eInvoicing
Are you tired of chasing invoices, correcting invoice errors and avoiding email scams? Is this impacting your business cashflow?
eInvoicing is a faster, safer way to exchange digital invoices. It will save you time and money.
What is eInvoicing?
eInvoicing (or electronic invoicing) is the new way to digitally exchange invoices through your software. eInvoices are not PDF invoices that need to be printed, posted or emailed.
eInvoicing allows you to send and receive invoices digitally with other businesses such as your suppliers, contractors or government. It does not apply to business to consumer transactions.
How eInvoicing works
What makes eInvoicing possible is a common standard and safe and secure network that allows invoice data to be exchanged between different software or systems. Peppol is a common standard in Australia (and many other countries).
To start eInvoicing, your software needs to be connected to the Peppol network where eInvoices are delivered securely by Australian Taxation Office (ATO) approved service providers. The ATO administers the network but can’t access or view your invoices.
Many small business accounting software providers already offer eInvoicing options. It doesn't matter which software you and your business partners use to invoice, as long as you're both connected to the Peppol network.
Benefits of eInvoicing
The benefits of eInvoicing include:
- more accurate invoices, resulting in less mistakes to chase up and correct
- reduced time and costs dealing with manual processes including fixing invoice errors
- no more lost invoices - save time by getting the right information to the right contact on time
- confidence in the security of the Peppol network – less chance of invoice fraud or scams
- faster payments
- better business decisions, based on correct, real-time financial information.
Cost of eInvoicing
Most small business accounting software providers are building eInvoicing into their products and some already have it available. This may include free or low-cost solutions depending on how many invoices you exchange and your eInvoicing product.
Talk to your accounting software provider to find out their costs.
How to start eInvoicing
If you send or receive invoices using accounting software such as MYOB or Xero all you need to do is:
- Check with your software provider to see if they are eInvoicing enabled. If they are, follow their steps to get started.
- If your accounting software can’t eInvoice, you can start eInvoicing now by either:
- connecting your software to an add-on eInvoicing product, or
- purchasing accounting software that can eInvoice.
If you use a mix of digital and manual tools to send and receive your invoices, such as software, email or post, you can get started by:
- Consider going fully digital and check with your software provider to see if they are eInvoicing enabled. If they are follow their steps to get started.
- If your software can’t eInvoice, you can start eInvoicing now by either:
- connecting your software to an add-on eInvoicing product, or
- purchasing accounting software that can eInvoice.
If you send or receive your business invoices manually on paper or using office software such as Word or Excel:
- Check the eInvoicing provider list for options.
- Purchase accounting software that is eInvoicing enabled.
Talk to your bookkeeper or accountant for advice on how to get started with eInvoicing.
Other steps to get started
- think about the ways your current invoice processes may need to change
- talk to your employees and trading partners about these changes including the benefits.
If you need help getting started with eInvoicing, talk to your bookkeeper or accountant.
eInvoicing for business advisers
eInvoicing provides business advisers, registered tax, BAS agents, accountants, and bookkeepers an opportunity to increase client services by providing cutting-edge advice and supporting clients towards a digital future.
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