries that implemented TaxCore can testify that their B2B invoices not only match, but they are completely identical. When an audit is needed, buyer or seller only need to confirm that they are using the correct or identical invoice already stored in TaxCore itself. As opposed to traditional labor-intensive or computer-intensive invoice matching, our platform allows for an instant audit because it is based on real-time data collection.

In Samoa and Fiji, TaxCore has fully revolutionized the way B2B transactions work, as well as the regular B2C transactions. To find out more about TaxCore features, get in touch with us here.

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