E-Invoicing Adoption in Asia Pacific Region

Storecove announces key e-invoicing partners in Australia, New Zealand and Singapore SYDNEY, Australia, 22 July 2020.

Storecove, an e-invoicing solution provider that established its Asia-Pacific presence in November last year, has announced the first group of companies to sign up as Storecove partners in the Asia-Pacific region.

All current Storecove partners in Australia, New Zealand and Singapore are utilising Storecove’s Peppol Access Point as a Service product. Storecove’s modern API makes it easy to integrate securely with its partners’ software platforms to offer e-invoicing functionality as part of their customer solutions.

Storecove’s Asia Pacific partners include: ACMO, Axiapac and Exobiz (Australia); Desktop Imaging (NZ); Pacifictech (Australia, NZ and Asia); Innosys Pte Ltd (Singapore); and Xero Singapore.

“By using Storecove’s Access Point services, companies in the region can reduce the development time and accelerate the adoption of e-invoicing services within their customer base,” said Simon Foster, Storecove’s Asia Pacific General Manager.


Government & Peppol Adoption

Peppol has been adopted by the Australian Taxation Office, the NZ Ministry of Business, Innovation and Employment and the Singapore Government as the standard for the exchange of electronic invoices (e-invoices) between organisations and different accounting systems, and across international borders.

There is also a joint initiative (the ANZEIB) between the Australian and New Zealand governments to implement e-invoicing across both countries.

"E-invoicing will generate savings of $28 billion over 10 years."

The Australian Government estimates that with 1.2 billion invoices exchanged in Australia each year, the adoption of e-invoicing will generate savings to the economy of $28 billion over 10 years.

To encourage the take-up of e-invoicing and also to support small business, from 1 January 2020, Australian Government agencies began paying e-invoices within five days as well as paying interest on any late payments.

This applies to contracts up to $1 million where both the buyer and supplier use Peppol e-invoicing systems. The NSW Government is also encouraging e-invoicing, announcing similar payment terms, with other Australian states set to follow.


Why e-invoicing?

“E-invoicing helps businesses improve efficiency, reduce cost, enjoy faster payment and be more environmentally friendly.

The e-invoicing networks established in Australia, NZ and Singapore are an extension of the International Peppol eDelivery Network, allowing businesses to transact internationally with other linked companies.

Unlike sending a PDF file by an insecure e-mail, the process can be fully automated, so there’s no need for either business to manually handle the invoice.

It also works even if the two accounting systems are different, because an international standard – Peppol – allows these systems to ‘speak’ to each other,” continued Foster.


E-invoicing Adoption Experiences:


ACMO

ACMO is a leading provider of intelligent automation, cognitive data capture and robotic process automation solutions for accounts payable automation and procure-to-pay solutions.

Using Storecove, the ACMO Accounts Payable Solution (APAY) now has the ability to receive e-invoices, providing quicker processing and instant cash-flow analysis.

“Our partnership with Storecove has helped ACMO provide additional capabilities to our customers in their journey towards a paperless office, as more companies are adopting einvoicing for better transparency and lesser operating expense,” said Joseph Joy, Managing Director, ACMO.


Axiapac

Axiapac is the software developer behind Axiapac Lean Accounting, offering three cloud subscription levels for organisations with up to 1000 users. The Axiapac solution combines Lean Thinking, accounting, HR and job costing functionality with e-invoicing now offered to customers subscribed to its Lean Business and Lean Enterprise subscription packages.

The major benefit of e-invoicing for our customers is the time saved on data entry of purchase invoices. Unlike traditional accounting packages which only account for cost, Axiapac measures value by accounting for both cost and time.

Axiapac automatically measures the time office staff spend on data entry, so our customers are very keen to adopt e-invoicing. They fully understand the capacity constraints in their organisation, and how freeing up people to work on more productive tasks will grow their business,” said Harley Teague, CEO, Axiapac.


Exobiz

Exobiz is one of MYOB’s largest partners, developing and supporting tailored ERP solutions for Australian businesses.

Storecove has enabled Exobiz to develop BeyondEDI, one of the first MYOB integrated e-invoicing portals for the Australian market, part of the firm’s BeyondSuite portfolio of apps for its ERP solutions.


Desktop Imaging

Desktop Imaging provides imaging, software and business process automation solutions to NZ government, corporate and not-for-profit organisations.

As part of its Accounts Payable as a Service (APaaS) offering, Desktop Imaging works with Storecove to help clients both send and receive e-invoices using the Peppol e-invoicing network.

“E-invoicing is set to become the new standard for how NZ businesses transact with each other and we are proud to be counted amongst the first service providers to offer this functionality to our clients,” said Stephen Beighton, Sales Manager and Director, Desktop Imaging.


Pacifictech

Pacifictech is a Sage 300 ISV (independent software vendor), providing an Accounts Payable (AP) Automation solution for Sage 300 ERP systems to customers globally via a reseller network.

By using Storecove as its Peppol Access Point partner, Pacifictech customers in Australia and NZ (with Singapore and Malaysia to follow) can use e-invoicing functionality as part of their AP Automation without any additional requirements or costs.


Freight Master (a product of Innosys Pte Ltd)

Innosys provides a total logistics information system software package to the logistics industry, currently supporting businesses in South East Asia and China.

The Freight Master system covers air and sea freight operations, transport and warehouse management, and multi-currency accounting.

E-invoicing is now integrated within the functionality of Freight Master using Storecove’s Peppol Access Point, with Innosys encouraging customers to sign up to the Singapore Government’s nationwide e-invoicing network.


Xero Singapore

Xero provides a beautiful and easy-to-use cloud-based accounting software service for small businesses and their advisors around the world. Xero connects more than two million subscribers with an ecosystem of over 800 third-party apps and 200 plus connections to banks and financial service providers.

The e-invoicing feature in Xero’s online accounting software is completely free of charge. Invoices are customisable and users even have the option of integrating various online payment methods. This has significantly reduced payment times and improved cash flow for Xero customers in Singapore.

The partnership between Xero Singapore and Storecove takes it a step further by simplifying invoice communication for Xero customers with businesses and government agencies overseas.

“This has been a game-changer for our Singapore customers who can now send invoices to customers in other countries that are registered on the Peppol e-invoicing network, without worrying about the complexities of currency exchange or taxes, because it all happens seamlessly in the background through Storecove. This should also mean they’ll be paid faster” said Kevin Fitzgerald, Managing Director Asia, Xero.

In Singapore, the Infocomm Media Development Authority (IMDA) has certified both Freight Master and Xero Singapore as ‘Peppol Ready Service Providers’, with Storecove assisting other partners to achieve this accreditation.

For more information on e-invoicing in relation to the Australian, New Zealand or Singaporean Governments, go to:


About Storecove

Storecove helps thousands of companies with faster and more efficient invoicing. As a fully AS4 compliant Peppol Access Point, Storecove connects large companies and ERP systems to the Peppol network. Companies choose Storecove for its unique global invoice format conversion and delivery.

In December 2019, Storecove became the first access point in the world to be accredited by the authorities in all four Peppol territories: the EU, Australia, New Zealand and Singapore. One connection, global connectivity.


More information about PEPPOL?

Want to know more about the Peppol network?

Call us on: +31 (0) 20 261 17 91 or email helpdesk@storecove.com


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