You might already think you are part of the eInvoicing movement if you send your invoices out to customers and suppliers via email instead of physically posting them, but the PEPPOL standard of eInvoicing is something else entirely.
eInvoicing is a way for software packages to send and receive invoice data, removing manual data entry for invoice receivers and saving invoice senders the time it takes to email the documents. In addition to time and administration cost-saving benefits, eInvoicing can offer greater security of data, authenticity of information, and reduced data-entry errors. Businesses, already wary of opening email attachments, avoiding scams, data theft and ransomware attacks, can have a better sense of safety with eInvoicing technologies.
Accounting software vendors and third-party developers have been implementing a range of different methods to accommodate eInvoicing. This process has been standardised in New Zealand and Australia, who have adopted the Pan-European Public Procurement Online (PEPPOL) as the local standard for eInvoicing.
Although there has been no required start date for businesses to begin eInvoicing, Commonwealth agencies were mandated to be eInvoicing ready from 1 July 2022 as part of the Australian Digital Business Plan.
Aiming to provide information about eInvoicing and its benefits and to help businesses get on board, the ATO are hosting an eInvoicing week between 15 – 21 August 2022. An information factsheet along with other news and resources have also been provided on the ATO website.
As a member of DSPANZ, itself a member of the OpenPeppol group, Sybiz has commenced the process to incorporate eInvoicing into Sybiz Vision and will be providing further updates in coming months.
