Benefits of eInvoicing
With eInvoicing, businesses no longer need to generate paper-based or PDF invoices that have to be printed, posted or emailed, and buyers no longer need to manually enter these into their financial system. It improves accuracy and security, reduces process time and speeds up payments.
How eInvoicing can benefit your business
Currently in New Zealand, it takes an average of 25.1 days for a small
business to be paid. By reducing manual processing - and the potential for errors and delays - eInvoicing can speed up payment, and improve cash flow.
eInvoicing saves time by not having to re-key or scan invoices, make corrections, or chase missing information. While you still need to apply your normal approval process before paying invoices, spending less time on admin allows greater focus on growing your business.
It costs businesses around $26 to process a paper invoice and $23 for an emailed PDF invoice. In contrast, it costs less than $10 to process an eInvoice – due to time saved by reducing manual handling.
Direct and secure
eInvoices are impossible to lose, minimise the risk of fake or compromised invoices, and reduce the chance of paper or PDF invoices being intercepted. Sender and receiver details are validated, audit logs kept, and strict protocols are followed to ensure invoices remain secure while they are sent across the network, for greater accuracy, security, and peace of mind.
eInvoicing allows you to connect to any other financial / accounting system on the eInvoicing network. You connect to all buyers from your invoicing system through an open network - removing the need to work with complex proprietary platforms that require different solutions with each buyer. Global, government-backed Peppol standards translate eInvoicing data seamlessly across different systems, and markets.
Improved financial visibility
eInvoicing allows for a lot of detail on each invoice to be retained, providing better visibility through the invoicing process. This supports analysis, forecasting, planning and budgeting, enabling more accurate financial management.
Available to any business
All businesses and government agencies can access and benefit from eInvoicing, regardless of their size and the systems they use. The eInvoicing framework can be accessed by the ‘in-house’ systems often used by large businesses, while smaller businesses can access eInvoicing capability through their accounting or financial software provider, or through a number of free eInvoicing solutions.
Improving our economy
With over 280 million business to business invoices exchanged in New Zealand each year, savings to our economy through eInvoicing are estimated to be $4.4 billion over 10 years - with a faster, smoother, more connected economy helping benefit each individual business within it.
Use this calculator to learn about the financial benefits eInvoicing can provide for your business.
Find out more
Getting started with eInvoicing for: