Login
iscover
The launch comes as the government wants businesses to embrace the online invoicing system with 33,000 firms registered so far.
Newsletter
Government establishes e-invoicing hub to encourage take-up
24 July 2023
•
11 minute read
You’re out of free articles for this month
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
The government has established a Newcastle e-invoicing hub as it aims to provide businesses with the opportunity to learn about the technology and the capabilities of e-invoicing.
In a release, Minister for Financial Services Stephen Jones said the technology has benefited those that have already embraced it.
“E-invoicing is a new standardised way to send and receive invoices via a secure network – using existing small business accounting software and apps,” said Mr Jones.
“It enables faster payments that can improve cash flow, has in-built security, which helps to reduce the risk of invoice fraud; complementing the broader work the government is doing to protect small businesses against scams.”
“Adoption is growing, with more and more cost-effective solutions becoming readily available.”
The government said the Newcastle e-invoicing centre, the ‘Hub’, is a collaboration between the ATO and local business groups as part of its attempt to create opportunities for local trading partners to exchange e-invoices and experience the capabilities of e-invoicing.
==
==
Despite providing “$3.6 million towards mandating the adoption of electronic invoicing by 1 July 2022 for all”, in Australia’s 2020 digital business plan to drive economic recovery, only 33,000 firms have currently registered for it.
Among those that have adopted the technology include Bunnings, Woolworths and BOC Gas, with over 400,000 e-invoices already delivered on the network.
The government said its agencies also use e-invoicing that allow it to offer five-day payment terms for its suppliers using the system.
The government said it will continue engagement activities to encourage e-invoicing, particularly in the build-up to and during the NSW Small Business Month over October.
During e-invoicing week in August 2022, the government said the technology was part of its focus on enhancing business productivity.
“The Albanese Government is committed to doing everything we can, big and small, to lift productivity growth,” Mr Jones said.
“The e-invoicing initiative can help employers and employees work smarter so they can concentrate on core business.”
“It can also help in the fight against fake invoice scams which prey on many of our business owners.”
Australian Small Business and Family Enterprise Ombudsman Bruce Billson also advocated for the technology during last year’s e-invoicing week.
“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,” said Mr Billson.
“About 1.2 billion invoices are exchanged in Australia every year but 20 per cent are sent to the wrong person and 30 per cent have incorrect information.”
“It costs around $30 to process a paper invoice while an e-invoice costs less than $10.”
You are not authorised to post comments.
Comments will undergo moderation before they get published.