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E-Invoicing Framework Launch to Streamline NZ Business Invoicing

New Zealand E-Invoicing Framework

The formal launch of New Zealand’s e-Invoicing framework brings Kiwi businesses a step closer to streamlined payment practices.

According to a recent press release, Small Business Minister Stuart Nash explained that the government has now established the structure to enable automated and direct data exchange between the accounting systems of buyers and sellers.

About the Initiative

  • The move to e-Invoicing has been driven by the New Zealand Prime Minister Jacinda Ardern and her Australian counterpart Scott Morrison, as part of the Single Economic Market agenda to create a seamless trans-Tasman business environment.
  • E-invoicing replaces paper-based or PDF invoices, which have to be manually processed with a common digital language, and allow different payment and accounting systems to speak to each other.
  • In a Wellington conference of around 200 software and financial services providers, the Minister shared that the Ministry of Business, Innovation and Employment (MBIE) has been formally established as the Agency that will manage and oversee the local element of the international network for e-Invoicing.
  • The establishment of MBIE as the local authority for the Pan European Public Procurement Online (PEPPOL) network marks a big step towards the first exchange of e-Invoices by Kiwi businesses.
  • Financial and IT service providers, and others, can now gain accreditation to use the PEPPOL network.
  • This network connects businesses across 32 countries. It allows private sector and government agencies to begin adopting e-Invoicing by the end of 2019.
  • Businesses should prepare now for e-Invoicing by adopting a New Zealand Business Number (NZBN).
  • The NZBN enables e-Invoicing and can be fully integrated into procurement and finance systems.

Addressing the Problem

Some of the biggest sources of stress and cash flow problems for small businesses are late payments and long payment terms.

As a more accurate, secure and efficient process, e-Invoicing will help ensure businesses can be paid on time.

While New Zealand is already first in the world for ease of doing business, they still want to be even better.

What is e-Invoicing?

  • Standardised electronic invoicing (e-Invoicing) is one of the first in a range of digital innovations enabled by the NZBN, which will help businesses save time and money.
  • E-Invoicing is the direct exchange of invoices between suppliers’ and buyers’ financial systems.
  • Buyers can send an e-Invoice directly to their customer’s financial system through a digital ‘mail’ service.
  • International standards allow these systems to ‘speak’ to each other, even if the two businesses are using different systems.
  • 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 accounting system.
  • Automating the invoicing process improves accuracy and security, speeding up processing and reducing errors and delays.
  • OpenGov Asia earlier reported on New Zealand and Australia to adopt PEPPOL framework for e-Invoicing.
  • The Prime Ministers of both countries announced the intention to adopt since e-Invoicing will see them save over NZ$ 30 billion in transaction costs over the first 10 years.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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