February 22, 2024

We are creating some awesome events for you. Kindly bear with us.

New Zealand Launches Digital Invoicing Initiative

Central government agencies must be able to receive invoices in an electronic format beginning 31 March 2022. This is the first step to making Business to Government (B2G) e-Invoicing mandatory in New Zealand.

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 NZ $4.4 billion over 10 years using the electronic system.

There are myriad benefits of digital invoicing. Two-thirds of Aotearoan businesses agree a new way of invoicing will reduce the risk of cyber hacking, cut admin time, speed up payments and improve cash flow, according to research commissioned by the Ministry of Business Innovation and Employment (MBIE).

The government-commissioned research is timely. It comes at a time when eInvoicing is starting to roll out across New Zealand. At its core, eInvoicing 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 – even if these systems are different.

Mark Wierzbicki, the General Manager eInvoicing at MBIE, details that eInvoicing enables a low touch, an error-free process that the current practice of emailing a PDF or scanning a paper invoice simply can’t achieve.

“eInvoicing is the digital exchange of invoice information directly between buyers’ and suppliers’ financial systems, with no need for a PDF to be generated and no manual handling or data entry required when you receive an eInvoice.”

– Mark Wierzbicki, General Manager eInvoicing, Ministry of Business Innovation and Employment

New Zealand’s eInvoicing uses using an international standard, called Peppol. By using a standard eInvoicing network, different systems should be able to talk to each other smoothly, Plus, it should guarantee secure transactions to different systems, and markets

If things go as planned, the gains from digital invoicing should be substantial. By using eInvoicing, MBIE Chief Financial Officer Stewart McRobie discloses savings could be worth billions as there are over 280 million business-to-business invoices exchanged in the country annually. Overall, that should be a big boost to businesses and the New Zealand economy.

McRobie describes digital invoicing as a smarter way to invoice that will have a multiplying effect on the economy. He explains the more businesses are eInvoice-enabled, the more they, and the economy will benefit. Moreover, the government official is confident there could be no better time to implement the digital than now. He describes the measure as a boost in these difficult COVID-19 times.

It is anticipated that by 2026, 90% of central agencies will be using electronic invoices. As per the timetable, he confirmed that half of the central government agencies will be ready by the end of March 2022, with the remaining to follow soon after. For his part, Mr Wierzbicki says that already there are more than 4,000 businesses that can receive eInvoices with more coming.

eInvoices are gaining a lot of traction these days. Australia, New Zealand’s biggest trade partner, has also mandated its own eInvoice system for all its government agencies with the target deadline set this 1 July 2022.

Digital transformation has been central to the Aotearoan government’s formula for economic success. Consistently, the administration has shown it is willing to explore emerging digital technologies to get the whole economy moving. Most recently, is the nation’s digital currency initiative. As reported on OpenGov Asia, New Zealand’s central bank has started work on creating a digital currency.

PARTNER

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.

PARTNER

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.

PARTNER

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.

SUPPORTING ORGANISATION

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.

PARTNER

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. 

PARTNER

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.

Send this to a friend