Your guide to eInvoicing
Digitally exchange invoices between accounting software systems, without manual data entry.
Everything you need to know about eInvoicing in Australia.
What is eInvoicing?
Electronic invoicing (or eInvoicing) is the new way for businesses to send invoices electronically between a buyer’s and supplier’s accounting software systems, without the need for manual data entry.
With the introduction of eInvoicing, businesses will no longer need to generate paper-based or PDF invoices that must be printed, posted or emailed – reducing costs and improving payment times.
Will it be mandatory for small businesses to use eInvoicing?
As part of the Government’s Digital Business Plan, eInvoicing will be mandatory for all Government departments by 1 July 2022. The Government is currently consulting on options for mandatory adoption of eInvoicing for businesses.
So, for now, you can still choose how you want to invoice your customers, however there are significant benefits to using eInvoicing if you want to reap the rewards earlier.
For more information about the rollout of eInvoicing for Australian businesses visit the ATO website here.
Benefits of eInvoicing
eInvoicing brings a range of benefits to businesses. The direct exchange between accounting software means less manual handling of incoming eInvoices, resulting in greater accuracy, reducing the risk of errors and getting you paid faster.
Einvoicing is paperless, helping you significantly reduce time spent on manual admin and improving efficiency by replacing the need to email PDF invoices with einvoicing software. Plus, electronic invoices are exchanged through a secure and safe network, reducing the risk of interception and fraud.
How is Reckon supporting eInvoicing?
Reckon One and Reckon Accounts Hosted are now eInvoicing ready, enabling our customers to save time on invoicing, reduce manual handling and most importantly get paid faster. Learn more about how you can manage eInvoicing with Reckon One and Reckon Accounts Hosted.
Frequently Asked Questions
How does eInvoicing work?
eInvoicing allows a small business to send an invoice from Reckon directly to the accounts payable software of another business or government department, and allows a business to receive an invoice directly into Reckon from a supplier.
What are the benefits of eInvoicing?
eInvoicing brings a range of benefits to businesses. The direct exchange between accounting software means less manual handling of incoming einvoices, resulting in greater accuracy, reducing the risk of errors and getting you paid faster.
Einvoicing is paperless, helping you significantly reduce time spent on manual admin and improving efficiency by replacing the need to email PDF invoices with e-invoicing software. Plus, electronic invoices are exchanged through a secure and safe network, reducing the risk of interception and fraud.
Will it be mandatory for small businesses to use eInvoicing?
As part of the Government’s Digital Business Plan, eInvoicing will be mandatory for all Government departments by 1 July 2022. The Government is currently consulting on options for mandatory adoption of eInvoicing for businesses.
So, for now, you can still choose how you want to invoice your customers, however there are significant benefits to using einvoicing if you want to reap the rewards earlier. For more information about the rollout of einvoicing for Australian business visit the ATO website here.
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Download our eInvoicing guide for small businesses, that has everything you need to know about sending electronic invoices between a buyer’s and supplier’s accounting software systems!
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