Economy wide adoption of eInvoicing will increase the level of participation in the digital economy, driving productivity improvements and growth across industry.
Many businesses are actively seeking to raise productivity, reduce operating costs and grow their businesses through digitisation. Businesses can implement digital capabilities that raise performance in areas that require business to business interactions, such as the procure to pay process.
Council’s purpose is to support the entire business community in accessing a range of competitive solutions to enable the exchange of digital information.
eInvoicing is the first step toward digitising the procurement lifecycle and provide efficiency benefits to businesses and the economy. Further standards will follow as the Digital Business Council develops them.
eInvoicing will spearhead an increase in the proportion of Australian businesses embracing digital to drive productivity improvements and business growth.
The ATO is committed to supporting the Digital Business Council (Council) to develop eInvoicing standards and the Council’s efforts to encourage adoption of eInvoicing both within and outside the government.
Council is encouraging solutions that would assist in overcoming the ‘Catch 22’ issue where businesses see a weak business case for the change until there is substantial adoption, but there won’t be substantial adoption until these businesses make that investment. Therefore any approach that potentially provides a means for businesses to adopt eInvoicing with only minimal investment will help to overcome this.If successful, this would both increase the speed of adoption of the change in this significant area of eCommerce renewal, and provide an example for other types of change programs.