E-invoicing, or electronic invoicing, is the future of invoicing in Australia. If you’ve never heard of it, then you will soon, with Australia and New Zealand agreeing to roll out e-invoicing technology across both countries. Read on to find out more.

E-invoicing is the automated direct exchange transmission of invoices between software systems of the buyer and supplier. The ATO has a handy video explaining e-invoicing here.

So, what’s in it for you? Well, most importantly e-invoicing will save you money. It is approximately 70% cheaper to use e-invoices rather than other methods like paper or PDF.

E-invoicing will also get you paid faster (especially for government suppliers), because the invoices will be processed faster. If you read last month’s post, you’ll know that late payments are a huge issue for Australian small businesses.

If you’re a small business owner who is time-poor, you’ll be happy to know that e-invoicing will save you some precious time. This is because you don’t need to spend time creating a PDF or paper invoice, and you don’t need to muck around with manually entering invoices either.

E-invoicing will also keep the taxman off your back. Less manual handling means fewer errors, so you can be more confident that your business is compliant.

E-invoicing will be rolling out over the next few years. If you are interested in using e-invoicing in your small business, the ATO suggests you contact your software provider.

If you’d like to find out more ways to save time and money in your small business, connect with us today!