Product Update

e-Invoicing | New Feature

August 5, 2021
Jake | FlexiTime Resource Author

Jake

Marketing


We’ve just added e-Invoicing capability to Invoxy, so you can now send e-Invoices and enjoy the productivity benefits and improved cash flow.

e-Invoicing is a new way to send and receive invoices directly via a dedicated secure global network. It means businesses can exchange invoices with no emails, pdfs or manual handling. Just accurate, secure invoices sent directly to your customers’ accounting software.

e-Invoicing has started rolling out across New Zealand, and many large businesses and the wider Government sector are progressively becoming enabled to send and/or receive e-Invoices. 

In fact, Government agencies are required to be set up to receive e-Invoices by April 2022 (many agencies have already gone live). 

If you’re a supplier to the Central Government you’ll be able to send them e-Invoices instead of PDF invoices, meaning they’ll be processed and paid faster than ever. 

The government has set a target for its agencies to pay 95% of e-Invoices within 10 days. The average invoice payment time frame in New Zealand is 25.1 days.

 

How does e-Invoicing work?

e-Invoicing is the digital exchange of invoice information directly between buyers’ and suppliers’ financial systems, even if these systems are different. It improves accuracy and security, reduces processing time and speeds up payments.

The transfer of invoice information is made possible by using e-Invoicing software (such as Invoxy) which uses common international standards (known as Peppol standards), allowing different systems to ‘speak’ to each other.  

 

Benefits of e-Invoicing

With e-Invoicing, businesses no longer need to generate paper-based or PDF invoices that have to be printed, posted or emailed, and buyers no longer need to manually enter these into their financial systems.

Of course, the invoicing process was already pretty streamlined in Invoxy, but this takes it a step further.

No manual handling of your invoices means they get to the right place (and don't get lost or caught in a spam filter) and there are no errors – all helping to reduce delays in processing and payment of your invoices by your clients.

And because e-Invoicing allows you to connect to any financial system you can connect to all buyers from our invoicing system through the open network.

Not only that, but e-Invoicing massively benefits your clients. On average it costs a business $7.63 to process an e-Invoice, compared to $23.01 for a pdf invoice. It’s estimated to save New Zealand businesses $4.4 billion over 10 years.

It’s all part of a wider push from the New Zealand Government to increase productivity through digital adoption and help businesses get paid on time.

 

Get e-Invoicing ready

e-Invoicing is gathering steam and in a few years just about all electronic invoices will be exchanged on the e-invoicing network. The earlier you get set up, the faster you’ll reap the rewards. 

If you’re a supplier to government agencies, it’s a no brainer. Even if you’re not, many of the larger businesses in NZ are in the process of going live with e-Invoicing so they can pay their suppliers faster.

e-Invoicing is a paid feature in Invoxy, but customers can try it free for a limited time. Getting set up is easy - just follow these instructions.

Jake | FlexiTime Resource Author

Jake

Marketing

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