The Peppol electronic invoicing standard will be adopted, according to the Australian government. Peppol, which is utilized in many nations worldwide, including Singapore, the US, Canada, and much of Europe, enables the digital interchange of invoices between various accounting systems. The implementation of the Peppol standard is meant to replace conventional paper and PDF invoicing and lessen the need for manual payment processing and invoice processing, saving the economy an estimated $2.8 billion annually.
Being that eInvoicing is viewed as a means of accelerating payments, it is also a part of the government’s Payment Times Reporting project. The use of Peppol eInvoicing for public sector procurement has already been mandated by the government, and it is currently proposing a mandate that would require all Australian firms to support Peppol by 2025, with larger businesses being required to do so by 2023. The federal government is pledging to pay eInvoices sent to it via the Peppol standard within five days in order to promote the use of electronic invoicing. Additionally, some state governments are giving eInvoices improved payment conditions.
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