If you’re a business owner, you’ve probably heard about eInvoicing. But what is it, and why should you care?
eInvoicing is the new, standardised way to send and receive electronic invoices directly through your accounting software. It’s not the same as sending an email or PDF through your software. Instead, invoices are sent directly between buyers’ and suppliers’ software through a secure network.
Once the sender creates the invoice in their software, this information is sent directly and securely to the receiver’s software, ready to be approved and paid.
eInvoicing saves time and money and enables you to have better control of your invoicing by:
- Reducing the repetitive manual entry of invoices (eInvoices automatically appear in your software).
- Removing the need to chase lost or incorrectly addressed invoices (eInvoices are delivered using your trading partner’s ABN, with key details validated before they’re sent).
- Eliminating costly and time-consuming errors that often happen with manual entry.
- Providing greater visibility of the delivery status of your invoices, with real-time information available in your accounting software.
- Reducing the risk of fake, unsolicited or compromised invoices and other false billing scams.
- Allowing you to trade seamlessly with eInvoicing-enabled businesses in Australia and around the world.
Switching to eInvoicing is fast and easy. Your current accounting software may already be eInvoicing-enabled. Talk to your provider about how you can get started. If you don’t already use accounting software, there are many options available, including free and low-cost solutions.
If you have any questions or need help figuring out eInvoicing, our team is ready to point you in the right direction.