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E-invoicing will reduce emissions, says PwC

Digitising billing systems would save almost $130 million annually in carbon emissions

The adoption of a business e-invoicing right (BER) that takes a two-sided (send and receive) approach can drive productivity within the economy and reduce carbon emissions, said PwC.

PwC partner Brady Dever said the firm had conducted exclusive modelling that finds that the benefits of e-invoicing extend beyond economic productivity and have an environmental benefit too.

The total carbon saving from e-invoicing using the widely accepted Peppol standard is estimated to be $128,086,272 annually.

“With Australia’s commitment to net-zero, some attention should be paid to the environmental benefits of Peppol e-invoicing,” Mr Dever said.

“Initial modelling by PwC Australia’s economics team has found that there are approximately 1.2 billion invoices issued per annum, with circa 90 per cent requiring manual processing of paper invoices.”

The carbon footprint of office paper from cradle to customer was measured at around 4.64 to 4.29-gram carbon dioxide equivalent per A4 sheet, which means over 5,000 tonnes of carbon are avoided when transitioning away from paper invoices.

As the process also uses electricity, the net emissions saving for electronic invoicing has been calculated at approximately 36 per cent, Mr Dever said.

This placed the total net avoided emissions from e-invoicing at 1,804,032 kilograms.

Emissions savings compared to paper-based systems would increase client-side staff productivity gains, such as the reduction of accounts payable and associated activities.

It would also significantly affect the overall carbon efficiency for businesses, in particular, the scale of staff productivity gains and the carbon intensity of customer electricity supply.

“With the social cost of carbon at $71/tonne, the total carbon saving from e-invoicing is estimated to be $128,086,272 annually,” Mr Dever said.

“However, we do believe that the BER needs to be extended for its full economic potential to be realised.”

Mr Dever said it was important to make the BER a two-sided right to drive the environment and productivity benefits.

It should give businesses that choose to invest in e-invoicing functionality the right to request that they send e-invoices to and/or receive e-invoices from their trading partners.

“We agree that it is important to have a BER to give businesses the right to require their suppliers to send e-invoices,” he said.

“This will drive volume into the network, particularly as high-volume billers such as utilities companies, for example, start to send e-invoices to their business customers.

“We acknowledge that there is a fine balance to be struck between regulating a BER on the ‘receive’ side and requiring businesses to invest into e-invoicing too soon at a time when our economy is still emerging from the impact of COVID-19.

“This balance would apply for both small and large businesses. However, we believe that it can be managed.”

Mr Dever said small businesses might be concerned that they may be subjected to a BER demand to receive a Peppol e-invoice from a trading partner of any size, maybe even a large trading partner, before they are ready to invest in Peppol.

“This concern can be mitigated by extending the date by which small businesses would be required to comply with a BER request,” he said.

“Small businesses who choose to invest earlier could opt into the BER and benefit from both sending e-invoices to and receiving e-invoices from other businesses subject to the BER, without burdening all small businesses with an immediate obligation to comply.”

Larger businesses, on the other hand, might be concerned over the additional cost and effort of enabling a Peppol e-invoicing receive capability into their existing peer-to-peer environments.

Mr Dever said it was true that there would be costs for businesses of all sizes to implement Peppol e-invoicing.

These costs included upfront implementation and business process change costs, along with ongoing licence and document processing costs charged by software vendors.

“However, a carefully phased implementation of a ‘receive’ BER could complement and build off investments many large businesses have already made into electronic data interchange,” he said.

“Allowing sufficient lead time also presents opportunities for larger businesses to include Peppol in any upcoming ERP cloud transformation project, as the market shifts from on-premise to cloud ERP over the coming years, allowing cost efficiencies to be achieved by doing the project once.

“We also expect that Peppol will present opportunities for large procurement functions to consolidate invoice processing and actually help drive adoption of EDI by smaller vendors to achieve broader business processing efficiencies and controls.”

More generally, as a key pillar of the government’s wider digital economy policy agenda, there also may be merit in considering other targeted incentives.

Mr Dever said this could particularly suit sole trader and microbusinesses that might not currently be using accounting software.

“Such incentives could include targeted tax concessions – such as refundable tax offsets/rebate incentives (similar to those announced in the last budget for the gaming sector) and/or allocation of grant funding from the $1.2 billion digital economy budget to target specific digitisation of accounting processes for small and micro-businesses,” he said.

“For medium and larger businesses, the Government could consider non-refundable tax credits, or a scheme similar to the instant asset write off for small and large businesses who invest into eInvoicing technology and process transformation projects.”

 

 

 

Tony Zhang

22 April 2022

accountantsdaily.com.au

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Accounting & Bookkeeping

Modern business demands up to date accurate financial information.

We can take care of all your bookkeeping and accounting needs, including the preparation of your annual accounts and periodic management accounts for tax, business appraisal and planning purposes.

We can also assist with meeting your reporting requirements including Business Activity Statements, PAYG Withholding and Instalment Activity Statements.

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Budgeting

A good budget is a necessity in a good business plan. It is one of the best business tools we have, allowing us to set financial targets and measure our performance.

