Large businesses and government
The New Zealand Government is committed to delivering e-Invoicing.
With over 280 million business to business invoices exchanged in NZ annually, savings to our economy through e-Invoicing are estimated to be $4.4 billion over 10 years.
e-Invoicing is currently voluntary but is likely to become mandatory for government agencies in the future.
Adopting e-Invoicing across all levels of government and large businesses is good for the economy and helps support faster payments to small businesses. As government and large businesses are mainly receivers of large volumes of invoices, significant savings can be realised through reduced processing costs. It can also reduce administrative delays and payment issues. Faster payments and more streamlined processing for your goods and services suppliers can improve trading relationships.
Here are the main steps to getting started with e-Invoicing:
Talk to the software provider of your accounts payable system to see if your system is e-Invoicing capable or planning to be.
Other options to consider:
- Repurchase: Replace your invoice processing system with one that is e-Invoice capable.
- Rebuild: Rebuild your current system to one that is e-Invoice capable, or alternatively upgrade to a version that is e-Invoice capable.
- Retire: If you have multiple invoicing systems, consider consolidating and moving to one e-Invoice capable system.
- Retain: Keep your current invoicing system and compliment it with an add-on which is e-Invoice capable.
Determine how you’ll access the e-Invoicing network. See the register for:
- a software provider for an e-invoice enabled system – they will work with an access point provider on your behalf OR
- an accredited access point provider to integrate e-Invoicing directly into your chosen system and connect directly to the Peppol network.
Implement e-Invoicing, encourage your suppliers to send e-Invoices, and start gaining benefits.
Top tip: Engage and on-board your suppliers. The more suppliers you have sending you e-Invoices, the more you’ll benefit from the speed, accuracy, and savings.
Do this as soon as you start your own implementation.