Latest news with #einvoicing
Yahoo
23-06-2025
- Business
- Yahoo
E-Invoicing Could Unlock Over A$22 Billion for the Australian Economy, Avalara Finds
New global research from Avalara and Cebr reveals the transformative power of electronic invoicing adoption in Australia and across five other major markets Productivity benefits could create billions in economic gains for businesses and governments SYDNEY, June 24, 2025 /PRNewswire/ -- Avalara Inc., a leader in modern tax compliance automation, has released a landmark global report in partnership with the Center for Economics and Business Research (Cebr) quantifying the economic impact of electronic invoicing (e-invoicing) adoption. The study, covering Australia, France, Germany, India, the United Kingdom, and the United States, identifies a combined annual economic opportunity of $616 billion through productivity gains, faster payments, and reduced fraud. In Australia alone, full e-invoicing adoption could unlock yearly economic gains of $15.1 billion, approximately A$22.5 billion. Economic & Business Value The report reveals that switching to e-invoicing delivers measurable economic benefits for nations, as well as financial and operational efficiencies for businesses. The average Australian firm adopting e-invoicing could realize $649,200, around A$970,000, in annual productivity gains. Elsewhere, e-invoicing could add $16.9 billion in France, $13.3 billion in Germany, $11.2 billion in the UK, $3.7 billion in India, and a staggering $116 billion in the U.S. "E-invoicing isn't just a compliance solution, it's a growth engine for global economies and businesses," said Ross Tennenbaum, President of Avalara. "Our research with Cebr proves that the faster we help businesses transition to electronic invoicing, the more we can do to help unlock billions in productivity and day-to day efficiencies." Australia has witnessed substantial improvements in payment acceleration. Firms that have embraced e-invoicing have seen payments arrive up to 2.5 days faster, a 15% improvement on paper or more manual digital processes. Elsewhere, U.S. businesses using e-invoicing save $15.16 on average for each invoice they receive, amounting to $1.1 million in annual productivity gains per firm. European businesses are also benefiting from the technology. Large French businesses have been able to reclaim up to 54.4 minutes for each invoice, significantly reducing processing time and freeing up finance teams to do more effective tasks. Across all six markets, e-invoicing shortens payment cycles by an average of 1.4 days, reduces fraud and tax fines by around 30%, and saves approximately 39 minutes over the process for each invoice. Slower SMBsGlobally, larger firms have embraced e-invoicing, processing 72% of invoices electronically. In contrast, SMBs, issuing and receiving hundreds of invoices every week, lag with only 37% adoption. This reliance on manual methods could cost smaller businesses both time and money. Unfortunately for SMBs, barriers to adoption remain. Notable difficulties include staff training and complexities around integration, impacting nearly half (43%) of respondents. Encouragingly though, momentum is building worldwide. Most firms (95%) using manual invoices are aware of e-invoicing, and three-quarters (73%) expect to adopt the technology within the next five years. Faster Payments, Stronger CashflowA key reason for this is the time savings associated with e-invoicing. By making payments typically 5% faster, the technology leads to significant cashflow advantages. Across the entire payment process, the research found that Australian firms experienced savings of around $13.67 per invoice, roughly A$20. In addition to this, U.S. firms saw an 8% acceleration in payment speeds, and large businesses unlocked over $14,000 annually in cashflow improvements. UK firms utilizing the technology also benefited, experiencing a 4.8% drop in late payments. This was the biggest improvement across all six of the markets. Interestingly, time savings per invoice were more modest in India, at 6.8 minutes for accounts payable, even though the country has the highest e-invoicing adoption rate. Despite this more limited impact, 64% of Indian businesses remain satisfied with the positive impact of e-invoicing adoption. Lower Risk, Greater ConfidenceE-invoicing is also critical in fraud prevention and security, boardroom priorities in today's rapidly evolving business environment. Across all six markets, 44% of businesses were hit with tax fines and 34% experienced invoice fraud in the past year. That's not the entire picture, as businesses faced $23,500 on average for tax fines and $18,100 for fraud losses. Firms leveraging e-invoicing reported far fewer incidents, only 20% experienced fines or fraud. E-invoicing's power to maintain financial operations and regulatory compliance helps businesses reduce tax fines by 27%. It also shores up businesses from threats, slashing fraud and data breaches by 30%, and lowers the number of lost invoices by 40%, providing businesses with even more operational confidence. Policy Support Grows While e-invoicing is not yet mandatory in Australia, it is gaining traction. Over half of Australian businesses are aware of government initiatives promoting e-invoicing, and 58% are already preparing for future legislation. This puts Australia among the most proactive markets when it comes to voluntary compliance. Today's research highlights the urgent case for businesses and governments to implement e-invoicing, paving the way for greater efficiency, security, and transparency. Avalara offers tailored solutions to help Australian businesses accelerate compliance and unlock value. To find out more, head to: MethodologyThe study surveyed 1,720 businesses across six major markets (U.S., UK, France, Germany, India, and