What's this change about?
Standardised electronic invoicing (e-invoicing) helps businesses save time and money in their dealings with government.
E-invoicing replaces paper-based or PDF invoices with a common ‘digital language’ that enables different payment and accounting systems to speak to each other. Businesses will no longer need to generate paper based or PDF invoices that have to be printed, posted or emailed. Buyers won't have to manually enter these invoices into the accounting systems.
To ensure data security and compliance over this process, both Australia and NZ governments have decided to adopt the Pan European Public Procurement Online (PEPPOL) interoperability framework, currently used by 32 countries.
Olympic Software can assist you to navigate through the e-invoicing requirements in New Zealand and Australia.
What are the benefits?
- You reduce the cost of processing invoices: e-invoicing reduces manual input and improves accuracy.
- You get paid much faster. The government intends to clear payments for all e-invoices within 10 days as opposed to 1 month or more.
- You can forecast cash flow better. Faster payments from the government ensure a steady cash flow which will help with business growth.
How can you get started with e-invoicing? Review this handy flowchart from the NZ government, and then schedule a consultation with us.
Our DX2 solution is already e-invoicing compliant and ready to be deployed.
If you are a supplier to government agencies who has not yet got your invoices into the PEPPOL standard for e-invoicing, then we can help you. DX2 will allow you to keep your current invoicing solution, or digital formats, and easily translate to the e-invoicing format.