June 1, 2022
New Zealand is adopting a facility for customers and suppliers to receive and issue invoices from their accounting system and have that received directly into the recipient’s accounting system, ready to be authorised and paid.
The benefits of this facility are to be more efficient and timely with invoice processing and payment; more accurate since there needs no data entry; and, potentially, more visibility for your business with registration on the e-invoicing network.
If you are using Xero or MYOB (among other registered software providers) you’re ready to start e-invoicing. You do need a New Zealand Business Number (NZBN) which all companies have, and some others obtained in receiving COVID-19 subsidy payments. If you don’t have a NZBN, obtaining one is easy and can be done on-line.
There are a few set up initiation steps to commence e-invoicing, but once they are completed, you only need to identify which of your contacts have registered for e-invoicing. They can then receive or send you an e-invoice. Registered businesses can be found here.
The set up for e-invoicing in Xero requires these steps
- Ensure your NZBN is included in your organisation settings
- You need to choose a business contact and legal representative for registration
- Complete the steps for setting up e-invoicing in the Bills to pay/Receive invoices section:
Why not try it? (If you do try it and don’t like it, you’ll need to contact Xero support to de-register.)
Contact us today for your no-obligation consultation.