Most businesses today use invoices in one form or another for things like billing customers for transactions, collecting tax on sales, and paying suppliers. Until recently, both paper and digital invoices needed to be created manually and sent through channels like email.
eInvoicing is changing the way invoices are created, shared and paid by removing the need for a human to input any data. Even the federal government and the Australian Tax Office (ATO) have started switching Commonwealth government organisations to eInvoicing.
But what exactly is eInvoicing and how does it work? In this article, we’ll walk through the essentials of eInvoicing, including the benefits, how to set up eInvoices and how accounting software can take care of the hard work for you.