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e-Invoicing to boost business productivity

The Australian and New Zealand public are being encouraged to provide feedback on a joint electronic invoicing (e-Invoicing) initiative that will save time and money for businesses, according to a recent announcement.

Research has indicated that the economic benefits of e-Invoicing could exceed NZ$ 30 billion over ten years, thanks to the significant productivity gains it offers.

The Prime Ministers of New Zealand and Australia agreed in March to advance work on common approaches to e-invoicing as part of the trans-Tasman Single Economic Market Agenda.

They want to create a seamless trans-Tasman business environment and e-Invoicing is part of that.

E-Invoicing removes the manual handling of bills so the process becomes faster and more accurate and therefore the chances of problems and delays occurring are reduced.

E-Invoicing aims to help them save time and money by allowing the direct exchange of invoices between the financial systems of both the suppliers and the buyers.

It creates economic benefits through faster payments and reduced transaction costs.

It is very similar to internet banking where one bank system accepts payments from another bank system.

Moreover, it can deliver significant productivity improvements and savings from fewer invoicing errors and less time spent resolving errors.

Incorrect or lost invoices contribute to about 40% of all invoices being overdue.

To emphasise the scale, New Zealand and Australian businesses process around 1.3 billion invoices annually.

The Government is committed to growing the economy and working with businesses to encourage productivity.

People are encouraged to give the Government feedback on the framework that will be used for the day to day operation of e-Invoicing in Australia and New Zealand.

The framework will be based on international standards that allow information to be shared more efficiently.

The framework for e-invoicing relies on the New Zealand Business Number (NZBN) administered by the Ministry of Business, Innovation & Employment.

The NZBN is a unique 13-digit identifier which enables e-invoicing and simplifies other transactions and connections. More than 650,000 businesses already have the NZBN.

The NZBN is for all sole traders, partnerships, trusts, companies, local authorities and other corporates and public sector entities.

It creates a transactional environment where there can be greater certainty of identity, more reliable information, less duplication and much-needed efficiencies.

Businesses will be able to see supply chains, build trusted networks, find and assess providers, improve customer service and a whole lot more.

Used to its full potential, the NZBN is not just a number, but is a business asset,

This consultation is the latest step in the commitment of the New Zealand and Australian Governments to progress e-Invoicing as part of the Single Economic Market agenda.

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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.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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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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