The goal of this initiative is to simplify procedures and help companies handle large volumes of invoices to reduce costs. Digitising the invoicing process will help alleviate administrative processing time and combat tax fraud. The New Zealand government estimates savings of USD 2.9 billion over 10 years using the electronic system.
At its core, e-invoicing automates and simplifies the exchange and processing of invoices. The direct exchange of invoice information between buyers’ and suppliers’ financial systems should cut processing time by half.
New Zealand’s e-invoicing uses an international standard, called Peppol. By using a standard e-invoicing network, different systems should be able to talk to each other smoothly.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now