With New Zealand rapidly advancing towards a more digital economy, the adoption of eInvoicing has been a game-changer for many businesses, making transactions smoother and more efficient. As of early 2024, over 21,463 New Zealand businesses have registered to receive eInvoices, showcasing a significant uptick in adoption. Despite these promising numbers, some businesses are still hesitant to make the switch.
Let’s explore why and how to overcome these barriers.
Understanding Government Incentives
The New Zealand government has been actively promoting eInvoicing in recent times. One major incentive is the mandate for government agencies to pay 95% of their invoices within 10 days if received electronically. This not only encourages suppliers to switch to eInvoicing but also improves their cash flow significantly. Additionally, the government’s open syndicated agreement makes it easier for the public sector to adopt eInvoicing by connecting them with pre-approved service providers.
Educational Resources and Training
Worried about the learning curve? Fear not. The Ministry of Business, Innovation and Employment (MBIE) provides extensive resources to help businesses understand and implement eInvoicing. These resources include detailed guides, case studies of New Zealand businesses that have successfully implemented eInvoicing, and a comprehensive list of eInvoicing capable software products and access point providers. This information is designed to aid businesses in making informed decisions about eInvoicing adoption and to facilitate a smooth transition.
Choosing the Right Technology Partner
Selecting an eInvoicing provider is crucial. Consider the following key factors when you’re assessing partners to ensure you select a provider that’s the right fit for your business:
- Accreditation: A good starting point is to ensure the provider is an accredited PEPPOL access point, adhering to international standards.
- Compatibility: Choose providers who can handle your data in its current format and structure, minimising disruptions by adapting it to the required PEPPOL standard. This approach reduces the stress on your team and ensures a smoother transition to eInvoicing.
- Support and Reliability: Opt for providers with robust customer support across multiple channels and proven reliability.
- Scalability and Security: Choose solutions that can grow with your business and offer robust security measures to protect sensitive data.
- Reputation: Research the provider’s market reputation through reviews and client testimonials to gauge their reliability and effectiveness.
Summary:
Switching to eInvoicing is more than just complying with new standards; it’s about setting your business up for future success. By taking advantage of government incentives, equipping your team with the right knowledge, and choosing a compatible technology partner, you can tackle the initial challenges and enjoy the long-term benefits of eInvoicing.
Are you ready to revolutionise your invoicing process? Reach out to us at Dataprint today, and let’s make your transition to eInvoicing as smooth as possible. Together, we’ll ensure your business stays ahead in a digital-forward New Zealand!
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