E-Invoicing and Small Business Payment Terms
E-Invoicing becomes more relevant as the Federal Government and State Governments plan to create regulations to pay small business within shorter time frames. Federal Government is looking at paying small businesses within 20 days and the NSW Government is looking at within 5 days. Some State Governments are also looking at automatically paying late payment interest to any invoice they pay late. The new E-Invoice standard that is currently being finalised for Australia and New Zealand will help accelerate the approvals process and payment of invoices.
Watch out for more news on E-Invoicing.