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Benefits of eInvoicing

Benefits of eInvoicing

eInvoicing is the new way for businesses to exchange invoice information more efficiently, more accurately and more securely. With eInvoicing:

  • suppliers won’t need to print, post or email paper-based or PDF invoices
  • buyers won’t need to manually enter or scan invoices into their software
  • businesses can connect once and immediately transact with everyone on the same network.

 

In the latest episode of ATO podcast Tax inVoice, Acting Assistant Commissioner Mark Stockwell talks about the many benefits of eInvoicing, including the time and cost savings due to the removal of manual processes.

 

‘Our studies show that a paper invoice is around about $30 to process on average, whereas an eInvoice is around the $9 to $10 mark. So you’re getting an immediate dividend, about $20 an invoice back.’

 

Mark explains our calculations also show an average small business can save about 11 days of effort each year by switching to eInvoicing.

 

In the podcast, Mark also addresses some questions about eInvoicing and how it works. For example, he explains that Peppol is the common standard used in Australia for einvoices, and that the ATO administers the network but can’t access or view your invoices.

 

You can find the podcast episode on eInvoicing on your preferred podcast platform, including Apple Podcast and Spotify, as well as on the ATO website. If you are already using Xero, you can get started with eInvoicing in a few simple steps. See Xero Central for more information or give us a call!

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