2 December 2024

Managing invoices can be tedious, but having an organised system in place can make it much easier and more efficient. Whether you’re dealing with paper or digital, the key to smooth operations lies in how you store and retrieve these key documents. Moving your invoices from paper to a digital format can streamline your workflow, reduce the chance of human error, and help you stay on top of your accounts payable with ease.

With a well-organised digital system, you can access the information you need quickly, allowing you to focus more on running your business.

Here’s why you should consider storing your invoices online:

  • Accessibility
  • Enhanced security
  • Compliance and audit readiness
  • Integration with accounting software
  • Efficiency
  • Sustainability

While generic file-sharing solutions like Google Drive or Dropbox can store documents, they lack the specialised functionality that comes with integrating with your accounting software. By loading invoices directly into your accounting software, you not only speed up the process but also minimise errors. Plus, when it’s time to review transactions, you can access the original invoice easily.

If you’re already storing invoices within your accounting system, you’re on the right track. Here are some key considerations for those looking to take it a step further:

  • How do you review invoices from a specific supplier?
  • What happens if you switch accounting software or decide to close your business?

For these scenarios, more advanced software solutions can offer enhanced organisation and flexibility. These systems can structure your digital documents in a way that allows for easy downloads, backups, and access. They can also organise invoices by supplier, streamlining the process and making it easier to manage.

eInvoicing

What about eInvoicing? eInvoicing is the digital exchange of invoices between parties, even if their systems are different. This digital exchange of invoices eliminates the need for paper or PDFs (though they can still be created). With eInvoicing, data is automatically transferred into your accounting system as a draft invoice, directly from your supplier’s system. It’s a seamless process that can save you time and reduce errors.

eInvoicing is growing, and if you do business with Government departments, you may already be using it. Over 24,000 businesses have already registered for eInvoicing in New Zealand. To register or read more about eInvoicing, click here.

For a list of eInvoicing ready software, click here.

Summary

  • Going digital is better than staying paper-based – any step in that direction is a step forward
  • There are plenty of solutions available. It’s worth consulting with your Nexia Advisor to assess your current system and identify opportunities for greater efficiency. With the new year approaching, now is the perfect time to get this process started

Talk to our experts

Our team of expert Advisors are here to help you choose the right software solution for your business, no matter its size or specific needs. We understand that every company operates differently, and we’ll work closely with you to assess your requirements and recommend a tailored solution that enhances your efficiency and supports your growth.

Whether you’re looking for a simple invoicing tool or a comprehensive accounting system, we’re here to ensure you make the right choice for your business.

About Nexia New Zealand

Who are Nexia New Zealand? Nexia is one of New Zealand’s best full-service chartered accounting and business advisory consultancy firms offering the full range of accounting, business advisory, tax, audit, and insolvency services.  

Nexia New Zealand has four offices throughout New Zealand: Victoria Street in Christchurch, Albany on Auckland’s North Shore, Newmarket in Central Auckland and Hastings in Hawke’s Bay. 

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