Digitally enabled SMEs primed for the e-invoicing evolution, finds MYOB
27 Jan 2021
MYOB unveils e-invoicing solution and partnerships with prominent e-invoicing providers Link4, LUCA Plus and MessageXchange.
Australia’s small businesses are primed to take advantage of the digital economy, with 53% who understand e-invoicing calling for business-to-business e-invoicing to be mandatory, rising to 61% for sole traders, according to fresh data from MYOB.
These findings arrive as the leading business management platform today unveils it has partnered with Australia’s prominent e-invoicing providers Link4, LUCA Plus and MessageXchange to provide a flexible e-invoicing solution for small businesses.
The survey of 1000 SMEs found 43% had heard of e-invoicing and understand it to be the direct, electronic exchange of invoices between suppliers’ and buyers’ financial systems. This rises to 49% for sole traders.
More than a third (38%) of respondents say it will save them the equivalent of a working week in time each year, with those that are already online more likely to know about e-invoicing (51% of those with a business website were aware).
In the 2020 Federal Budget, it was announced that receiving e-invoices would be mandatory for business-to-government (B2G) transactions from 1 July 2022. MYOB’s CEO Greg Ellis said the business management platform had been calling on Government to expedite mandatory e-invoicing for business-to-business (B2B) transactions as a fast follow to B2G.
“This data illustrates there is no need for Australia to take a softly-softly approach with the e-invoicing mandate; other countries have successfully brought the mandate in and SMEs are ready to go. They understand how it works and the benefits of faster payment times and reduced admin that it brings. It is therefore in the interest of the Australian economy to bring in the B2B mandate as soon after the government deadline as possible.
“MYOB is primed to support SMEs in their adaptation to e-invoicing. We are proud to have partnered with a selection of Australia’s top e-invoicing providers – Link4, LUCA Plus and MessageXchange – to ensure MYOB customers have complete flexibility over the way they transact with their customers and can securely send and receive their e-invoices.
“e-invoicing is the best enabler we have for the digital economy. Let’s get this done and help our SMEs lead Australia’s recovery and growth,” Mr Ellis said.
MYOB is now taking expressions of interest from its customer base in its e-invoicing solution, which will in the first instance enable the sending of e-invoices, with receiving functionality set to be inbuilt in the second quarter of 2021.
Businesses interested in finding out more about MYOB’s e-invoicing solution can visit this page to register their details: https://www.myob.com/au/comms/eoi-e-invoicing
Quotes from our partners
Robin Sands, CEO of Link4 stated, "Link4 have been providing e-Invoicing services to small businesses since 2016, and to now have it available within MYOB is going to make it so much easier for businesses. Many surveys of SME owners show that cash flow is at the top of the list of business challenges. By working with MYOB and automating the e-invoice process we can expect faster payment processing times, resulting in better cash flow."
Ray Wang Co-Founder and CEO at LUCA Plus said, "Partnering with MYOB is a tremendous opportunity to provide an innovative e-invoicing and accounting software solution all in one, for SMEs to help them create customers for life, ease their cash flow and improve system security. Once the e-invoicing function is enabled, suppliers will automate and streamline bookkeeping efforts for future invoices sent, essentially saving time and money for their customers. This partnership is a true testament that we share the same vision and values with supporting SMEs growing their business within the MYOB and LUCA Plus ecosystem."
John Delaney, Managing Director of MessageXchange said, “We are delighted to partner with MYOB to provide small businesses with more choice than ever to get paid on time. Never has there been a more relevant moment for reducing payment times to be high on the agenda and e-invoicing is one of the most practical steps a business can take to change the dial on late payments. We look forward to working with MYOB on this solution. MessageXchange has a long history and deep expertise in e-invoicing and works with a number of government agencies across Australia and New Zealand in this space. We are excited to be able to offer the same level of service and security for e-invoicing that we bring to government to SMEs through this partnership with MYOB. MessageXchange also offers a range of other B2B services, such as EDI and SuperStream, for SMEs.”
For more information please contact:
Collette Betts, MYOB, AU Corporate Affairs Manager
M: 0406 947 551 / E: firstname.lastname@example.org
MYOB is a leading business platform with a core purpose of helping more businesses in Australia and New Zealand start, survive and succeed. MYOB delivers end-to-end business and accounting solutions direct to businesses, as well as a network of accountants, bookkeepers and consultants. MYOB operates across four key segments: Small and Medium Enterprises (SME), Enterprise, Financial Services and Practice. For more information visit myob.com or follow @MYOB on Twitter.