Australia and New Zealand are planning to create trans-Tasman standards for electronic invoicing in an effort to save $30 billion over 10 years. 

Digital invoice is an initiative that will save businesses time and money. Getting rid of manual handling of bills makes the process faster and more accurate, thus the chances of errors and delays will be reduced. 

According to a discussion paper released this week, the Australian Taxation Office is establishing a centralised look-up facility for businesses in Australia and New Zealand so they can find the "digital address" of a supplier and send them an invoice directly.

"It means businesses will be able to spend less time re-entering invoice data for all levels of government and spend more time on growing their business," Ms. O'Dwyer said.

In addition to this, the research also revealed that it costs $30.87 to process a paper invoice, $27.97 per PDF invoice and only $9.18 per e-invoice; a significant saving, indeed. 

Government and small businesses should adopt e-invoicing simply because could deliver potential benefits specifically on issues concerning fraud and scam.  More than $3.5 million has been lost to so-called "false billing" scams in Australia this year, according to the competition watchdog's Scamwatch project.

nd scam. More than $3.5 million has been lost to so-called "false billing" scams in Australia this year, according to the competition watchdog's Scamwatch project.

Refer to article by Emma Koehn for Sydney Morning Herald.

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