You may have heard or seen on social media the recent push by various agencies to ensure all business entities, including sole traders, have registered a free NZBN number. So why did everyone need to get one? The answer is; e-Invoicing!
NZBNs are for all Kiwi businesses, regardless of whether you’re a national company or someone who runs a B&B out of their home. Many businesses already have a NZBN, to check if you have one already – head over to the NZBN Register – or alternatively give us a call at the office and we can help you register as a sole trader.
What is e-Invoicing?
E-Invoicing is the direct exchange of invoices between suppliers’ and buyer’s financial systems. Suppliers can send an e-Invoice directly to their customer’s financial system through a digital ‘mail’ service. International standards allow these systems to ‘speak’ to each other, even if the two businesses are using different systems. It’s similar to the way users of different mobile phone networks are able to ‘speak’ to each other.
This will make it easier, quicker and more cost effective for you to send out your invoice, and in turn – get paid.
More information on e-Invoicing and how it works can be found on the NZBN website, but for now let’s have a look at how to get ready for the future of invoicing!
Are you ready for the future of invoicing?
If you know your NZBN number and have already entered it into your accounting software, that’s it – you’re ready!
If you need assistance or you’re not sure where to look in your accounting software, get in touch with us and we can help make sure you’re all set.