BREAKING NEWS: Australia introduces PEPPOL
At the end of last year, Australia introduced the international standard PEPPOL for electronic invoicing. The standard is supposed to make it easier for suppliers and buyers to exchange invoices. Both parties can send and receive their invoices via the PEPPOL network.
The Australian government has now recently made it mandatory for businesses to set up on the PEPPOL network accordingly by July 2025. The government is also offering Australian businesses the opportunity to digitize their O2C and P2P processes as well as controls so that ESG targets can be met at the same time.
It is recommended to transition to the new system early and start planning now to meet the date.
The Australian government has now developed a new digital business plan to boost the economy. The plan provides 800 million AUD to help businesses use digital technology, grow business, and create jobs.
Specifically, 3.6 million AUD of this will be used to roll out e-invoicing across all Commonwealth government agencies by July 2022. The aim is to create greater acceptance among B2G companies and to promote supply chains. Although no exact timeframe has been set yet, the Australian government has also already begun consultations on an e-invoicing obligation for companies in general.
It is assumed that this step will enable a savings potential of around 28 billion AUD to be exploited in the coming decade and that the market will benefit from these positive effects.
The Covid-19 pandemic in particular has accelerated the introduction of such digital technologies among Australian companies and consumers, as many have had to change their business processes at short notice in order to remain able to do business during the crisis.
The Prime Minister, Scott Morrison, said that this year’s budget, as part of the economic stimulus package, is designed to support businesses and create more jobs. After the pandemic, many companies would have switched to more digitized options quickly, completed a decade of change in months, gained new customers or broke new ground. That is why the digital business plan is intended to continue this digital boost and create space for companies to grow further.
Other elements of the business plan include funding to build digital skills among employees, accelerating the roll-out of 5G across Australia and ensuring trust and cybersecurity in the digital economy. In addition, funding will also be provided for a new initiative to commercialize regulatory technologies to improve compliance and support digital technology companies in Australia. The plan also aims to help establish temporary arrangements to enable companies to hold virtual meetings and work with electronic documents on a permanent basis.
With this plan, Australia aims to be a leader in the digital economy and society by 2030.
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INPOSIA e-invoicing Specialist