Australia’s first end-to-end electronic invoicing experiment performed with the collaboration of Commonwealth Bank, MessageXchange, and Telstra with the leadership from Digital business council.
The experiment includes the:
- – Use of the ISO approved OASIS universal business language (UBL) XML specification for messaging and eBMS 3.0 standard for transport.
- – Involves the movement of UBL e-invoices over three months between Telstra as the supplier and Commonwealth game as the buyer provided by MessageXchange.
- – Access points are built into business software systems or outsourced to third parties. Tested the Australian Digital Business Council framework where every business and its trading partner communicate via an access point.
Australia has lagged the world in the whole of economy based electronic invoicing. It is due to:-
- – lack of a national framework of standards
- – a disproportionate cost burden for small business to interact with multiple systems
- – a reluctance of software developers to invest without a clear national framework
Also, through reduced paper and postage costs, processing errors and processing time on the estimated 1.2 billion invoices each year can save around $7-$10 billion.
The national standard will be adopted more broadly with these continued developments as has been the overseas experience.
Australia now has a national standard for electronic invoicing:
- – Provides a seamless system for all businesses
- – The developers get the confidence to produce e-invoicing integrated software
- – Reduces the processing errors and improve processing time and accounts reconciliation
- – Improves productivity and cash flow for businesses and government agencies
Electronic invoicing is potentially 60-80% more efficient and the effective implementation of frameworks allows businesses of all sizes the ability to transact seamlessly. It has already achieved 40 % of adoption rate in some countries, saving businesses and government billions of dollars every year.
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For your electronic invoicing solution, choose cloud-based invoicing solution empowering account receivable and payable management. Invoicera helps to automate and simplify your business processes with expense management, recurring/subscription billing, client/vendor panels, time tracking, workflows, multi companies, online invoicing and payments, staff permission, financial reporting & analysis, purchase order management, multilingual & multi-currency support, sub-contractor billing and time management, comprehensive reporting and APIs for 3rd party integration.
If planned well, the electronic Invoicing solution will enable huge cost savings for your business! It also helps to improve buyer-supplier relationships and enables faster flow of business transactions.
