eInvoicing is here – is your business ready?

With more than 280 million business-to-business invoices exchanged in New Zealand each year, businesses are increasingly more aware that traditional invoicing processes are costly and inefficient, open to user error, and at greater risk of fraud.

This has prompted more businesses to seek out new ways to electronically send invoices, which Andrea McDuff at BES says reduces the risk of cyber hacking, cuts down on admin time, speeds up payments and improves cash flow.

eInvoicing is gaining more traction in New Zealand and Australia because of the low-touch, error-free, secure process that the current practice of emailing a PDF or scanning a paper invoice can’t provide.

“eInvoicing is basically set up in a way where invoice information is automatically exchanged directly between buyers’ and suppliers’ financial software systems, with no need for a PDF to be generated and no manual handling or data entry required when you receive an eInvoice,” says Andrea.

“Accounting platforms like Sage 300 and Sage Intacct enable businesses to be paid faster, improve cashflow and allow business to run more smoothly, safely and efficiently.”

Over 4,000 New Zealand businesses are already using eInvoices according to a statement released by Ministry for Business Innovation and Employment earlier this year. That number is growing every day.

“If you’re not already using eInvoices, now is a good time to get started because there are many businesses already set up to receive them.

“If you are already set up with PacificTech’s AP automation software, eInvoicing capability is low-cost and easy to add on, and the benefits will quickly outweigh the process involved in shifting systems.”

Andrea recommends getting in touch with the team at BES to discuss the best eInvoicing option and how to get started.