E-invoicing is on its way
Along with a more automated exchange and processing of invoices, e-invoicing also promises reduced payment times and better cash flow.
The headline above may give the impression that electronic invoices are a futuristic concept, but of course even today there is a version of e-invoices - think PDFs and other electronic documents with the information that a standard tax invoice is required to display.
But what the ATO is working towards, and what it means by electronic invoicing (or e-invoicing) is more than a mere PDF. It is the automated direct exchange transmission of invoices between the software systems used by buyers and suppliers. E-invoicing removes the need to create paper-based of PDF invoices, scan, post or email them, and manually enter them.