“Overall, I believe e-invoicing volumes will grow each year for the next five years: 15% in Europe, 20% in North America and 25% in Asia. I foresee very strong growth rates, and I expect to see a positive impact from all these business-to government initiatives in the private sector.”Bruno Koch, Billentis.
Moving to e-invoicing is no longer an option for businesses, it is becoming an obligation. Propelled by the goal of preventing tax evasion, mandatory e-invoicing legislation is on the rise globally, driving the transition from paper to electronic invoicing and archiving.
The journey of e-invoicing in Australia started back in early 2015 when the Australian Government, through the Australian Taxation Office, was seeking a consultant to provide recommendations in relation to an implementation model for e-invoicing in Australia. Following a report from the above mentioned Bruno Koch, his recommendations led to the creation of the Digital Business Council to “support and facilitate the open exchange of digital transactions in Australia”.
Fast tracking to October 2018, the Australian and New Zealand governments agreed to take practical action around common approaches to e-invoicing with the Trans-Tasman Electronic Invoicing Arrangement in order to create a seamless e‑invoicing approach in order to improve productivity and reduce the costs of doing business for both governments and industries through an interoperable single digital economic market.
The Australian and New Zealand Prime Ministers announced in February 2019 that both countries intended to adopt the PEPPOL interoperability framework for e-Invoicing, a framework used in over 34 countries and increasingly being adopted worldwide. Following this announcement, both the Australian Taxation Office (ATO) and the New Zealand Ministry of Business, Innovation and Employment (MBIE) became PEPPOL Authorities and during the course of 2019 developed local invoice specifications based on the PEPPOL BIS Billing 3.0 standard, an Electronic Data Interchange (EDI) standard format. The project moved forward rapidly with several service providers being accredited in the last quarter of 2019 and the first e-invoices being exchanged on the PEPPOL ANZ network in December 2019.
Since the beginning of 2020, more service providers are getting accredited, including Esker (Esker is already accredited for PEPPOL in Europe and Singapore) in order to support the adoption of PEPPOL e-invoicing in Australian and New Zealand.
That’s great, e-invoicing via PEPPOL is now live in Australia! But what do you need to know today? We invite you to download this report to learn more…
This article is sponsored by Esker