A common e-invoicing standard and wider use of NZBNs are great initiatives from the NZ Government that will save the economy money and improve business efficiency.
Even better, the NZ and Australian Governments have agreed to work together on adopting a common e-invoicing standard and recognising each other’s unique business identifiers, which will help streamline Trans-Tasman trade.
E-invoicing is not simply emailing PDFs to each other. E-invoicing is sending machine readable information in a common standard directly between finance systems. Unit4 Business World has been doing this for years in Europe.
E-invoicing substantially reduces human data entry error and reduces the risk of fake invoice fraud. It also means that AP/AR staff can spend their time on more value-added work instead of straight transaction processing.
At Agilyx, we’re excited that the Australian and New Zealand Governments are taking practical steps to make doing business easier and encouraging modern ways of doing business. Our flagship ERP solution, Unit4 Business World, supports e-invoicing natively and is ready to go once the common standard is released.
Relevant Links:
https://www.beehive.govt.nz/release/progress-payment-terms-and-e-invoicing
