Small businesses have been listed as among the potential beneficiaries of a government-initiated study into the costs and benefits of adopting e-invoicing.
The study, which forms part of the government’s focus on financial technology, will be carried out by the Australian Tax Office using existing resources, according to 2016 federal budget documents.
As part of the study, the ATO will consider the feasibility of all levels of government adopting e-invoicing, including Commonwealth, state and territory, and local governments.
Small Business Minister Kelly O’Dwyer said in a statement e-invoicing has the potential to all small businesses to “spend less time re-entering invoice data for government and more time developing and growing their business”.
O’Dwyer cited statistics from the Digital Business Council, which says e-invoicing could improve efficiency by 60-80% in comparison to traditional paper invoicing.
The government is expected to consider the findings of the study in early 2017.
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