Efficiency gains of eInvoicing kicking in as major players hit ‘send’
Published: 04 May 2023
With more and more large businesses ready to send eInvoices to their business customers, the benefits for small businesses on the receiving end are about to accelerate.
eInvoicing automates and simplifies the exchange and processing of invoices through the direct exchange of invoice information between buyers’ and suppliers’ financial systems – even if these systems are different.
Is your business ready to receive eInvoices and experience benefits like reduced admin, faster payments and improved cashflow?
With more than 8,000 New Zealand businesses registered to receive eInvoices and this growing daily, eInvoicing is fast becoming the new norm.
Importantly, the list of ‘big senders’ leading the way is growing. Major players including the likes of Robert Walters, Fonterra, Westpac, OfficeMax and Xero are already, or on the cusp, of being able to send eInvoices to their trading partners.
Likewise, many government agencies have updated their contract and procurement documents to include eInvoicing as a preference, instead of PDF invoices. Soon, eInvoicing will become the only way government agencies accept invoices.
Why? It’s simply a smarter way to invoice. No more PDFs, less manual data entry, less chasing up unpaid or lost invoices. Businesses benefit in not only getting paid faster, but also benefit from cost savings, reduced admin, increased accuracy and security.
Take Woolworths for example. With thousands of suppliers to pay every month, eInvoicing has provided huge operational efficiencies, including a 50% reduction in accounts payable resource cost. It also means their SME suppliers are paid faster and supplier queries have reduced by 70%!
It’s an easy efficiency gain for all businesses. By registering to receive, and getting set up to send your own eInvoices, your business can also experience and share the easy efficiency gains.
Businesses wanting to find out if their trading partners are on board can do so by checking out the list of all registered businesses. Make sure you’re registered too.
It’s a simple and free process for most businesses. For example, Xero and MYOB offer eInvoicing capability free as part of their usual subscription, and many other major providers are now eInvoice-ready too.
Businesses can check if their accounting or invoicing provider is ready at:
So, eInvoicing is becoming the norm as multiple major buyers come on board. This will exponentially increase volumes of eInvoices being exchanged and rapidly accelerate its adoption.
It’s the next step for New Zealand businesses. The more that exchange eInvoices, the more they, and the economy, will benefit.
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