In addition to goal setting value, budgets will often improve your chances of acquiring funding. Financers often require budgets as a prerequisite for funding approval.

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Before commencing a new business, the following are some of the key items that need to be considered:

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Charitable institutions are set up to hold money or assets and carry out activities for the benefit of the community. In Australia, a variety of charitable institutions exist including:

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Each type of charitable institution brings with it different requirements and benefits. We know the practicalities of these institutions and are able to assist you by:

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Every transaction has GST implications. We have experience with these issues and are able to offer expert advice on the implications of GST for your business. The GST related services we offer include:

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We are practiced in acting as a sounding board for management, bringing to the relationship years of experience in business growth and analysis.

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We can provide a comprehensive and confidential payroll service including:

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We can assist in a variety of areas in relation to residential and commercial property including:

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Clients of Wybenga & Partners Pty Limited can engage our partner firm, Washington Brown, for a competitive price on their depreciation services: Tax Depreciation Quote Request – Wybenga & Partners Pty Limited Clients

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Our Strategic Planning Service is designed to assist our clients to develop financially towards the achievement of their lifetime objectives. Our experience and proven results provide our clients with the security that their financial goals will be met.

Wybenga Financial Pty Ltd is an organisation providing wealth creation and management services to private clients.

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Self-managed superannuation is a flexible means of saving for retirement. It allows you to take control of your superannuation, adopt a customized investment strategy and control fund administration costs.

Superannution law is a delicate area and personalised planning is required for each individual. We have extensive experience in all areas relating to superannuation and can assist in establishing a superannuation fund that will effectively allow you to reach your financial retirement goals.

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We will work with you to help reduce your tax exposure and provide services including:

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A trust provides a valuable way of protecting the assets you have accumulated for the benefit of yourself and others.  A trust can also be an effective structure for running your business.

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Wybenga & Partners are able to organise for the preparation and execution of documentation involved in Trust formation.

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Accounting Videos

 

Chris Wybenga

B.Bus, CA

Chris is the Managing Director of the Firm who established the practice in August 1994 and has been responsible for its growth and development since that time.

Chris has over 40-years experience in the Chartered Accountancy profession, predominantly spent in small to medium sized firms, advising both small business and individuals in areas such as taxation and accounting as well as business restructuring and superannuation advice.

Chris is active in the development of young accountants both in mentoring cadets at the Firm and lecturing in taxation for the CA Program for the Institute of Chartered Accountants.

  • 1980 – Commenced employment and part time university studies
  • 1985 – Graduated Bachelor of Business from University of Technology, Sydney
  • 1986 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia
  • 1988 – Registered as a Registered Company Auditor
  • 1994 – Established Wybenga & Partners (formerly known as Farrar & Wybenga)

Dianne Bechara

B.Bus, CA

Dianne is responsible for the day-to-day operations and administration of the practice.

Dianne has over 30-years Chartered Accountancy experience and has significant expertise in providing advice and solutions to high-net-worth individuals and their associated entities. Dianne also has considerable knowledge in the areas of taxation, business services, superannuation, and compliance.

Dianne is active in promoting gender equality in the industry through various programs and mentoring opportunities. Dianne is also committed to the development of young accountants and donates considerable time to sharing her expertise.

  • 1992 – Graduated Bachelor of Business from University of Technology, Sydney
  • 1993 – Commenced employment in acounting profession
  • 1996 – Commenced career with Wybenga & Partners
  • 1997 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia
  • 2002 – Appointed as Director of Wybenga & Partners

Roger Potter

B.Bus, CA

Roger is responsible for the HR aspect of the Firm, cultivating the culture, and maintaining the highly social environment we pride ourselves on.

Roger has over 35-years in the Chartered Accountancy profession and significant expertise in providing advice and solutions to small businesses and high-net-worth individuals. He also has extensive experience in the areas of Self-Managed Superannuation Funds and retirement strategies.

Roger is active in the development of young accountants both in mentoring cadets at the firm and lecturing in taxation for the CA Program for the Institute of Chartered Accountants.

  • 1985 – Commenced employment and part time university studies
  • 1990 – Graduated Bachelor of Business from University of Technology, Sydney
  • 1992 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia
  • 1998 – Commenced career with Wybenga & Partners
  • 2002 – Appointed as Director of Wybenga & Partners

Tess Uncle

B.Sc, M.Com, CA

Tess has over 22-years experience in Chartered Firms and in this time has had a broad range of experience in superannuation, taxation, and business services. In particular, Tess has had significant experience in MYOB and assisting clients in day-to-day bookkeeping activities and periodic reporting.

Tess is responsible for the Firm’s training and development needs.

Tess is active in promoting gender equality in the industry through various programs and mentoring opportunities. Tess is also committed to the development of young accountants and donates considerable time to sharing her expertise.

  • 2001 – Commenced employment with Wybenga & Partners and part-time accountancy studies
  • 2004 – Graduated Masters of Commerce from the University of New South Wales
  • 2005 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia
  • 2007 – Promoted to Manager at Wybenga & Partners
  • 2012 – Appointed as Associate Director
  • 2016 – Appointed as Director of Wybenga & Partners

Schedule a Meeting with Tess


Adam Roberts

B.Bus, B.Sc, CA

Adam has over 18-years experience in Chartered Firms and in this time has had a broad range of experience in superannuation, taxation, and business services. In particular, Adam has had significant experience in MYOB and assisting clients with periodic management reporting.

