Setting Up Your Business for e-invoicing
E-invoicing is the automated exchange and processing of invoices between a purchaser and supplier’s accounting systems. Accounting systems talk to each other through an encrypted, secure connection, making the process of e-invoicing more secure, less time consuming and less error-prone, compared to traditional invoicing methods.
Why switch to e-invoicing?
The Australian government is encouraging Australian businesses to switch to e-invoicing, in a bid to help businesses simplify their bookkeeping and get paid more quickly. The Australian Taxation office predicts one million Australian businesses will be e-invoicing ready by the end of 2020.
A common misconception is that e-invoicing means sending a PDF invoice via email, but this is not the case. By its very nature, e-invoicing is more efficient, accurate and secure than PDF or emails.
Its benefits include:
- Reduced errors – e-invoicing removes the need to manually enter or scan invoices, reducing the potential for human error or scams. In 2019 Australian businesses lost $132 million due to email scams.
- Cost savings – costs associated with manual process, processing time and human error are virtually eradicated. Deloitte modelling indicates the introduction of e-invoicing could benefit the Australian economy to the tune of $28 billion dollars over 10 years. For businesses, e-invoicing is up to 70% cheaper than traditional invoicing.
- Save time and quicker payments – the removal of manual processes means the invoicing and payment process is quicker, and businesses receive their money sooner by 32%
- Save the environment – it’s no longer necessary for paper trails and printing of invoices creating chunky paper folders in your filing cabinet.
Why do I need LUCA Plus e-invoicing software?
Dynamic and new to market, LUCA Plus is an approved partner of accounting platforms, XERO, MYOB and QBO. So, why is LUCA Plus e-invoicing software so highly regarded?
- LUCA Plus is recognised by the Australian Taxation Office (ATO) as an accredited e-invoicing software provider. And, NO, the ATO cannot intercept or view e-invoices sent using LUCA Plus.
- LUCA Plus uses the internationally proven, secure, reliable and convenient Peppol technology. This reduces the risk of fraud and offers certainty and security for your business and your business partners.
- Not only is LUCA Plus an approved e-invoicing partner of accounting software giants XERO, QuickBooks and MYOB – but it has been recognised with a series of accolades* in its first year in the market.
- LUCA Plus is the only e-invoicing platform to deliver a specialist service that cuts financial stress by easing cash-flow, saving your business time and money, helping avoid invoice fraud and providing users with “end to end” transactional history trail.
Watch how LUCA Plus works:
What does LUCA Plus do that my accounting software can’t?
Currently, XERO is the only accounting platform that offers a similar function to e-invoicing. However, this is only available for XERO users who are sending invoices to other XERO users. LUCA Plus has built a digital access point between the different accounting platforms, enabling them to talk directly to each other.
LUCA Plus is an essential add-on application for accounting platforms, allowing the secure, automated transfer of e-invoices across platforms. The customer, for example, would still use MYOB to create and send their e-invoice, but LUCA Plus enables the transfer directly into the purchaser’s accounting system, regardless of whether their provider is XERO, QBO or MYOB
In addition, LUCA Plus provides transparent reporting solutions, so the seller can track the lifecycle of the invoice, from sent to paid.
To see how you can implement LUCA Plus as your e-Invoicing solution, request a demo below:
*LUCA Plus accolades: 2020 One of Five Winners in the Alibaba Entrepreneurs Fund/HSBC JUMPSTARTER 2020 Global Pitch Competition, 2019 Finalist Accountancy Software of the Year, Member of the Melbourne Accelerator Program, 2019 Winner of the EY Foundry program