The Future of Invoicing: How e-Invoicing Boosts Efficiency and Reduces Errors
19 March 2025
E-invoicing is becoming more and more popular in New Zealand and Australia. E-invoicing is where you deliver an e-invoice directly into your customers accounting software without it needing to be emailed to the customer. E-invoicing has a number of benefits, and best of all, you don’t need to be using the same accounting software as your customers.
E-Invoicing allows you to:
- Streamline payments which improves your cash flow
- Eliminate data entry errors
- Reduce admin which saves time and money
- Enhance security as invoices are sent directly between trusted networks which means they can’t be intercepted and altered.
The Government is already making moves to e-Invoicing. From 1 January 2026, any government agency which processes over 2,000 domestic invoices annually must use e-invoicing and pay 95% of these invoices within five business days.
Back in 2019, the New Zealand and Australian governments set up the e-invoicing framework for both countries, which uses a New Zealand Business Number (NZBN) as a global ID for every business. It has been adopted by software provider including MYOB and you can e-invoice your customers, or receive e-invoices from suppliers, even if they don’t use the same platform.
Start sending and receiving e-invoices
You can set up e-invoicing in MYOB or we can help you set this up - just get in touch and we can help. It only takes a little bit of preparation to use e-invoicing, and once you have the hang of it, you’ll reap the benefits.
It's that time again and Moving Day is upon. Moving Day' is a big day in the farming industry. To help you with a smooth transition here are some tips: Early preparation Make sure sharemilker or contract milker contracts are signed. Plan a farm inspection with relevant parties (farm owner, incoming and outgoing sharemilkers, farm manager, advisor). Recruit and finalise employment agreements for new farm staff. Communicate plans and dates with everyone involved. Contact your insurer and utility providers. Farm owner responsibilities Make sure employees leave the houses clean and tidy. Carry out house inspections for maintenance. Comply with healthy home standards. Confirm departure and arrival times with tenants. Consider drug testing, if needed. Animal movements and biosecurity Plan animal movements carefully. Clean and disinfect farm equipment and machinery. Minimise the risk of introducing exotic pests. About 5,000 farmers do this every year. Talking clearly and planning well makes this important farming tradition go smoothly.
Cybercriminals are constantly finding new ways to trick businesses, and their scams are harder than ever to spot. Small businesses are especially at risk, often seen as easy targets due to limited resources or weaker security. But with the right precautions, you can protect your business and prove the scammers wrong. Be Aware of New Threats Staying informed is your best defence. Here are some of the latest cyber threats: AI-Powered Scams : Scammers now use artificial intelligence to create convincing phishing emails and fake websites that are difficult to distinguish from the real thing. Impersonation Attacks : Posing as banks, government agencies, or suppliers, attackers aim to trick you into sharing sensitive information. Deepfake Technology : Fake audio and video messages that mimic trusted sources are becoming more sophisticated and harder to detect. Train Your Team Educating your team is crucial. Teach them to: Spot warning signs, like urgent requests to act quickly. Double-check email addresses and URLs before clicking on links. Be cautious with unusual requests, even if they seem legitimate. Regular training sessions and phishing simulations can help your staff stay alert and recognise scams before they cause harm. Protect Your Business Basic but effective security measures can go a long way. For example: Enable two-factor authentication to secure your accounts. Keep your software and systems up to date. Use resources like the Business Online Security Series for practical cybersecurity tips. It's also wise to consult with your IT provider to evaluate your business’s vulnerabilities and develop a cybersecurity training plan for your team. Taking action now can save your business from potential threats while safeguarding your reputation. Stay informed, train your team, and strengthen your defences!
Over a decade ago, there was a lot of talk about a huge transfer of wealth from one generation to the next, with baby boomers retiring and passing on their businesses. But that tidal wave never quite arrived. Many business owners held onto their companies for longer than expected. The global financial crisis came and went, followed by COVID-19, which brought new challenges for businesses worldwide. While there have been many business sales along the way, the expected transfer of wealth didn’t happen. Now, as more business owners approach their 70s, selling or passing on their businesses has become a priority. We’re seeing a rise in demand for help with succession planning for family businesses. One important lesson applies to every situation: starting early and giving yourself enough time to plan is key to a smooth transition. What Is Succession Planning? Succession planning is about preparing your business for the future—making sure it’s ready for the next owner. It’s a deliberate process that involves tackling challenging issues, but the payoff is worth it. With careful planning, you can: Identify strengths and weaknesses in your business. Fix gaps in management, finances, legal structures, or insurance. Be ready for unexpected events, like illness or injury. Ensure your business is ready for opportunities to sell or transfer ownership. Succession planning isn’t just about passing on your business—it’s also tied to your estate planning and any legacy goals for your family or philanthropy. How the Transition Works Choosing the right buyer or successor is a key step. Options include: Selling or transferring to a family member. A management buyout (where the existing team takes over) or a management buy-in (where an external team comes in). Selling to another business in the same industry. Selling to a competitor. Who Can Help? Succession planning usually involves a team of experts. You’ll need advice from accountants and lawyers to get your business processes, legal structures, and financial setup in order before a sale or transfer. For bigger transactions, you might need help from a merger and acquisition (M&A) specialist or a business broker. When all advisors work together and have a solid plan in place, the transition can happen smoothly. Why It Matters Getting succession planning wrong can have serious consequences. It can lower the value of your business or, in family-run businesses, lead to tension and broken relationships. The key to success? Start early! Many business owners delay planning, leaving less time to prepare, which can lead to rushed and less effective outcomes. If you want to talk about your future plans and how to prepare your business for its next chapter, our team is here to help.
To discuss all your account matters please call us on 09 438 1001
