Electronic Invoicing (eInvoicing) provides a great deal of benefits for every business, including time management and workload efficiency. It is the new, standard way businesses are sending and receiving invoices, enabling digital software to do all the ‘hard’ work while you have time to focus on other business priorities.
With more and more businesses using eInvoicing software: suppliers no longer need to print or email invoices to their customers; buyers no longer need to manually enter or scan invoices into their software; and, once connected, businesses can immediately transact with everyone on the same, safe, secure network.
The Australian Government adopted the international eProcurement framework, Peppol, in 2019. Peppol transmits data through a secure network of approved service providers which allow businesses to exchange invoices and other documents with .established the ATO as the Australian Peppol Authority to develop and administer the framework in Australia.
To use eInvoicing, businesses and their trading partners need to connect to the Peppol network through an access point – by using the Peppol Directory businesses are able to look up registered users and see what documents they can receive through Peppol. There are different options to connect and register on the Peppol network including through your existing software or an eInvoicing service provider. There are a number of eInvoicing service providers available to businesses, including Xero Limited – see here for a more extensive list of providers.
If you’re still on the fence about electronic invoicing, or you need more information regarding the benefits and how to set your business up, there will be plenty of information and webinars available to business owners coming up in the ‘eInvoicing Week 2022’ which will run from the 15th to the 21st August 2022. During this week, businesses will be able to hear all about eInvoicing from a range of service providers, experts and government agencies. Head to ‘eInvoicing Week 2022’ for more information about the events scheduled and how to register for any webinars you think may benefit your business.
For more information about eInvoicing, contact Lana Matovic and her team at Matovic Business Accountants. Email us at info@matovicaccounting.com.au or call (07) 3557 5721.
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