e-invoicing

Payment times, paperwork, manual errors and a ‘significant amount’ of money are expected be reduced as a result of the new rule.

As part of the overarching Digital Business Plan, the Australian government has announced that the Commonwealth will mandate e-invoicing for all federal agencies by 1st July 2022. with over 80% of invoices being able to be received electronically by 1 July 2021. The government knows that building digital capabilities can increase business resilience and create […]

The survey performance report noted that this was a ‘significant improvement’ from the previous year, when just 61.7% of invoices were paid on time.

The Department of the Treasury has officially adopted a fully integrated electronic invoicing solution, enabling businesses to be paid within five days. Council of Small Business Organisations of Australia CEO Peter Strong said e-invoicing could make the lives of business owners easier.

Commonwealth government agencies will soon be expected to pay e-Invoices to suppliers within five days, or else pay interest on late payments. Starting from January 1, the new payment policy will apply to agencies that deliver and receive invoices electronically with suppliers, for contracts worth up to $1 million.

Federal government endorsement of a common industry framework is expected to fuel rapid takeup of electronic invoicing across Australia and New Zealand.

The cross-jurisdictional agreement will serve as an exemplar for similar deals between the DTO and other states and territories to standardise their evolving marketplaces.