Transform Your Business with eInvoicing

Traditional invoicing methods are often reliant on emails, paper and manual processes. This is inefficient, creating errors and delays.

eInvoicing, or electronic invoicing, offers a modern solution to these challenges, transforming how businesses manage their financial transactions.

The traditional invoicing challenge

Traditional invoicing is paper-based. It relies on manual work to enter data, create transactions or purchase orders, file appropriately, approve, and follow up for payment. This process is slow and prone to mistakes, which can lead to delayed payments, disrupted cash flow, and negative impacts on overall business operations.

Manual processes and their limitations

Paper invoices necessitate manual processing and handling. Manual data entry is prone to errors, potentially compromising financial accuracy, increasing the risk of fraud, and creating delays while issues are rectified. The status of each invoice also needs to be monitored to ensure payment in a timely manner.

What is eInvoicing?

eInvoicing involves the electronic generation, transmission, and receipt of invoices. It replaces traditional paper invoices with digital versions that can be automatically processed by your customer or other partner’s ERP or accounting systems. This method streamlines the invoicing process, reduces errors, and speeds up transactions.

Key Features of eInvoicing

• Automation: Invoices are generated, sent, received, and interpreted by the system automatically, minimising manual intervention.
• Real-Time Processing: eInvoices can be processed instantly, accelerating payment cycles and improving cash flow.
• Integration: eInvoicing systems work with the data from your  MYOB ERP system, ensuring seamless data transfer and accuracy and eliminating human error.
• Security and Fraud: Invoices are sent directly to your customer or supplier’s system with no risk of external intervention.

Benefits of eInvoicing for your organisation

Adopting eInvoicing can lead to significant improvements in various aspects of your operations. These benefits can include:

• eInvoicing eliminates manual tasks associated with paper invoices, reducing the time required to process and manage invoices. With automated workflows and digital approval, your team can focus on more strategic tasks.
• With automated data entry and integrated systems, eInvoicing reduces the risk of errors. This enhances financial accuracy and ensures that all transactions are correctly recorded and reconciled.
• eInvoicing speeds up invoice processing and approval, leading to quicker payments. This improvement in cash flow can have a positive impact on your business’s financial health and stability.
• By reducing the need for paper, postage, and manual processing, eInvoicing can lead to significant cost savings. The efficiency gained through automation also translates to lower operational costs and improved resource allocation.
• Automated tax compliance, secure archiving, and real-time reporting help you stay on top of regulatory requirements.
• Building better relationships with your clients and partners by relieving both your team and their team of the burden of manual work that comes with traditional invoicing.
• eInvoicing is rapidly becoming a requirement for doing business with the Government and larger wholesalers or suppliers.

Integrating eInvoicing with EDI

eInvoicing relies on Electronic Data Interchange (EDI) for exchanging invoice information electronically between separate business management systems. EDI automates the transfer of structured data, reducing the need for manual data entry and streamlining the invoicing process. Unlike APIs (Application Programming Interfaces), which are designed to facilitate real-time data exchange between different systems, EDI focuses specifically on the automated transmission of batches of predefined data formats, making it particularly suited for sending discrete invoices.

EDI for eInvoicing enhances efficiency and accuracy by automating the invoicing process. However, successful implementation requires specialised expertise to ensure smooth integration with your existing ERP system. Collaborating with an experienced implementation partner can help navigate these complexities and optimise your eInvoicing workflow.

Currently, eInvoicing is mainly used by organisations that deal with government agencies and some large businesses, but the network of businesses is growing. eInvoicing is supported and championed by the Australian and New Zealand governments due to its business and economic benefits. 

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eInvoicing FAQs

Make sure you are prepared and informed about eInvoicing with these frequently asked questions.

How do I start using eInvoicing?

eInvoicing not only simplifies the invoicing process but also brings significant benefits to other areas of your business. However, setting up EDI (Electronic Data Interchange) typically requires specialised involvement. This includes coordinating with an EDI VAN (Value-Added Network) and working with your partners or suppliers. EDI setup involves complex protocols, compliance with legislative standards, custom data mapping, and thorough pre-go-live testing. Specialists play a crucial role in ensuring a smooth implementation, accurate transactions, and ongoing support.

How can I check if my customer or partner can accept eInvoices?

The Peppol Directory contains the registrations of all organisations using eInvoicing. If a company can be found and has a registration date, it is likely set up for eInvoicing. If you have reliable contact with the customer or partner, you should always ask if they are set up to receive eInvoicing.

Will eInvoicing become mandatory?

eInvoicing is already mandatory for government agencies across Australia and New Zealand. While it is not mandatory for other industries and is very unlikely to become mandatory, the efficiency improvements still make it worthwhile. Talk to our team to take your first steps to discover eInvoicing.

To find out the latest requirements for businesses, visit your government’s website: Australia | New Zealand.

Empower your organisation with eInvoicing

An ERP system is not required to take advantage of eInvoicing – accounting systems like MYOB Business are eInvoicing-compatible. However, an ERP system has the additional power to improve efficiency across your entire organisation. MYOB Acumatica (formerly MYOB Advanced) is a powerful, cloud-based ERP system that is proven to improve efficiency for larger, more complex organisations. Kilimanjaro Consulting is a specialist MYOB Acumatica implementation partner with a low-risk methodology and an experienced team to ensure you get the implementation right the first time.

Benefits of MYOB Acumatica

Using a connected business management platform like MYOB Acumatica brings benefits to organisations that are looking to:

• Eliminate manual processes and workflows; take advantage of powerful automation to improve efficiency,
• Manage a growing portfolio of products and projects and avoid siloed data between teams,
• Streamline the payroll bottlenecks and compliance requirements that come with a growing team,
• Maintain data visibility and integrity across multiple locations, warehouses, companies, and more – with the ability to protect sensitive data and see consolidated group information in one platform,
• Build stronger relationships and maintain satisfaction for your growing client and account list,
• Integrate multiple tools or applications into one core business management platform; do not abandon the systems that your team rely on for efficient operations – they can be integrated or replaced with MYOB Acumatica.

Talk to our team to discover how eInvoicing can improve your efficiency and take the first steps with setting up the EDI. Email samacs@kilimanjaro-consulting.com or call 1300 857 464 (AU) or 0800 436 774 (NZ).