Reckon to launch eInvoicing solution with OZEDI partnership
Australian accounting software provider Reckon (ASX:RKN) have announced their partnership with OZEDI, to power Reckon’s newly available eInvoicing solution.
eInvoicing will enable the instant digital exchange of invoices between each party’s accounting software systems, without manual data entry. This will mean quicker turnaround times, improved cash flow, better security, more efficient processing, and greater visibility over the invoicing process.
This new partnership will bring the benefits of eInvoicing to all Reckon One and Reckon Accounts Hosted accounting software customers via OZEDI’s Peppol Access Point – a trusted and highly secure network, at no extra charge to customers.
Reckon CEO Sam Allert commented on the eInvoicing opportunity and the reasons for selecting OZEDI as their dedicated Access Point, saying, “The wide-spread use of eInvoicing has potential to simplify processes and help small businesses get paid faster. The Federal Government and ATO recognises this as demonstrated with their funding drive to accelerate digital transformation across the business sector, as do we. Businesses have been rapidly digitising their processes over the last few years and this has only been accelerated by the COVID-19 pandemic.”
In terms of costs savings, the ATO has estimated that it costs an average of $30 to process a paper invoice and $28 to process an emailed PDF invoice. With eInvoicing coming in at less than $10.50 per invoice, eInvoicing will be up to three times more cost effective.
Late invoices are a chief concern for Australian businesses and significantly impact their cash flow and financial security. In fact, research from the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), estimates that 53% of invoices are paid late and are an average of 23 days overdue.
Allert further noted that, “Overdue invoices are worth $115 billion, or $52,000 for every small business in Australia, according to the ASBFEO. We believe that the introduction of eInvoicing will help mitigate these late payments and long turnaround times, boosting cash flow and income security for Australian businesses.”
OZEDI CEO Christian Walkerden said he was incredibly proud to partner with Reckon and their range of dynamic products to help bring the benefits of eInvoicing to Reckon customers.
“The best part of our partnership is the fact that Reckon customers can now enable eInvoicing directly through Reckon’s software and they’re ready to send and receive eInvoices. OZEDI’s ability to seamlessly integrate with Reckon’s software means Reckon customers will be able to simply flick a switch and they’re ready to go.
“We see ourselves as an extension of the Reckon team, collaborating and adding our expertise to the project, from initial testing and QA, through to the marketing and communication, that’s why OZEDI is more than just an Access Point, we’re a Digital Partner.”
Allert added, “We have selected OZEDI as our digital partner to bring our clients a much more efficient and secure way to manage their invoice processing, given they have paved the way for eInvoicing in Australia and New Zealand.
“With this solution, all Reckon One and clients can easily enable eInvoicing by simply requesting that eInvoicing be turned on.”
For more information or to enable eInvoicing through Reckon, visit www.reckon.com/au/e-invoicing
