Bowens saves Australian builders time and money with the adoption of eInvoicing
Bowens is the market leader in supplying the largest variety of quality timber and building supplies in Australia and is one of the first private businesses to introduce eInvoicing (electric invoicing) capabilities. Available across all e-commerce and in store customer account orders, Bowens early adoption of eInvoicing demonstrates the brand as a key driver in digitising and evolving the construction industry for the builder.
Developed to streamline digital accounting, the updated service will ensure faster and more accurate invoicing and, crucially, payment for ABN holders. Mandated across all Commonwealth agencies by the Australian Tax Office (ATO) this month, Bowens’ adoption of eInvoicing marks a pivotal transition for the private sector to advance into digital business services and ensure Australian builders can build better.
The update enables automated sharing of digital invoice information between Bowens and their customers accounting software in real-time. eInvoicing will ensure more accurate and automated transcription from PDF invoices directly to accounting software. Saving money, time and transcription errors across the construction industry, the ATO is predicting SMEs could save up to 11 days of productivity per year by using eInvoicing to streamline their accounting process.
Director and Chief Investment Officer at Bowens, Andy Bowen, said: “This adoption will revolutionise the way in which we can service our builders, ensuring time and money is saved. At Bowens, we remain committed to leading our industry through a new age of building, prioritising improved ways of working for our builders, our team and the suppliers across our network. Our e-commerce team is driving true innovation in the ways we integrate technology to better service the building industry, the early adoption of eInvoicing being a true demonstration of our commitment.”
eInvoicing capabilities will complement Bowens e-commerce platform, which launched as a retail service in December 2020, and to date has generated a tenfold increase in website traffic.
E-commerce Manager at Bowens, Yash Desai, said: “The Bowens e-commerce platform has been developed to address the strides made towards digital adoption across the industry. eInvoicing is an additional resource to help save users time and money. The automated transfer of PDF invoices to digital accounting software mitigates transcribing issues, with time saved converting to approx $20 per invoice compared to paper processing. The real time conversion also means users accounting software accounts will always accurately reflect money owed and bills due, helping business owners better manage their cash flow.”
To date, Xero is the only accounting software platform fully compatible with eInvoicing, though four out of 10 Bowens builders account with them. Bowens is an early adopter of the technology, with eInvoicing expected to be used more widely across the private sector over the next year.
Bowens eInvoicing comes as the brand continues to reinvest into their business, expanding their Victorian based store network as well as online offering via bowens.com.au. As the local construction industry undergoes ongoing growth, Bowens demonstrates their 128 year industry experience as they work hand in hand with local builders to help them build better, on and off the tools.
