eInvoicing becoming the new norm for New Zealand businesses
Published: 19 July 2023
With 10,000 businesses across New Zealand registered to receive eInvoices and this number growing daily, eInvoicing is fast becoming the new norm.
Importantly, along with government, the list of large businesses leading the way is growing. Big players, including the likes of Robert Walters, Hertz, NZ Safety Blackwoods, KPMG, Office Max, NXP, Westpac and Xero are already, or are close to being, able to send eInvoices to their business customers.
Additionally, representatives from some of NZ’s most influential organisations share their commitment and progress at the eInvoicing Adoption Leaders Group forum.
Check the minutes from the most recent meeting to see where they’re up to:
The question for businesses now is, are you ready to begin receiving eInvoices and experience the benefits?
eInvoicing is a new and simple method of invoicing involving the secure digital exchange of invoice information between suppliers’ and buyers’ accounting systems. This means saying goodbye to PDFs, email, paper and manual data entry. eInvoicing also reduces effort in chasing up unpaid or lost invoices and will enable businesses to get paid faster. It continues to roll out across New Zealand, driving efficiency and delivering savings to businesses and the economy.
With over 280 million business-to-business invoices exchanged in New Zealand annually, the efficiency and faster payment capability eInvoicing provides will be worth billions to businesses and the New Zealand economy.
Ministry of Business Innovation and Employment Chief Operating Officer, Michael Alp, says many government agencies have updated their contract and procurement documents to include eInvoicing as a preference, instead of PDF invoices.
“Over time, eInvoicing will become the way government agencies accept invoices,” says Mr Alp.
Mr Alp says businesses are increasingly wanting to find out if their trading partners are on board with eInvoicing. They can do so by checking the list of all registered businesses on the eInvoicing website.
“We encourage businesses to get registered to receive eInvoices so they’re on the list and can begin experiencing the easy efficiency gains.”
Setting up eInvoicing is simple and free for most businesses. For example, Xero and MYOB offer this capability free as part of their usual subscription and many major providers are now eInvoice-ready. Businesses can check if their provider is ready here:
“It’s exciting that eInvoicing is now more real and relevant with multiple major buyers coming on board. This will help to exponentially increase the volumes of eInvoices being exchanged.
“eInvoicing is a smarter way to invoice, it’s the next step for New Zealand businesses. The more that businesses exchange eInvoices, the more they, and the economy, will benefit – growing Aotearoa New Zealand for all” says Mr Alp.
To find out more check out the eInvoicing website or talk to your business advisor or accountant. Or, email firstname.lastname@example.org to make an appointment to talk to one of the eInvoicing Relationship Managers.
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