Australian federal government agencies have less than five months to comply with the Australian Taxation Office (ATO) mandate to adopt e-invoicing by 1 July 2022, which will be a game-changer for government and business across the country and may help the nation’s economic recovery, according to SAP Concur.
The Ministry of Business Innovation, and Employment chooses software company Link4 as one of the four access point providers to accelerate its e-invoicing adoption. The adoption of e-invoice could add $4.4 billion to the NZ economy in over ten years, the company says.
BOC Gas is the first large enterprise to join the Australian e-Invoicing network, and it has done so by using Adelaide based access point provider Link4.
E-invoicing benefits both buyers and sellers: it’s faster and more affordable to process, facilitates automation, and reduces potential errors. These efficiencies can make a huge difference and be a boon for small and medium-sized businesses.
The Australian Taxation Office’s (ATO) mandate for all federal government agencies to adopt e-invoicing by July 2022 will get cashflow back to small and medium-sized suppliers significantly faster than current invoicing processes, according to SAP Concur.
The Federal Department of Treasury can now accept invoices from its suppliers through a digital channel, with an e-invoicing solution having gone live on Friday.
The NSW Government’s Department of Customer Service has appointed business-to-business integration solutions provider MessageXchange to provide its e-invoicing solution aimed at streamlining procure-to-pay services.
New Zealand-based accounting software company Xero says that small businesses are plagued by processes that are unnecessarily inefficient and the prolific use of analogue processes that digital solutions can simplify.
The Australian Government is to review cost and benefit adoption of eInvoicing according to recent budget papers.
The Digital Business Council has announced the opening of the public consultation phase of its electronic invoicing (eInvoicing) project.
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