The ATO is expecting significant growth in the use of eInvoicing over the next 12 months, with more than 18,000 businesses already using eInvoicing to make their transactions faster, simpler and more secure.

eInvoicing is the new, standardised way to send and receive electronic invoices directly in software, via a secure network. With eInvoicing, suppliers no longer need to print, post or email paper-based or PDF invoices and buyers won’t need to manually enter or scan invoices into their software.

As stated by ATO Deputy Commission Will Day, “The pressures of running a business can often leave businesses with little time to focus on anything else. eInvoicing offers a streamlined way of managing invoices, allowing more time to focus on what is important to the business. Once connected with eInvoicing, businesses can immediately transact with everyone on the same network, meaning you can be paid faster, and ultimately improve your cashflow.

Mr Day said eInvoicing also reduces the risk of fake or compromised invoices and email billing scams. “With eInvoicing, the invoice is delivered directly into the customer’s software via a secure network, so there’s less risk of lost or fraudulent invoices being paid.”

The Australian Small Business and Family Enterprise Ombudsman Bruce Billson said he encouraged small businesses to adopt eInvoicing. “It is a great way to enable faster payment, it cuts the administrative burden and is more secure than posted or emailed invoices, so it reduces the chance of invoice fraud or scams,” Mr Billson said.

“About 1.2 billion invoices are exchanged in Australia every year but many are sent to the wrong person or with incorrect information. It costs around $30 to process a paper invoice while an e-invoice costs less than $10,” Mr Billson said.

Businesses can get started with eInvoicing by registering in their software, or talking to us to find out if their software is eInvoicing enabled.