After a lengthy delay, the government has announced it will work to progressively adopt eInvoicing across all levels of government, noting the economic benefit in its recent implementation study.
Citing research from Deloitte Access Economics, Minister for Revenue and Financial Services Kelly O’Dwyer noted that eInvoicing could result in economy-wide benefits of up to $28 billion over 10 years.
"eInvoicing is approximately 70 per cent 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 business," Ms O'Dwyer said.
Minister for Small and Family Business, the Workplace and Deregulation, Craig Laundy said both small and large businesses are likely to benefit from eInvoicing solutions when there is competition among providers.
"Competition among providers will result in businesses benefiting from the best possible eInvoicing product, creating a dollar-value incentive for businesses to adopt a digital presence, which is a strong ambition of the government," he said
Earlier this year, bookkeepers were urged to stay abreast of eInvoicing developments due to the government’s desire to get the eInvoicing 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 the Institute of Certified Bookkeepers executive director Matthew Addison.
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.