New research by MYOB has found Australia’s small business owners are heeding the call to take up e-invoicing.
The findings come as the cloud accounting company unveils its e-invoicing product in partnership with e-invoice specialists Link4, LUCA Plus and MessageXchange.
Small businesses are ready for the digital economy
MYOB”s research discovered Australia’s small businesses are prepared to take advantage of the digital economy, with more than half (53 per cent) already calling for business-to-business e-invoicing to be mandatory, this rises to six in ten (61 per cent) of sole traders.
The survey found 43 per cent of small business owners had heard of e-invoicing and understand it to be the direct, electronic exchange of invoices between suppliers’ and buyers’ financial systems. Over a third (38 per cent) of respondents say it will save them the equivalent of a working week in time each year, with those that are already online more likely to know about e-invoicing (51 per cent of those with a business website were aware of e-invoicing).
Time for government to make e-invoicing mandatory for B2B
MYOB CEO Greg Ellis suggests with such awareness is high, there is little need for further education for small business owners to understand the benefits of e-invoicing.
“This data illustrates there is no need for Australia to take a softly-softly approach with the e-invoicing mandate; other countries have successfully brought the mandate in and SMEs are ready to go. They understand how it works and the benefits of faster payment times and reduced admin that it brings.”
In the 2020 Federal Budget, it was announced that receiving e-invoices would be mandatory for business-to-government (B2G) transactions from 1 July 2022. MYOB’s CEO Greg Ellis said the business management platform had been calling on Government to expedite mandatory e-invoicing for business-to-business (B2B) transactions as a fast follow to B2G.
“It is therefore in the interest of the Australian economy to bring in the B2B mandate as soon after the government deadline as possible.
MYOB leading e-invoicing charge
“MYOB is primed to support SMEs in their adaptation to e-invoicing. We are proud to have partnered with a selection of Australia’s top e-invoicing providers – Link4, LUCA Plus and MessageXchange – to ensure MYOB customers have complete flexibility over the way they transact with their customers and can securely send and receive their e-invoices.
“e-invoicing is the best enabler we have for the digital economy. Let’s get this done and help our SMEs lead Australia’s recovery and growth,” Ellis said.
MYOB is now taking expressions of interest from its customer base in its e-invoicing solution, which will in the first instance enable the sending of e-invoices, with receiving functionality set to be inbuilt in the second quarter of 2021.
MYOB customers interested in finding out more can register here
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