Invoicing is changing. Don’t miss out...
Published: 02 February 2022
You’ve probably heard about eInvoicing. Maybe you are already using it or think you are?
Let’s be clear. eInvoicing is a completely new way of invoicing that automates and simplifies the exchange and processing of invoices. And until you try it, you don’t know what you’re missing.
It’s not turning an invoice into a PDF – which currently most cloud software does. Instead, it’s the direct exchange of information between any two ‘eInvoicing-capable’ systems – with no human handling or data entry required. This direct exchange dramatically improves accuracy and security, reduces admin and delays, speeds up payments and improves cashflow.
As a result, eInvoicing gives today’s finance systems a step up in capability, letting businesses get paid faster, and do business more smoothly, safely and efficiently. And behind it, is a government-backed eInvoicing network based an international standard (Peppol), for smooth, secure transactions across different systems and markets.
It is now available to businesses and being rolled out across the country, supported by the Ministry of Business, Innovation and Employment.
Over the coming months and beyond, it will unlock huge benefits for New Zealand business and the economy. With over 280 million business-to-business invoices exchanged in New Zealand annually, savings to our economy through eInvoicing are estimated to be $4.4 billion over 10 years. And the more businesses that are eInvoice-enabled, the more you and the economy will benefit.
There’s a one-off effort to get your business set up for eInvoicing, which will be different depending on your business’ size and current systems.
For small to medium businesses, it’s very simple and most businesses’ accounting and finance software provide free eInvoicing capability. Then you’re ready to go.
For large business with more complex systems, there will be some extra steps to transition to eInvoicing. And, as receivers of large volumes of invoices, you will realise significant savings through reduced processing costs, administrative delays and payment issues.
It’s a smarter way to invoice. Take the next step for your business and don’t miss out.
Benefits of eInvoicing
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