CANBERRA: Small businesses that supply Federal departments with goods or services should be able to get paid faster after the Treasury Department introduced a modern new e-invoicing system.

The system has been developed by Queensland-based Technology One, working closely with Treasury and the Australian Tax Office. It reckons most businesses should henceforth be paid within five days.

Tech One noted that PM Scott Morrison had asked every Federal Government agency to rapidly implement e-invoicing in a bid to boost  the economy as the country emerges from the pandemic.

Peter Strong, CEO of the Council of Small Business Organisations of Australia, a lobby group for the sector, said: “Now, more than ever, Australian small businesses need e-invoicing. Last year we were saying e-invoicing was the future. It’s now the present, and it’s great to see Treasury is truly leading by example.”