Research highlights the importance of accountants in raising awareness and understanding of eInvoicing
Published: 04 October 2023
The Ministry of Business, Innovation & Employment (MBIE) recently commissioned research with Kantar Public. The findings show accountants and bookkeepers are the ‘go to’ for businesses who want to learn more about eInvoicing.
As trusted advisers, you need to be well equipped to support your clients. If you’re not already up to speed with eInvoicing, maybe now is the time to learn about how eInvoicing is benefiting businesses across New Zealand.
eInvoicing is the secure, digital exchange of information directly between buyers’ and suppliers’ financial systems, even if the systems are different.
And it doesn’t involve emailing PDF invoices. eInvoicing improves accuracy and security, reduces manual processing, and saves time and money.
It’s good for business.
Since late 2021, MBIE has been raising awareness and understanding of eInvoicing through a variety of engagement and communications channels. There are currently more than 10,000 New Zealand businesses registered to receive eInvoices.
Awareness and understanding of eInvoicing has grown
Awareness and understanding of eInvoicing has improved over the last year – up 8 points to 30%, with 25% now seeing the benefits, compared to 14% previously.
The importance of accountants and bookkeepers
“The research also highlights the important role accountants and bookkeepers have played in this” says Mark Wierzbicki, Head of eInvoicing at MBIE.
“Businesses are telling us they’ve heard about eInvoicing from their accountants and bookkeepers. When they want to know more, you’re the go-to.”
“It’s clear accountants and bookkeepers are playing an important part in building that awareness and understanding. Your efforts are supporting and encouraging businesses to go further. So, thank you for that.”
Nearly a quarter (23%) of those who recall seeing the eInvoicing campaign will subsequently get in touch with their accountant or bookkeeper for more information. Of those who understand how to enable eInvoicing, when asked where they’d go to get started, 41% said they’d contact their accountant or bookkeeper.
Despite the increase in awareness and understanding of eInvoicing, there is an ongoing need for you to clarify that eInvoicing is not emailing PDF invoices. You also play a valuable role to correct other misconceptions such as the perceived cost or difficulty to set up.
“The reality is eInvoicing is easy and cheap, if not free, for most businesses. The benefits are significant,” says Mark.
Businesses using eInvoicing confirm the benefits
Businesses already using eInvoicing are finding their invoices processes are easier because of time savings, knowing there are no lost invoices, and the enhanced security it offers.
73% of eInvoicing users agree that it will save time (vs 49% for non-users), invoices won’t get lost (51% vs 33% for non-users) while a third of all respondents agreed that security is a benefit.
That’s been the case for sole-trader accountant, Mike Higgins. Using eInvoicing has shown how much time and hassle he can save in his own business and for his clients.
“I’m always looking for ways to help his clients reduce admin, so they have more time to focus on generating more revenue,” says Mike. “I knew it would benefit my clients, not just for receiving eInvoices but also sending them. From my point of view, it’s seamless.”
Mark Wierzbicki says that “the more businesses who adopt eInvoicing and exchange eInvoices, the more they all benefit."
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