e-Invoicing - a smarter way of invoicing
A new way of invoicing
Standardised electronic invoicing (e-Invoicing) is one of the first in a range of digital innovations enabled by the NZBN, which will help businesses save time and money.
With e-Invoicing, businesses no longer need to generate paper-based or PDF invoices that have to be printed, posted or emailed, and buyers no longer need to manually enter these into their accounting system. Automating the invoicing process improves accuracy and security, speeding up processing and reducing errors and delays.
You’ll need the NZBN of everyone you want to send an e-Invoice to, and you can fully integrate these NZBNs into your procurement and finance systems.
It’s time to start preparing your business for e-Invoicing, so that you can take advantage of this technology too.
Check out our video to learn how e-Invoicing will transform the way Kiwis do business.
What is e-Invoicing?
E-Invoicing is the direct exchange of invoices between suppliers’ and buyers’ financial systems. Buyers can send an e-Invoice directly to their customer’s financial system through a digital ‘mail’ service. International standards allow these systems to ‘speak’ to each other, even if the two businesses are using different systems. It’s similar to the way users of different mobile phone networks are able to ‘speak’ to each other.
Benefits of e-Invoicing
E-Invoicing offers a solution that every business can access and benefit from, regardless of their size and the financial management system they use, making it easier for businesses to interact and transact with each other, and with government.
The New Zealand and Australian governments have committed to a joint approach to e-Invoicing and, in February 2019, announced their intention to adopt the Pan European Public Procurement Online (Peppol) interoperability framework. Peppol is currently used by 32 countries, with more countries planning to adopt it in the near future. In October 2019, the Ministry of Business, Innovation and Employment (MBIE) became a Peppol Authority, with the responsibility of overseeing New Zealand’s e-Invoicing framework.
The Australia New Zealand Electronic Invoicing Board (ANZEIB) has been established to guide the trans-Tasman implementation of e-Invoicing. Co-chaired by Australia and New Zealand, ANZEIB is comprised of officials and independent business representatives from both countries.
Getting started with e-Invoicing
There are a few things your business needs to consider when planning a move to e-Invoicing. We’ve developed resources to help you decide which e-Invoicing solution suits you best, select an e-Invoicing service provider and ready your business for e-Invoicing.