Wednesday, 06 November 2019 08:58

Storecove takes Squirrel Street route to APAC

By
Storecove APAC general manager Simon Foster Storecove APAC general manager Simon Foster

SaaS e-invoicing provider Storecove is moving into the APAC market through the acquisition of Australia-based Squirrel Street's e-invoicing business.

Despite the acquisition and the appointment of Squirrel Street founder and CEO Simon Foster as APAC general manager, Storecove has already decided to locate its APAC headquarters in Singapore.

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.

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Stephen Withers

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Stephen Withers is one of Australia¹s most experienced IT journalists, having begun his career in the days of 8-bit 'microcomputers'. He covers the gamut from gadgets to enterprise systems. In previous lives he has been an academic, a systems programmer, an IT support manager, and an online services manager. Stephen holds an honours degree in Management Sciences and a PhD in Industrial and Business Studies.

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