Aus and NZ adopt PEPPOL e-Invoicing framework

Australia and New Zealand have announced that they jointly intend to adopt the Pan European Public Procurement Online (PEPPOL) interoperability framework for e-invoicing.

This framework is currently used for e-invoicing in 32 countries across Europe, Asia and North America.

E-invoicing is the automated direct exchange of invoices between a buyer’s and a supplier’s finance systems. Its introduction will improve productivity and reduce the costs of doing business for both government and industry.

Australian and New Zealand businesses currently process around 1.3 billion invoices annually and the adoption of e-invoicing will see them save over $30 billion in transaction costs over the first 10 years.

The Australian and New Zealand Prime Ministers have also established the Australia New Zealand Electronic Invoicing Board (ANZEIB), which will set the direction on how e-invoicing will be rolled out over the next few years.

The board is expected to meet for the first time in March 2019.

The Australian and New Zealand governments are aiming for a transition to PEPPOL by the end of 2019, with e-invoicing being available to New Zealand businesses from that time.

Image credit: ©stock.adobe.com/au/momius

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