The federal government has adopted an industry-wide framework for digital invoicing, paving the way for rapid takeup of electronic invoicing in government and the creation of a de facto national electronic payment system.
Deloitte Access Economics estimates e-invoicing could result in economy-wide benefits of up to $28 billion over ten years.
E-invoicing involves the digital transmission of purchasing and payment information between suppliers and customers in a format readable by machines. E-invoices are automatically entered into accounting software, reducing time and errors for both parties. Until recently e-invoicing solutions required both parties to use the same software, prompting lobby groups such as the small business-focused COSBOA to urge the government to develop a single low-cost e-invoicing standard that all businesses can use.