If you’re tired of chasing invoices and late payments, eInvoicing could make your life easier and save you money.
With eInvoicing, digital systems talk to one another seamlessly over a universal network, ensuring payment information is exchanged more quickly and accurately.
Businesses no longer need to generate paper-based invoices or email PDFs, and buyers won’t need to manually input details into their systems.
According to the Ministry of Business, Innovation and Employment, it costs Kiwi businesses about $26 to process a paper invoice and $23 for an email invoice, due to the amount of time spent processing, chasing, and re-sending bills. In contrast, it takes under $10 to process an eInvoice.
eInvoices are more secure, running through a safe network rather than over our email servers. There’s no risk of lost or misdirected emails or letters.
The Government is pushing for all small companies to adopt eInvoicing. All New Zealand central government agencies are now capable of receiving, sending, and paying eInvoices, and have committed to paying eInvoices of up to $1 million within 10 days.
eInvoicing brings significant savings through reduced processing costs. It eradicates administrative delays and issues, improves trading relationships, and reduces the potential for fraud. More importantly, it saves you time to focus on your business.
More than 7,300 Kiwi businesses are signed up for eInvoicing. So how do you get started?
It’s pretty easy. You can enable eInvoicing through your accounting software. Simply log in and register to send and receive eInvoices through your chosen software provider and follow the steps to get set up.
eInvoicing is usually free on most accounting software plans. You’ll need to provide a few details, including your New Zealand Business Number, and the whole process only takes a few clicks.
As long as your customer or supplier has software that connects to the eInvoicing network (called Peppol), their systems will be able to receive or send eInvoices with you seamlessly.
In an uncertain economic environment, improving cash flow and getting paid more quickly is vital. Have a chat with us about how to get started with eInvoicing, and learn how it can help your business.
Disclaimer: This blog has been carefully prepared, but it has been written in general terms only. The blog should not be relied upon to provide specific information without also obtaining appropriate professional advice after detailed examination of your particular situation.