Storecove's system uses the Peppol e-invoicing standard mandated by the EU and adopted by the Australian, New Zealand and Singapore governments.
"The Australian Tax Office has identified a number of key benefits from e-invoicing. For small to medium businesses, the biggest benefit will be reduced payment times and improved cash flow, especially with Federal and State Governments committing to faster payment terms for supplier invoices under $1 million from the start of 2020,” said Foster.
"Organisations are also expected to save up to 70% on invoice processing costs for e-invoicing compared to paper or PDF invoices."
Squirrel Street, formerly known as Shoeboxed Australia, will continue to operate its receipt and invoice management system, and Foster will remain on its board.