A new eInvoicing Hub has been established for businesses in the Hunter region of New South Wales to help boost efficiency and combat scams.
The Hub, launched in Newcastle today, is a collaboration between the Australian Taxation Office and local business groups. It aims to provide businesses with an opportunity to learn about the technology and help them realise the benefits of eInvoicing.
eInvoicing is a new standardised way to send and receive invoices via a secure network ‑ using existing small business accounting software and apps.
It enables faster payments that can improve cash flow, and has in‑built security, which helps to reduce the risk of invoice fraud; complimenting the broader work the Government is doing to protect small businesses against scams.
Adoption is growing, with more and more cost‑effective solutions becoming readily available.
Over 33,000 businesses are registered for eInvoicing in Australia, including Bunnings, Woolworths and BOC Gas, and over 400,000 eInvoices have been delivered on the network.
Commonwealth Government agencies are also enabled, which allows us to offer 5‑day payment terms for our suppliers using eInvoicing under our Pay on Time or Pay Interest policy.
Together, with the support of local business groups, we want to create opportunities for local trading partners to exchange eInvoices and unlock the benefits of the technology.
Engagement activities will continue across the region in the lead up to and during NSW Small Business Month over October.
The Government encourages businesses and business advisers in the region to make the most of the initiative and find out more about how eInvoicing can help them.
If you want to find out more about eInvoicing, and how you can get started, visit ato.gov.au/eInvoicing.