Australia and New Zealand Sign Trans-Tasman E-Invoicing Arrangement.
It was announced on Thursday 25th of October that Minister Nash and Minister Robert had signed the ‘Australia and New Zealand Government Electronic Invoicing arrangement’.
The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell advised in a statement on the 18th of October ‘Around 1.2 billion invoices are exchanged in Australia every year; the potential benefit to the Australian economy in switching to e-invoicing is $28 billion over 10 years.’
She also stated ‘Research shows it costs $30.87 to process a paper invoice, $27.97 per PDF invoice and only $9.18 per e-invoice; a significant saving.’
The purpose of the arrangement is to show commitment to the E-invoicing strategy in order to ‘…help businesses save time and money by allowing the direct exchange of invoices between suppliers' and buyers' financial systems’ says Assistant Treasurer Stuart Robert.