The New Zealand Ministry of Business, Innovation & Employment (MBIE) recently commissioned research with Kantar Public. The findings show accountants are the go-to for businesses that want to learn more about eInvoicing.
As trusted advisers, you need to be well equipped to support your clients. If you’re not already up to speed with eInvoicing, maybe now is the time to learn about how it is benefiting businesses across New Zealand.
EInvoicing is the secure, digital exchange of information directly between buyers’ and suppliers’ financial systems, even if the systems are different, and it doesn’t involve emailing PDF invoices. eInvoicing improves accuracy and security, reduces manual processing, and saves time and money.
Since late 2021, MBIE has been raising awareness and understanding of eInvoicing through a variety of engagement and communications channels. There are currently more than 10,000 New Zealand businesses registered to receive eInvoicing.
There are currently more than 10,000 New Zealand businesses registered to receive eInvoicing.
Growing eInvoicing awareness
Awareness and understanding of eInvoicing has improved over the last year – up eight points to 30%, with 25% now seeing the benefits, compared with 14% previously.
“The research also highlights the important role accountants have played in this,” says Mark Wierzbicki, head of eInvoicing at MBIE. “Businesses are telling us they’ve heard about eInvoicing from their accountants. When they want to know more, you’re the go-to. Your efforts are supporting and encouraging businesses to go further. So, thank you for that.”
Nearly a quarter (23%) of those who recall seeing the eInvoicing campaign will get in touch with their accountant for more information. Of those who understand how to enable eInvoicing, when asked where they’d go to get started, 41% said they would contact their accountant.
However, there is an ongoing need for accountants to clarify that eInvoicing is not emailing PDF invoices. They also play a valuable role to correct other misconceptions such as the perceived cost or difficulty to set it up.
“The reality is eInvoicing is easy and cheap, if not free, for most businesses. The benefits are significant,” says Wierzbicki.
“The reality is eInvoicing is easy and cheap, if not free, for most businesses. The benefits are significant.”
Businesses that are already using eInvoicing are finding their invoice processes easier because of time savings, knowing there are no lost invoices and the enhanced security it offers.
In the research, 73% of eInvoicing users agreed that it saves time (versus 49% for non-users) and invoices won’t get lost (51% versus 33% for non-users), while a third of all respondents agreed security is a benefit.
For sole trader accountant Mike Higgins CA, using eInvoicing has shown him how much time and hassle he can save in his own business and for his clients.
“I’m always looking for ways to help my clients reduce admin, so they have more time to focus on generating more revenue,” says Higgins. “I knew it would benefit my clients, not just for receiving eInvoices but also sending them. From my point of view, it’s seamless.”
Wierzbicki says that “the more businesses who adopt eInvoicing and exchange eInvoices, the more they all benefit”.
Find out more about eInvoicing
Visit einvoicing.govt.nz/CAANZ and find out how you and your clients can register for eInvoicing.