The government wants businesses to be eInvoicing (Electronic Invoicing) ready. They've started with themselves, setting progressive targets to push government agencies to adopt it within the next few years.
The reason is simple, eInvoices can save businesses a lot of money. With minimal manual handlings and processing, it is much safer and faster than sending PDF invoices, let alone paper invoices.
eInvoicing and pdf invoices are not the same thing.
PDF invoices are generally sent via emails. They still involve data to be manually entered or captured via OCR (Optical Character Recognition). Because invoices are sent via emails, they pose security risks due to fake invoices and scams which are common in New Zealand.
eInvoicing on the other hand is far more secure as it is a direct digital exchange of invoice information between the buyer's and supplier's financial systems; completely removing the 'middleperson'. With eInvoicing, sender and receiver details are validated, and strict protocols are in place to ensure eInvoices are impossible to lose or compromised.
Significant savings can also be achieved by switching to eInvoices. The cost of processing a PDF invoice is estimated to be $23, while an eInvoice is less than $10.
eInvoicing is here to stay. Here's why it's better to adopt it sooner than later.
Currently over 40 countries have adopted, or are considering making eInvoicing mandatory. Just like the internet and smart phones, it is only a matter of time when eInvoicing will be widely adopted as a standard accounting process in New Zealand. Getting ready for eInvoicing will help future-proof your business so you can focus on growth.
How eInvoicing can improve our economy
Every year over 280 million invoices are exchanged between businesses in New Zealand. By simply switching to eInvoicing, our economy can save $4.4 billion over 10 years. Whether you are a small business or large organisation, significant savings can be achieved through reduced processing costs. eInvoicing can also reduce administrative delays and payment issues. Faster payment = better trading relationships.
Why work with Sharp
Through our strategic partnership with Acume; an eInvoicing solution provider listed by MBIE (Ministry of Business, Innovation and Employment), Sharp can provide a solution that has been built for kiwi organisations of all sizes. On top of that, our team of software solution specialists are trained to understand your needs and challenges to be able to provide your business with a customised solution. We have a range of smart software that have been proven to assist kiwi businesses improve efficiency and retain talent.
How to switch to eInvoicing
So you like the sound of faster payment, reduced admin and cost saving that eInvoicing can bring, but you are worried about a costly upgrade? Good news is our solution doesn’t involve huge upgrade costs as we can export data to your accounting or ERP system in the same way as your current scanning solution. Switching to eInvoicing may only take a few simple steps. Let's start by having a conversation with one of our specialists today.