This change could spell the end of Accounts Payable Invoice Data Entry. You will be able to import Accounts Payable invoice data into your system, using modern ERP software.
The Australian and New Zealand Governments are currently at the planning stage of introducing e-Invoicing. Once this is introduced then government departments will require suppliers to submit invoices in a standard electronic format so that invoice data can be automatically imported into government accounting systems.
The timeline is not yet clear. It has been estimated that the NZ government will introduce this requirement by the end of 2020 approx. and the Australian government may introduce the requirement by mid to late 2021. We will update this posting when the timeline becomes clearer.
Once the respective governments introduce e-Invoicing it is then expected that this will evolve into a compliance standard and will become a functional requirement for commercial organisations.
There are obvious benefits for business to business transactions to be conducted with stand invoicing formats. This workflow will enable organisations to achieve Accounts Payable automation without the need to purchase separate AP automation and OCR systems. Once e-Invoicing becomes available then you will be able to import your supplier’s invoices, therefore eliminating the work involved in manual keying in of purchase invoice data.
Details of the e-Invoicing requirement can be found at this link https://www.ato.gov.au/Business/E-invoicing/
At the moment the governments are still in the process of finalising e-Invoicing standard formats and workflows. The major software developers are waiting for these standards to be finalised so that they can then move ahead with the necessary software enhancements.
Our software developers and suppliers have advised us that their major ERP software will introduce e-Invoicing functionality. This includes MYOB Advanced, MYOB Exo and Tencia (from Arrow Research).
This is another reason why you need to keep your ERP software maintained and updated with current supported versions. This will provide you with confidence that you will be able to make a smooth transition to e-Invoicing compliance.
If you have any questions about e-Invoicing please feel free to contact Communicat.