What is e-invoicing?
Published: 8th August 2022
What is e-invoicing?
E-invoicing is a popular topic, particularly when discussing a digital future. However e-invoicing isn’t a new idea with the first electronic invoices sent over 30 years ago through an electronic data interchange. Since then, e-invoicing has developed into a safe and secure way for suppliers to automatically and digitally exchange invoice information to customers through a secure network.
So why move to e-invoicing and what are the benefits it can give to your company?
Why e-invoicing?
E-invoicing is a more accurate and secure way to transact with your suppliers and customers rather than attaching invoices via email or sending them through the mail.
By transitioning to e-invoicing you:
- Reduce printing and postage costs, eliminating the need for any paper though out the invoicing process.
- Reduce the number of administration hours – with e-invoicing all invoices are entered into the system automatically and with less manual errors.
- Greater automation – e-invoices can be set up to send automatically
- Increased security – e-invoices are exchanged through the secure Peppol network, reducing the risks of fake or compromised invoices, scams and ransomware attacks.
Overall e-invoicing is a great way to reduce manual processes, costs and errors in your invoicing. Generally the cost of processing a paper or emailed PDF invoice is around $27-$30 with e-invoicing reducing this cost to less than $10 an invoice.
E-invoicing and Peppol
You may have heard the word Peppol and e-invoicing in the same sentence a lot! Peppol is an international eProcurement framework that standardises the way information is structured and exchanged, providing a ready-to-use, scalable and international solution for securely sending your digital data.
Peppol enables the digital exchange of data and documents, transmitting data through a secure network of approved service providers called access points. Access points allow you to connect to the network and allow you to exchange data with your registered trading partners.
How we can help
E-invoicing is a key part of a digital future and is already being used by companies across the globe. A number of our software partners such as FileBound and Redmap are already offering an integrated e-invoicing solution using the secure Peppol network. If you are ready to take your invoicing process into the future, get in touch with us to discuss how to make your digital transition as smooth as possible.
After more information?
To create awareness around e-invoicing in Australia the ATO is running eInvoicing Week 2022 from the 15th to the 21st August 2022. If you’re on the line about transitioning to e-invoicing this is a great event to learn more about e-invoicing from industry and professional associates, early adopters and government agencies.
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