eInvoicing will enable every business to participate in the digital economy to improve productivity and growth.
Invoicing is an activity common to all businesses - Australian businesses exchange about 1.2 billion invoices a year.
According to research undertaken by the Digital Business Council, nearly 90% of small and medium businesses exchange and process invoices manually.
It is estimated that 1 in 5 invoices contains avoidable errors – meaning employers are left with a costly and time-consuming correction process and in many cases resulting in late payments.
The introduction of eInvoicing will remove the majority of existing manual processes and significantly reduce error rates and the time employers spend generating and processing invoices.
eInvoicing will deliver employer’s real benefits:
remove inefficient manual processes;
provide a better customer experience;
improve cash flow as invoices are processed more quickly meaning speedier payments;
eliminate payment delays due to incorrect details on invoices;
re-focus your accounts staff on higher-value tasks.
Why invoicing and payroll software providers need to act?
eInvoicing has introduced a common data standard that will eventually support all B2B and B2G electronic invoicing.
The ability to generate eInvoices from within your software will provide a significant opportunity to obtain new business, result in higher retention of existing clients and develop additional value added services for your client base.
Your competitors are developing e-Invoicing capability from within their software and are looking to actively grow their market share.