Australia), analyzing the productivity, financial, and compliance impacts of full e-invoicing adoption. Economic modelling, conducted by Cebr, focused on two main elements: to exclusively target B2B companies with at least 10 employees; and to quantify the impacts of e-invoicing at an individual invoice, per-business and ultimately economy-wide level, with all monetary figures converted and presented consistently in USD ($). About AvalaraAvalara makes tax compliance faster, easier, and more accurate, reliable, and valuable for 43,000+ business and government customers in over 75 countries. Tax compliance automation software solutions from Avalara leverage 1,400+ signed partner integrations across leading ecommerce, ERP, and other billing systems to power tax calculations, document management, tax return filing, and tax content access. Visit to improve your compliance journey. Logo - View original content: SOURCE Avalara, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Free Malaysia Today
12-06-2025
- Business
- Free Malaysia Today
328 million e-invoices processed by LHDN so far
LHDN's e-invoicing director Rasyidah Che Rosli said some smaller taxpayers have joined the e-invoicing system voluntarily ahead of their mandatory dates. GEORGE TOWN : The Inland Revenue Board (LHDN) has validated more than 328 million e-invoices since the country began its move towards a digital tax system last year. LHDN's e-invoicing director Rasyidah Che Rosli said the numbers came from about 35,000 taxpayers who submitted their records through the new system. 'These are from users in Phases 1 and 2. Some smaller taxpayers have also joined voluntarily ahead of their mandatory dates,' she said, speaking to reporters on the sidelines of an event by CTOS in Bayan Lepas today. LHDN is phasing in e-invoicing by company size, with Phase 1, which started on Aug 1 last year, covering large businesses with annual sales of over RM100 million. Phase 2, which started on Jan 1, covers companies with sales of between RM25 million and RM100 million. Phase 3 (RM5 million-RM25 million turnover) starts on July 1 and Phase 4 (RM1 million-RM5 million) on Jan 1, 2026. The smallest firms (below RM1 million) will come on board by July 1, 2026. The e-invoicing system, part of the government's plan to improve tax compliance and reduce fraud, is meant to help LHDN keep a better record of business deals and make it easier for taxpayers to fill in their tax forms. E-invoices, which let businesses report sales immediately or on a monthly basis, are sent in real time or in monthly groups. The system can also handle self-billed e-invoices, such as for transactions with foreign suppliers or people who do not run businesses.
Finextra
09-06-2025
- Business
- Finextra
The huge-savings curse. Part II (e-invoicing): By Bo Harald
Like in e- and mobile banking the e-invoicing as an interconnecting-customers service was not started off as a good-for-society at large program – but for customer convenience. I still remember how customers complained that we had outsourced the keying in on ever-growing lengths of reference numbers and other payment data from branch and back-office staff to them. And then we charged a monthly fee for e-banking from the outset in the 80s (lifesaver for e-banking upgrade investments). The cost savings from not having to use time on travels to branches or mail invoices was not in the calculations. Direct debit never became – despite much pushing – a popular alternative. So – after some pondering in the mid-90s (sorry about the bragging) – we introduced e-invoicing where the payment proposal could be approved with one click in home- and SME-banking. It was also possible to make a standing order – that routine invoices where paid automatically – and also set €-limits for automated bill payments. Fine – but a huge eye-opener arrived when the State Treasury presented a calculation that cost savings for incoming invoices. Paper or PDF was estimated to cost 30€ (costs much higher in eg Electrolux and Nokia) and eInvoice 11€ giving a saving potential of150m€/year. The Municipal Association arrived at the same 150m€/year. On European level 21,6 bn€ tax payer's money could be saved. And this was only for purchase invoices -and in the pre-automation stage. The next target was to get down to an estimated 1€/invoice with full automation. Then the Finnish Federation of Industries came up with their own estimate for purchase invoices – 2,8 bn€/year… So a total 3bn equalling 220 EU-billions… Add to that time saved at home, CO2 effects, lower fraud rates, less grey economy effects and so many opportunities to automate all sorts of processes with rich structured data. Made us feel really important and the EU commission invited me to become chairman for the EU Expert Group and eInvoicing. The first reactions here as well – it cannot be true! As if the savings would not be big enough… Slowish uptake during the first 5 years - even if banks had ready simple e-banking-integrated solutions for sending and receiving e-invoices (also as files). How could this be? Of course, a saving near 1% of turnover is small in a small enterprise. And accounting firms did not – oddly enough – start to promote e-invoicing properly. And the cost of old manual paper and PDF-practises was not shown – while e-invoicing operators naturally had to charge for their services. Invoice receivers should have used their rights and upfront have set deadlines for or at least charge for incoming papers and pictures. What did we learn? That these kinds of productivity leaps cannot wait for slowly fading change resistance. If enterprise organisations cannot drive the change with information about the big picture and demanding more and better digital – then it is up to the politicians. Even if some loud voters will not like it.
