For years corporates and multinationals have used Electronic Data Interchange (EDI) to exchange large volumes of invoice data, thus avoiding the processing overheads of paper and PDF invoices.
The EDI technology they relied on was typically bespoke and in most cases uneconomic for smaller companies. Plus, despite the establishment of industry-specific standards over the years, there was no government-mandated standard that all businesses could use.
For New Zealand, that all changed in February 2019 when the government announced it would adopt the Pan-European Public Procurement Online (Peppol) procurement document exchange standards. Peppol paves the way for all businesses, no matter how small, to exchange e-invoices with customers and suppliers. It levels the playing field by letting organisations of all shapes and sizes benefit from the faster payments, improved cashflow, reduced processing costs, improved security and financial visibility that come with e-invoicing.