The Australian Taxation Office (ATO) is expecting significant growth in the use of eInvoicing over the next 12 months, with more than 18,000 businesses already using eInvoicing to make their transactions faster, simpler and more secure.
eInvoicing is the new, standardised way to send and receive electronic invoices directly in software, via a secure network. With eInvoicing, suppliers no longer need to print, post or email paper-based or PDF invoices and buyers won't need to manually enter or scan invoices into their software.
Businesses yet to make the transition to eInvoicing will have the opportunity to learn more during eInvoicing Week which kicks off on 15 August.
ATO Deputy Commissioner Will Day said, “The pressures of running a business can often leave businesses with little time to focus on anything else. eInvoicing offers a streamlined way of managing invoices, allowing more time to focus on what is important to the business.
“Once connected with eInvoicing, businesses can immediately transact with everyone on the same network, meaning you can be paid faster, and ultimately improve your cashflow.”
“With eInvoicing, you no longer need to manually enter or scan the invoices you receive, because that information is received directly through your accounting software, ready to be checked and paid.”
Mr Day said eInvoicing also reduces the risk of fake or compromised invoices and email billing scams.
“With eInvoicing, the invoice is delivered directly into the customer’s software via a secure network, so there’s less risk of lost or fraudulent invoices being paid.”
The Australian Small Business and Family Enterprise Ombudsman Bruce Billson said he enthusiastically encouraged small businesses to adopt eInvoicing.
“It is a great way to enable faster payment, it cuts the administrative burden and is more secure than posted or emailed invoices, so it reduces the chance of invoice fraud or scams,” Mr Billson said.
“About 1.2 billion invoices are exchanged in Australia every year but many are sent to the wrong person or with incorrect information. It costs around $30 to process a paper invoice while an e-invoice costs less than $10.”
“eInvoicing Week 2022 is a great opportunity for businesses to find out about the benefits of eInvoicing and how it can help making running their business easier,” Mr Day said.
“A wide range of virtual events, podcasts, media and social media content will explain what eInvoicing is, how it differs from PDF and email, and how to get started.
“You will hear stories from early adopters, get to see first-hand how simple and easy it is to get started, and have an opportunity to ask any questions.”
Businesses can get started with eInvoicing by registering in their software or talking to their advisers. To find out if your software is eInvoicing enabled, check with your software provider or see eInvoicing – Ready product registerExternal Link.
About the eInvoicing standard Peppol
Peppol is an international eInvoicing standard adopted by the Australian government. The ATO is Australian’s Peppol authority. eInvoices are exchanged securely through the Peppol network by approved access points, using the buyer's and supplier's ABNs as their delivery address. The ATO does not have access to invoicing data.