Free Malaysia Today
05-06-2025
- Business
- Free Malaysia Today
Govt revises e-invoicing deadlines for businesses earning below RM5mil
Phase III was initially intended to extend the e-invoicing requirement to all MSMEs regardless of their annual revenue by July 1 this year. PETALING JAYA : The government has made some changes to the implementation of mandatory e-invoicing for businesses with annual revenue below RM5 million. In an announcement today, the Inland Revenue Board (LHDN) said it will introduce new phases with updated deadlines for such businesses. LHDN said the finance ministry has decided that the implementation of e-invoicing for taxpayers with annual income or sales between RM1 million and RM5 million (Phase IV) will be deferred to Jan 1, 2026 from the previous July 1, 2025. 'Implementation for those with annual income or sales up to RM1 million, or Phase V, will be deferred to July 1, 2026,' it said in a statement. It added that the mandatory e-invoicing implementation date for taxpayers with annual income or sales exceeding RM5 million and up to RM25 million, or Phase III, will be July 1 this year. 'The government acknowledges the commitment of taxpayers, particularly businesses in the micro, small, and medium enterprises (MSME) category, in complying with the legal requirements of e-invoicing. 'It recognises the need for sufficient preparation time and the operational challenges faced in implementing the system,' LHDN said. The board also said the finance ministry has agreed to exempt taxpayers with annual income or sales below RM500,000 from e-invoicing requirements for the time being. During this period, taxpayers are allowed to issue consolidated e-invoices for transactions, including self-billed e-invoices. 'If a buyer requests an e-invoice, the seller may issue only a consolidated e-invoice, without having to issue one for each individual transaction,' it added. LHDN reiterated that there will be no prosecution under Section 120 of the Income Tax Act 1967 for non-compliance with e-invoicing regulations during the grace period, provided the consolidated e-invoice requirements are fulfilled. In February, the Small and Medium Enterprises Association of Malaysia (Samenta) urged the government to raise the e-invoicing exemption threshold for MSMEs to those with annual sales below RM300,000, up from the previous limit of RM150,000. Original phases and implementation Under Phase I, the e-invoice system was rolled out gradually from Aug 1 last year, starting with businesses with an annual turnover or revenue of more than RM100 million. Phase II started in Jan 1 this year and applies to taxpayers with annual turnovers between RM25 million and RM100 million. Previously Phase III was meant for all MSMEs regardless of their annual revenue with implementation to start by July 1 this year.
Khaleej Times
28-05-2025
- Business
- Khaleej Times
UAE: Firms urged to start preparing for 2026 e-invoicing rollout
Companies should start analysing and preparing early ahead of the rollout of e-invoicing in the UAE next year, said Niraj Hutheesing, founder and managing director of The UAE introduced e-invoicing regulation in the second quarter of 2025 while technical and functional specifications will be rolled out soon, he said. The first phase of e-invoicing will go live in the UAE in July 2026. Speaking during the New Age Finance and Accounting Summit organised by Khaleej Times on Wednesday, Niraj said tax authorities create data warehouses as they move towards implementing the e-invoices to identify the type of risk they see, whether it is a behavioural or related to filing and transaction. He noted that risk engines which are built behind the tax data warehouse identify fraudulent transactions and intervene where there is a necessity from the government side. 'These are the types of risk engines being developed or implemented by most of the tax authorities globally. That is what we need to be aware of when we implement our invoicing solution,' he said, adding that tax authorities are becoming 'technology companies' as they are using more artificial intelligence (AI) and analytic platforms. 'When the tax authorities build their data warehouse, everything is in a single system. They are able to interact between the two data points, analyse them and find the right anomalies. So this is critical for us to understand. These are the timelines most of you will be aware and a lot of people ask me whether it will happen in June 2026, I am pretty sure it's going to happen,' he said while giving a presentation on E-Invoicing & Digital Compliance at the 6th edition of the Summit. He added that they can help companies generate all invoices digitally, and send them to customers and similarly, companies can also receive all the invoices digitally and automate their peer-to-peer processes as well. He also highlighted the importance of verification of data and invoicing and stressed storing the data locally. 'Verification of invoicing is extremely important in terms of where your data is going to reside. There is no compulsion from UAE right now that the data has to be stored within the country. If you ask me, the way the global governance is going and the global governments are taking a stand, you need to ensure data is stored locally,' he added. Earlier in the day, Andrew Hass, regional vice president, Anaplan and Harsh Punjabi, director of business transformation, Damac Properties, held a fireside chat on the topic of 'Power of decision making is critical.' The New Age Finance and Accounting Summit was sponsored by Anaplan, Qashio, Cleartax, Al Tamimi, MCA, Andersen, Tally, Signzy and Jedox.
