The government of New South Wales (NSW) has launched a platform that allows more than 20,000 small to medium-sized businesses (SMBs) to submit and review electronic invoices.
According to the Australian magazine The Mandarin, the Supplier Hub Invoicing Portal provides an information source for all invoicing, streamlining the way these businesses connect with agencies that allow for e-invoicing. The portal is active across 42 of NSW’s agencies, including Customer Service, Premier and Cabinet, Treasury and Stronger Communities & Justice.
Victor Dominello, minister for digital and customer service, said the portal is an important part of the government’s e-invoicing mandate for 2022, and that it will save suppliers time in dealing with the government. “This is a one-stop-shop for suppliers to register to sell to the NSW government, update their information, view opportunities and share procurement-related information,” Dominello said in a statement on Monday (Aug. 30). “The Hub will save suppliers time and money by reducing payment times, paperwork and manual errors.”
Damien Tudehope, NSW’s finance and business minister, said the platform lets businesses without accounting software use their Supplier Hub account to send invoices to the 42 agencies. “Cash flow is one of the most important issues for businesses, and often it can take time to receive payment,” Tudehope said. “This portal will facilitate faster and on-time payments to businesses to cut down on unnecessary stress for those who just want to get on with the job.”
This move comes at a time when many of Australia’s regional governments are putting more of a focus on late B2B payments. As PYMNTS reported last month, these governments have taken to instituting accelerated payment terms for suppliers, which has led some major corporations to follow their leads.
Yet this hasn’t been an overnight fix. Recent research from Atradius found that 54 percent of Australian B2B firms say their invoices have been past due since the COVID pandemic, while the percentage of write-offs and uncollectible invoices has more than doubled.