The Institute of Certified Bookkeepers executive director Matthew Addison believes bookkeepers need to stay abreast of developments as the government is “champing at the bit” to get the e-invoicing framework running.
“With the government's enormous push for enhanced digital interactivity, bookkeepers who are integrated in the daily business processes will be even more involved in helping business embrace current technology,” said Mr Addison.
“The e-invoicing infrastructure will be delivered by the government through the ATO's Australian Business Register (ABR) work.
“The digital capability locator which is this central bit of infrastructure that has to sit beside the ABR, will go into production phase one late February,” he added.
“There's been some stunning proofs of concept, there's been trial cases by some very large companies including the NSW government and the South Australian government that are so keen to make this happen, they are just champing at the bit to get the e-invoicing framework up and running.”
Mr Addison believes the adoption of e-invoicing will see a far more efficient process for both the issuing and receiving of invoices, with fewer errors.
“What we'll do now is we'll push the button to send the invoice and it will send a data file through the infrastructure to the recipient, then the recipient's software has to have an ability to receive that data, create an authorisation process and bring it in a lot more consistently, without the keying or re-keying errors so we'll have a far more efficient process,” said Mr Addison.
“Funnily enough, everything hinges on whether the software company has provided a digital solution.
“Whether the software companies have embraced their ability to interact with it by then is another issue because they have so much on their plate but the infrastructure will be available for the software companies.”
Jotham Lian is the news editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
With a focus on breaking news and exclusive analysis, Jotham keeps Accountants Daily readers up to date with company moves, tax updates and essential business and client strategy.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.