The standardization of electronic invoices is frequently moving to Australia. Currently, the e-invoice uses in Australia stand for 10 – 15 percent. The tax officials noted that standardized invoices could yield a saving of nearly $10 billion a year.
Australian economy gets a slight increase of $7-$10 billion with the adoption of e-invoicing. The adoption of e-invoicing enhances the considerable potential benefits. It enables business growth with the new resources that cover the automated exchange and processing of invoice.
According to the Australian Tax Office, the conclusion on adopting e-invoicing to different levels of state and territory, commonwealth, and local Governments brings a new path. The statistics from the Digital Business Council that e-invoicing improves the efficiency by 60-80% when compared to traditional paper invoicing proves true.
E-invoicing generates all the potential to overcome entering invoice data for Government. It develops and grows business prospects. Also, the e-invoicing interoperability framework provides open standards to extend e-invoicing to all Australian business, including Government.
According to the reports, eInvoices used with the permission of ISO approved business language specifications and other transport standards.
Also, Government agencies can save around $3 billion. As the framework to the implementation of e-invoicing standard was approved, there is still much to be done for smooth processing. The adoption of e-invoicing boost other levels.
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- – Auto billing and recurring billing
- – Bespoke invoicing and workflow management
- – Integrated with legacy CRM and ERP solutions
