eInvoicing is a government initiative introduced to help speed up the processing and payment of invoices. The function allows you to directly exchange invoice data between two accounting software systems. For example, Xero (accounting software) users can create an invoice and select "send as an e-invoice" to directly send the invoice to another accounts payable software for approval. The other software system doesn't have to be Xero, just another system that has also adopted the eInvoicing technology.
This new way of invoicing is a game changer and will reduce not only your time entering data into your payables system, but also the manual data entry errors that sometimes occur. Other key benefits include:
- Faster payment;
- Reduced admin & processing costs; and
- It is available to any business (some free eInvoice system options available).
I have put some key links for more information about eInvoicing below.
If you need help setting up eInvoicng, please get in contact.
What is eInvoicing?
Benefits of eInvoicing?
Xero eInvoicing - dedicated webpage
eInvoicing enabled software providers:
Peppol Search to see if another business is using eInvoicing: