eInvoicing hits 10,000 registrants. Here’s why it’s a big deal for small business

A key strategy in combatting the late payment issue facing small businesses is the implementation of eInvoicing. While eInvoicing via the Peppol network has been available in dozens of countries for over a decade, Australia is only a recent adopter – rolling out the tech last year.

Today Mark Stockwell, Acting Assistant Commissioner at Australian Taxation Office announced the 10,000th business has registered with the platform.

“Reaching this milestone before the end of the year is cause for celebration and gives us a moment to reflect,” Stockwell said.

The Acting Commissioner said the achievement would not have been possible without the support of digital service providers, tax agents, bookkeepers, and associations.

“And of course those early adopters from large and small business as well as government,” he said.

Stockwell said the ATO expects the number of businesses to adopt eInvoicing will grow in the coming months as the tax office launches an awareness campaign in January. Stockwell advised further milestones included  32 federal government agencies that have enabled eInvoicing and over 800 bookkeepers and accountants have signed up in support.

Joseph Lyons, Managing Director Australia & Asia, Xero, said eInvoicing hold extreme potential for the nation’s small businesses.

“Since the pandemic, small businesses have accelerated their digitisation journey to keep pace with a changed world. eInvoicing, a new way to exchange invoices electronically, is the next step and will bring about broad benefits. The ATOʼs latest milestone of reaching 10,000 businesses registered to receive eInvoices via the Peppol network gives us a glimpse of what is to come.

“eInvoicing holds huge potential for the Australian business landscape. It can help make the invoicing and billing process not only faster but more efficient, accurate and secure. Importantly, eInvoicing also promises to aid in solving the longstanding late payments issue which has a powerful domino effect across our economy – which is important for our recovery. With each organisation that joins, we are one step closer to bringing the benefits of eInvoicing to small businesses and the broader nation,” Lyons said.

The Xero MD said currently eInvoicing is part of the brand’s standard product, meaning over one million subscribers can already access eInvoicing through Xero in Australia.

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