Businesses Down Under may soon have sent their latest paper invoice as Australian authorities are reportedly moving towards scrapping them.
For instance, the Australian Taxation Office has embraced the rise of single-touch payroll and e-invoicing and their ability to boost business growth, according to the Sidney Morning Herald.
At the same time, the governments in Oz and New Zealand are working on a joint standard for electronic invoices.
The Australian minister for housing and assistant treasurer Michael Sukkar told the publication that the Pan European Public Procurement Online policy was making good progress and that the country’s government departments would be using it soon.
It is estimated that shifting to e-invoicing would save Australia and New Zealand $39bn over the next ten years.
Tax regulators have backed the move as improving cash flow could reduce lags in paying tax obligations.
And there seems to be a need for it as 20% of the country’s $26bn worth of annual invoices are paid late due to invoices having mistakes or being sent to the wrong person thanks to manual data entry, according to the Australian Taxation Office estimated.