eInvoicing costs a fraction of traditional invoicing methods. With paper invoices estimated to cost $30.87 to process and PDF invoicing costing an estimated $27.67 to process, eInvoicing can be up to 70% cheaper to process compared to traditional formats. With an estimated 1.2 billion invoices sent every year in Australia and New Zealand, the cost savings will be significant.
Ease of Processing
Automation equals less manual data entry. As eInvoices are automated from system to system, manual data entry is greatly reduced meaning processing invoices is far simpler. While you still need to apply your own workflow processes, reducing the manual processes will save time processing all invoices.
Faster Payment Terms
Get paid faster with less errors. With less errors, less administration and system to system delivery, eInvoicing will significantly reduce payment times by allowing business to process and pay invoices faster. And with enhanced traceability, you’ll always know where your invoices are and when they’ve been received and actioned.
Secure and Reliable
Minimising fraud and billing scams. Under the Peppol network all invoices are sent in the same predefined format with encryption and strict security minimising the possibility of it being altered in any way. Sending and receiving invoices directly through the network via the approved and accredited Access Points, means it reduces the risk of fake invoices and scams to virtually nil.
Get paid within five days or receive interest on late payments. The Australian government has announced that from 1 January 2020, Australian Government agencies will pay eInvoices of contracts up to $1 million within five days and pay interest on any late payments. eInvoicing capabilities may also be included in government tenders as a condition.
The Australian Government has announced that all Federal Government Departments must implement eInvoicing by 2022. All State governments are following suit and Local Government is also starting on the path of adopting eInvoicing.
Less manual handling equals greater accuracy. Removing the need for manual handling and re-keying of invoice information means far less errors and no missing invoices. eInvoicing means greater accuracy of data being transferred from system to system.
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