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New Zealand and Australia to adopt PEPPOL framework for e-Invoicing

New Zealand and Australia have announced a joint intention to adopt the Pan European Public Procurement Online (PEPPOL) interoperability framework for e-Invoicing.

The PEPPOL framework is currently used for e-Invoicing in 32 countries across Europe, Asia and North America.

According to a recent press release, the Prime Ministers of both countries announced the intention to adopt since e-Invoicing will see them save over NZ$ 30 billion in transaction costs over the first 10 years.

Currently, New Zealand and Australian businesses process around 1.3 billion invoices annually.

As defined, e-Invoicing is the automated direct exchange of invoices between the finance systems of both the buyer and the supplier.

E-Invoicing Benefits

Reportedly, the following are the benefits of e-invoicing for Kiwi businesses:

  1. Faster and easier

E-Invoicing will save businesses time and money by enabling faster delivery, processing and payment of invoices. Additionally, this supports better cash flow and business growth.

The introduction of e-Invoicing will improve productivity and reduce the costs of doing business for both government and industry.

  1. Fewer errors

Simple errors from manual inputting have often caused around 40% of invoices to be more than a month overdue for payment.

When e-Invoicing is introduced, businesses will no longer need to create paper-based or PDF invoices that have to be scanned, posted or emailed, and then manually entered into a finance system.

Removing manual handling and the re-keying of information improves data quality and results in fewer incorrect and lost invoices.

To add, removing manual handling improves the billing process, which becomes faster and more accurate, thereby reducing the chance of problems and delays.

  1. Direct and secure

Apart from the security that e-Invoices are impossible to lose, they increase confidence by minimising the risk of fake or compromised invoices.

The business will receive an immediate notification if an incorrect invoice is sent. It, therefore, allows them to address the issue quickly.

An e-Invoice can be sent directly to a customer’s finance system, even if the two businesses are using different systems.

Because of international standards, these systems will be able to ‘speak’ to each other that will result in fewer errors.

  1. For every business

E-Invoicing will offer a solution that all businesses will be able to access and benefit from, regardless of the size and the systems currently being used.

Plans and Timeline

In addition, the Prime Ministers have also established the Australia New Zealand Electronic Invoicing Board (ANZEIB).

The Board will set the direction on how e-Invoicing will be rolled out over the next few years. They are expected to meet for the first time in March 2019.

The Australian and New Zealand governments are aiming for a transition to PEPPOL by the end of 2019, with e-Invoicing being available to New Zealand businesses from that time.

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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.

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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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