Upgrading to eInvoicing could be your easiest win in 2022
Published: 02 February 2022
For many businesses, invoicing can be an unproductive and time-consuming process.
eInvoicing is a new way of sending and receiving invoices that simplifies and automates the process and is now being rolled out across the country, supported by the Ministry of Business Innovation and Employment.
For your business it could be 2022’s easiest win!
With over 280 million invoices exchanged in New Zealand annually, savings to our economy through eInvoicing are estimated to be $4.4 billion over 10 years.
Indeed, over the coming months and beyond, eInvoicing will unlock some significant benefits for business.
Here are the top 5 things you need to know about eInvoicing
1. eInvoicing is NOT sending a PDF invoice
Unlike emailing or posting a PDF, eInvoices are sent electronically through the secure government-backed network right into the buyer’s financial system. There’s no need to generate a PDF.
2. eInvoicing means faster payments and improved cashflow
With this speedy direct exchange, information is validated as it passes through the network, reducing delays, making payments faster and improving cash flow.
3. Reduced processing costs
eInvoicing is estimated to cost less than $10 per invoice amounting to savings of $18.00 per paper invoice and $16.00 per PDF invoice. Buyers also no longer need to input manually, reducing costs, the risk of errors and making reconciliation and coding easier.
4. Improved financial visibility
eInvoicing allows for a lot of detail from each invoice to go directly into your finance system, providing better visibility and richer information. This supports you and your business to analyse, forecast, plan and budget, enabling more accurate financial management.
5. It’s easy and it’s free
For most small businesses, eInvoicing is easy and free or low cost to get set up and started. More than 4000 businesses have registered for eInvoicing and the more that are eInvoice-enabled, the more they, and the economy, will benefit.
We encourage you to find out more about it and take the next step.
Please note: This content will change over time and can go out of date.