Have you heard of eInvoicing? It’s rolling out across New Zealand with many businesses and the wider government sector progressively becoming enabled to send and receive eInvoices.
There are already thousands of businesses registered to receive eInvoices and hundreds registering every month.
We recommend you get set up to send eInvoices (instead of PDFs) to your buyers (businesses only) and register to receive eInvoices from your suppliers.
What is eInvoicing?
eInvoicing is the digital exchange of invoice information directly between buyers’ and suppliers’ financial systems, even if these systems are different.
With eInvoicing, you no longer need to generate paper-based or PDF invoices that have to be printed, posted or emailed to your buyers, and you no longer need to enter these manually into your <Xero/name of accounting system> system.
Removing manual handling of invoices means your sent eInvoices get to the right place (and don’t get lost) and prevents errors from happening – all helping to reduce delays in processing and payment of your invoices. And for eInvoices you receive directly into your accounting system – for example your ACC, phone, power or other bills - it’ll reduce admin coding time and improve accuracy. It also:
improves security,
speeds up payments and
makes it much easier at end-of-year time.
Because eInvoicing allows you to connect to any financial system, you can connect to all buyers from your invoicing system through the open network.
Getting started
Now’s the time to get started with eInvoicing so you can send eInvoices instead of PDFs to your buyers. Here’s how:
It’s easy to get started with Xero
Xero can send and receive eInvoices, so it’s really easy to get set up to send eInvoices if you’re on a Xero Starter, Standard or Premium plan. And if you use Xero Practice Manager or Workflow Max you can send your draft invoices to Xero and send your eInvoices from there.
Simply follow their quick and easy instructions and you’re good to go. Watch their video or check out their website for instructions.
Receiving eInvoices - Xero
Sending eInvoices - Xero
Then:
1. Find and load up your buyers’ New Zealand Business Numbers (NZBNs).
2. Ask your buyers if they can receive eInvoices.
3. Send eInvoices to buyers who can receive them.
4. Let your suppliers know you can receive eInvoices (instead of PDFs) and provide them with your NZBN.
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It’s easy to get started to send eInvoices with MYOB
MYOB can send and receive eInvoices, so it’s really easy to get set if you use MYOB Essentials (also called MYOB Business) or you access your AccountRight company file in a web browser.
Simply follow their quick and easy instructions and you’re good to go. Check out their website for instructions.
Then:
1. Find and load up your buyers’ New Zealand Business Numbers (NZBNs).
2. Ask your buyers if they can receive eInvoices.
3. Send eInvoices to buyers who can receive them.
4. Let your suppliers know you can receive eInvoices (instead of PDFs) and provide them with your NZBN.
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