eInvoicing — Your New Favourite Task?

With a business as diverse as a club, invoicing can quickly become a resource-intensive manual task when, as it always seems to happen, the invoices arrive in one hit for approval and payment. However, a system introduced by the Australian Taxation Office (ATO) might just make the task of approving and paying invoices that little bit easier.

eInvoicing is the digital exchange of standardised invoice information between suppliers’ and buyers’ software through the secure Pan-European Public Procurement Online (Peppol) network.

Put simply, eInvoicing is a digital system that provides a standardised way for a business to send and receive invoices and is built into the accounting software. Once a supplier sends an invoice, it will show up automatically in the buyer’s accounting software ready for checking, approval and payment.

The only thing required for eInvoicing is for buyers and suppliers to be connected to a secure and compatible eInvoicing network, even if your software is on a different accounting system.

The benefits of eInvoicing for a club include:

• Faster processing and payment of invoices which can improve cash flow
• A more efficient internal processing system for invoices and reductions to administrative delays and payment issues
• A more secure way to store the club’s invoices in one spot (gone are the days of manila folders and overflowing filing cabinets)
• A reduced risk of fraudulent activity in relation to the payment of invoices in the club.

There are also cost-saving benefits that come with utilising the system, with an estimated saving of approximately $17 per invoice compared to the manual processing of invoices according to the ATO.

While the take-up of eInvoicing is still occurring across most Australian businesses, now is the perfect time for clubs to integrate the system into their operations.

For further information, resources and news on eInvoicing, please click here.