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The Digital Business Council has announced the opening of the public consultation phase of its electronic invoicing (eInvoicing) project.
The eInvoicing initiative is the first to be implemented by the council, which seeks to ensure the entire business community has access to a range of competitive solutions to enable the exchange of information digitally.
According to the Digital Business Council, adoption of eInvoicing in Australia has predominantly been driven by larger businesses resulting in closed trading networks, with suppliers needing to support different interfaces for each major buyer.
Peter Strong, CEO of the Council of Small Business Australia and co-chair of the Digital Business Council, said: "eInvoicing is a transformational step in Australia’s digital business movement to a streamlined, integrated and productive economy, and is an exciting step forward, especially for the small business community in Australia."
According to Mr Strong, paper-based invoices are "time-sensitive, error-prone and require manual processing by both suppliers and buyers".
He continued: "eInvoicing is 60 to 80 per cent more efficient than traditional paper-based processing. Buyers will be able to trade with a wider and more competitive supplier network, while businesses will have the potential to electronically discover more trading partners who are digitally enabled."
The Council added that a national framework of standards will give local software developers the confidence to invest and fully integrate eInvoicing into their software products helping to drive uptake in Australia.