Once you’ve identified the bottlenecks in your current process, it’s time to start talking to your trading partners and suppliers about switching to e-invoicing. Remember to consider unpaid invoices, payment reminders, the billing process, and how your customers pay you. What are the pain points? Where do delays typically occur? Having a clear understanding of your current state will help you map out a more efficient process using an e-invoicing system.
The first step is to look closely at your current invoice processing system. Here’s a quick overview of the critical steps you need to take to ensure your transition goes off without a hitch. Making the Transition to an e-invoicing System They also control the specifications for online invoicing and manage the use of online invoices via the e-invoicing network. For example, in August 2022, they launched “e-invoicing week” to help guide employers looking to switch over to an e-invoicing system. The ATO is the primary Peppol authority for Australia, giving them the responsibility to develop and administer the framework to implement e-invoicing in Australia. The Australian government is already using the Peppol network for SuperStream to automate superannuation contributions, and it is expected to become increasingly popular in the coming years. The Pan-European Public Procurement On-Line (Peppol) Framework is a set of standards and specifications designed to facilitate electronic document exchange (such as electronic invoicing) between public authorities and businesses across Europe.īased on the 4-corner model, the Peppol network provides a platform for exchanging documents between different service providers. The Australian Tax Office (ATO) and the federal government recently started mandating e-invoicing for all Commonwealth government agencies, and continue to advocate for the numerous benefits of adopting a more digital approach to payments. This has revolutionised business-to-business relationships, making it more convenient to send professional invoices, get paid faster, and manage receivables. But, with the advent of e-invoicing, businesses can now send and receive digital invoices. For example, in the past, companies had to rely on paper invoices to keep track of payments and receivables. In many cases, businesses are now able to operate far more efficiently and effectively than ever before. Cloud-based services allow teams to operate anywhere in the world with just a few clicks, and social media has created new marketing and customer service channels. Technologies like email, instant messaging, and video conferencing continue transforming communication and collaboration within each business process.
Over the past decade, the business world has seen a digital revolution.
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