Instead of using printed invoices or emailing off PDFs, e-Invoicing allows the digital exchange of invoice information directly between buyers’ and suppliers’ financial systems, even if these systems are different. Businesses no longer need to manually input invoice data, thereby reducing their costs and the risk of errors. Reconciliation and coding are made easier, and invoices can be raised and emailed out instantly. Doing everything in the digital realm also makes it simpler to maintain records and keep track of payments.

e-Invoicing brings financial, operational and strategic benefits to businesses of all sizes. Many e-Invoice systems allow you to add a variety of different payment options for the customer. You could just include your bank details and wait for the customer to make a direct payment to your account, but you can also include payment buttons in the e-Invoice that give customers the option to pay via digital payment gateways.

Offering more ways to pay makes the whole process easier for your customers and will generally result in faster payment times as a result.

As well as allowing for reduced administration and faster payment, e-Invoicing is more secure than other traditional options. According to research commissioned by the Ministry of Business, Innovation and Employment (MBIE), two thirds of Kiwi businesses agree that e-Invoicing will reduce the risk of cyber hacking, cut administration time, speed up payments and improve cash flow.

MBIE Chief Financial Officer Stewart McRobie says that with over 280 million business-to-business invoices exchanged in New Zealand annually, the efficiency and faster payment capability e-Invoicing provides will be worth billions to businesses and the New Zealand economy. “We know businesses could do with a boost in these difficult COVID-19 times. e-Invoicing is an exciting next step for them, giving today’s accounting systems a new step up in capability, enabling businesses to be paid faster, improving cash flow and doing business more smoothly, safely and efficiently. It’s simply a smarter way to invoice and the more businesses that are e-Invoice-enabled, the more they, and the economy, will benefit.”

Becoming e-Invoicing enabled is easy as most accounting software has e-Invoicing capability. Ongoing costs are generally based on the number of e-Invoices you receive, with little or no cost to send.

If you want to improve your payment times and boost your cash flow, please get in touch with us. We can help you streamline your payment processes and embrace the latest in payment technology.