Australian Government Moves Forward with eInvoicing

Posted by Link4 Team on 18/06/2018

Ever since the Australian Government announced they were launching a study into the costs and benefits of eInvoicing in the 2016 Federal Budget – we’ve been eagerly awaiting to hear how eInvoicing will be moving forward.

And now – it’s full speed ahead with the government announcing they’re starting to adopt eInvoicing across all levels of government entities.

Making the announcement, Minister for Revenue and Financial Services, Kelly O’Dwyer said embracing eInvoicing is a win-win for governments and businesses.

“eInvoicing is approximately 70% cheaper to process than traditional paper or PDF invoices, according to estimates by Deloitte Access Economics. And it means businesses will be able to spend less time re-entering invoice data for all levels of government and spend more time on growing their businesses.”

– Kelly O’Dwyer

“If the standard for eInvoicing are widely adopted, it will not only be easier for the industry to do business with government and other industries but also cheaper for all parties involved in a transaction.”

– Michael Keenan, Minister Assisting the Prime Minister for Digital Transformation.

In March this year, Prime Ministers Malcolm Turnbull and Jacinda Ardern agreed that Australia and New Zealand would work together on a common approach to eInvoicing. During this meeting, Ms Ardern estimated that even a 15% adoption of eInvoicing could deliver annual savings of around $3 billion in Australia and $500 million in New Zealand.

In fact, eInvoicing could provide widespread benefits for the Australian economy, with an estimated $28 billion expected to be delivered into the economy over ten years.

What does this mean moving forward?

Until recently, it has been hard for businesses to adopt eInvoicing unless both parties were using the same software. But now with the government working in line with the Digital Business Council’s interoperability framework, it will be much easier for businesses and government sectors to exchange eInvoices regardless of the software they are using.

It’s a very exciting time to jump on board with eInvoicing in Australia and New Zealand, given it will be easier for businesses to connect and exchange eInvoices all while saving time and money from the invoicing process.

Want to know more about eInvoicing? Find out how eInvoicing can reduce your late invoice payments here.

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