With more than 8,000 businesses across New Zealand registered to receive eInvoices and this number growing daily, eInvoicing is fast becoming the new norm.
Significantly, the list of large businesses leading the way is growing. Big players, including Robert Walters, KPMG, Office Max and Xero, are already or are close to being, able to send eInvoices to their business customers.
The question for businesses is whether they are ready to receive eInvoices.
eInvoicing is a simple method of invoicing involving the secure digital exchange of invoice information between suppliers’ and buyers’ accounting systems. 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 Deputy Secretary Finance and Performance, 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 only way government agencies accept invoices,” said Mr Alp.
eInvoicing is an easy efficiency gain—no more PDFs, less manual data entry, and less chasing up unpaid or lost invoices. eInvoicing can enable businesses to get paid faster and provide cost savings, reduced admin, and increased accuracy and security.
Mr Alp says businesses increasingly want 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 register to receive eInvoices so they’re on the list and can begin experiencing the easy efficiency gains.”
Setting up eInvoicing is simple and accessible for most businesses. For example, Xero and MYOB offer this capability free as part of their usual subscription, and many significant providers are now eInvoice-ready. Businesses can check if their provider is ready here.
“It’s exciting that eInvoicing is now more accurate and relevant with multiple major buyers coming on board. This will help to increase the volumes of eInvoices being exchanged exponentially."
Mr Alp shared that eInvoicing was a smarter way to invoice, stating that it was the next step for New Zealand businesses.
