In recent years, Australian companies have seen major reporting reforms required by the Government. SuperStream came into effect in 2016, and this year Single Touch Payroll (STP) becomes mandatory for all businesses. If you’ve experienced these changes, you’ll notice how big of a role technology has played. This is how Government, and many businesses alike, see the future.
The Australian Government recently announced that they’ll be moving forward with e-invoicing, through which electronic invoices can be exchanged directly between software of trading partners. As well as this, MAAS and MATS are now mandatory for Superannuation funds. This reports contributions and account changes as they happen.
In mid-2019, the Australia New Zealand Electronic Invoicing Board (ANZEIB) will be established to provide direction on how e-invoicing will be rolled out in the next few years. E-invoicing is expected to help businesses save an estimated $30 billion in transaction costs in the first 10 years. It is also expected that the Pan-European Public Procurement Online (PEPPOL) interoperability framework will be adopted and ready to use by the end of 2019, making it easier for businesses to exchange invoices with companies in Europe, Singapore, Canada and the USA.
These are all part of the Government’s digital transformation project to streamline B2G reporting and gain near-real-time visibility. It allows departments to have access to the same up-to-date information as businesses, their employees and super funds. Under these reporting initiatives, employers are required to report information in a standardised electronic format.
By selecting a long-term partner in the beginning, you’ll have a solution that will future-proof your business. It’s important that the solution you choose is flexible and complies with industry-wide frameworks to easily adapt to any new changes. It means that when the time comes for a change, you won’t need to go through the whole process of sourcing for a new provider and establishing a new gateway. Instead, you can use that time to focus on your business.
Solutions like MessageXchange allow you to comply with Government legislation like SuperStream, STP and eInvoicing, as well as other needs like EDI.
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