E-invoicing – the future of invoicing

Have you heard about electronic invoicing or e-invoicing? It’s the future of invoicing in Australia and is already being used in some parts.

E-invoicing is the automated digital exchange of invoice information directly between a buyer’s and a supplier’s accounting systems. The days of paper or PDF invoices between businesses (and Government agencies) will be a thing of the past in the not too distant future.

Imagine being able to open your accounting software and your bills are there ready for you to pay without you having to do anything. The impact for business will be huge in terms of cost and time saving.

The ATO lists the benefits of e-invoicing as including:

• Cost savings
• Less time and errors
• Reliable and secure
• Reduced payment times
• Connect once, trade with many
• Environmentally friendly

The major accounting software providers, including MYOB, have been heavily involved in the development of the e-invoicing framework and it’s something that they plan to build into their products in the future.

See the following link for more information – E-invoicing – ATO.