The Benefits of eInvoicing For Your Business
eInvoicing is the electronic exchange of invoice data between buyers' and suppliers' financial systems.
How it works
- The supplier's financial system creates an invoice for the buyer.
- The invoice data is transmitted through the eInvoicing network, where details such as the NZ Business Number (NZBN) are verified.
- The invoice data is sent to the buyer's financial system, where it is matched with purchase details and prepared for payment.
Check out this video to learn how eInvoicing can help Kiwi businesses.
The Benefits For Your Business
We have started using eInvoicing at Ōmokoroa Accounting, through our Xero software and are finding it has simplified the process of adding supplier invoices. It can only be used between two accounting systems but it does make doing business smoother, faster, and safer. With less manual handling and processing, it has reduced admin, errors and delays. It has sped up processing and payments and improved business cash flow.
Some of New Zealand’s well-known businesses are now using eInvoicing, like Spark, Bunnings, Countdown, Westpac and Office Max. They’re seeing big changes — both in their internal efficiencies and for their partners and suppliers.
Here is a link to NZ businesses that are already registered to receive eInvoices. You will see that Ōmokoroa Accounting are included in this list.
Getting set up to send and receive eInvoices through your accounting software is only a few simple steps. Give us a call today if you need help with this.