Adam is responsible for the implementation of technology in the Firm and sourcing new areas of innovation and efficiency.

Adam is active in the development of young accountants and donates considerable time to sharing his expertise.

  • 2005 – Commenced employment with Wybenga & Partners and part-time Accountancy Studies
  • 2005 – Graduated Bachelor of Science from the University of Western Sydney
  • 2007 – Graduated Bachelor of Business from the University of Western Sydney
  • 2010 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia
  • 2010 – Promoted to Manager at Wybenga & Partners
  • 2012 – Appointed as Associate Director
  • 2016 – Appointed as Director of Wybenga & Partners

Schedule a Meeting with Adam


Accounting Cadetships

Build your career with expert guidance from our accounting cadetships program, based in Sydney NSW.

Wybenga & Partners offer accounting cadetships at our location in the CBD of Sydney NSW. You’ll receive expert guidance as you work in the industry.

  • Industry experts guiding you
  • Friendly and supportive culture
  • Modern work environment
  • Training and ongoing support
  • Convenient Sydney CBD location
  • Registered tax agents

Call (02) 9300 3000

or send your enquiry now

    Each year we offer several school leavers or undergraduates the opportunity of beginning their career with us via an Accounting Cadetship. If you are interested in pursuing a career in accounting please read the information below. Our accounting cadetships could be perfect for you!

    What is an Accounting Cadetship?

    An Accounting Cadetship enables you to commence your career whilst attaining the necessary university qualifications by studying part-time.

    How Does It Work?

    Generally, our cadets complete a Bachelor of Commerce (BCom) or Bachelor of Business (BBus) degree at the University of New South Wales, the University of Technology Sydney, Macquarie University, or the University of Western Sydney.

    The firm provides 3 hours paid study leave per week to attend University. This can either be taken at the one time or broken between days depending on the individual’s requirements. In addition, the Firm provides paid study leave for both mid-semester and end-of-year exams.

    We take the work life balance very seriously at Wybenga & Partners and our cadets are encouraged to have a fulfilling life outside the office. A typical day will have you arriving at the office at around 8.30am with most days concluding at 5.30pm.

    What Are the Benefits of Accounting Cadetships with Wybenga and Partners?

    Our cadets benefit from the following:

    • Career path – on completion of their degree our cadets have significant practical experience which will assist them in advancing their careers.
    • Work helps your studies – by working full-time our cadets are able to apply their practical knowledge in the university subjects.
    • Camaraderie with other cadets – the Firm has a number of cadets at various stages of their career.
    • Mentoring – cadets are paired with a senior staff member who oversees their progress and training both at work and with their studies.
    • Communication and feedback – the Firm has an open door policy which enables all cadets to interact with all members of staff including Directors.
    • Culture – the Firm promotes a friendly social culture with a number of functions throughout the year.
    • Modern environment – including ‘socialising’ areas such as pool table and break out area.
    • Training – ongoing support and technical training. We also provide internal and external training on a monthly basis.
    • Remuneration – working full-time provides a market salary and independence with salaries being reviewed every 6-months.
    • Professional registered tax agents – Wybenga & Partners are registered tax agents with the Tax Practitioners Board. We use our years of experience and professionalism to provide the best advice and education to you, helping you build your career effectively.

    What Happens When I Complete My Degree?

    The completion of your degree is the first step of what we hope to be a long and successful career with us. The next step is the commencement of your CA Program with the Institute of Chartered Accountants Australia and New Zealand whilst at the same time continuing your employment with us.

    A number of cadets have progressed to Seniors, Managers, and Directors within the firm.

    Who Should Apply?

    Current Year 12 students or first/second year University Students who:

    • want to commence their career in accountancy;
    • are due to commence or are currently completing a part-time business or commerce degree at university with an accounting major;
    • want to gain valuable hands-on experience while completing their qualifications;
    • are looking for a friendly working environment;
    • are team players who display initiative;
    • have a commitment to self-development;
    • possess excellent personal presentation and communication skills; and
    • are motivated and mature minded.

    How Do I Apply for an Accounting Cadetship?

    To apply for a Cadetship position at Wybenga & Partners send us your details. Please also include in your covering letter why you wish to do a cadetship, include relevant qualities you possess, main interests / achievements, and any previous employment.

    Interested candidates should initially forward a resume/covering letter of no more than 3-pages. Please provide full details of contact information (telephone or e-mail).

    What If I Have More Questions?

    For further information about our Cadetship program, please send your enquiry to .

    Skilled Accountants

    Wybenga & Partners offers a stimulating work environment giving you the opportunity to develop your future success.

    Wybenga & Partners recognises and promotes that there is more to life than work. We know that your needs change and we provide support to balance your work, academic and lifestyle pursuits.

    We welcome enquires from trained accountants regarding a career with Wybenga & Partners. Please email us your details to .