e-Invoicing moves a step closer for New Zealand businesses
On Friday 22 February, the New Zealand Prime Minister Jacinda Ardern and Australian Prime Minister Scott Morrison announced a joint intention to adopt the Pan European Public Procurement Online (PEPPOL) interoperability framework for e-Invoicing. e-Invoicing is the automated direct exchange of invoices between a buyer’s and a supplier’s finance systems.
The PEPPOL framework is currently used for e-Invoicing in 32 countries across Europe, Asia and North America.
The introduction of e-Invoicing will save businesses time and money by enabling faster delivery, processing and payment of invoices.
Australian and New Zealand businesses currently process around 1.3 billion invoices annually and the adoption of e-Invoicing will see them save over $30 billion in transaction costs over the first 10 years.
The Prime Ministers have also established the Australia New Zealand Electronic Invoicing Board (ANZEIB) which will set the direction on how e-Invoicing will be rolled out over the next few years.
The Australian and New Zealand governments are aiming for the e-Invoicing framework to be available for businesses by the end of 2019.