In response, the Digital Business Council said it is encouraged that the government, as a business, has also recognised the potential benefits of eInvoicing, especially now that an open framework of standards is being developed.
"Council sees the adoption of eInvoicing as a critical first step to digitising the full procure-to-pay process. The budget statement confirms that we are progressing down a sensible, positive path for economy-wide benefits," said Peter Strong, co-chair of the Digital Business Council.
"This is a significant initiative which will save the economy billions of dollars."
The Minister for Small Business and Assistant Treasurer, Kelly O’Dwyer, said that the study is expected to benefit small businesses as they will spend less time entering invoice data for government and more time developing and growing their business.
In response, Mr Strong said: "Government adoption of eInvoicing not only has the potential to save government agencies time and money, but also means that each of their business partners, including small business, can uncover significant productivity benefits."
He added: "eInvoicing is cheaper, faster and more efficient than traditional paper-based invoicing. The time and money saved using eInvoicing allows a business to allocate those resources to areas that will enable further business growth."