The New Zealand Business Number is essential for eInvoicing

Guest writer - Ministry of Business Innovation and Employment

eInvoicing is the digital exchange of invoice information directly between buyers’ and suppliers’ financial systems, even if the systems are different. It improves accuracy and security, reduces processing time, and speeds up payments.

eInvoicing is becoming the norm in NZ

Over 50,000 NZ businesses, including over 40 government agencies, have adopted eInvoicing. This major milestone marks a growth of over 400% in the last year.

Alongside this, the volume of eInvoices being sent and received has surged in the last year, with more than 150,000 exchanged to date.

This means thousands of businesses have said goodbye to paper-based and PDF-billing and are realising the benefits of reduced admin, faster payments, improved cashflow, and greater security and accuracy.

NZBN and eInvoicing go hand in hand

New Zealand Business Number (NZBN)- a Global Location Number - is the unique identifier for businesses. It ensures eInvoices are sent to the right place.

Businesses who have an NZBN, along with eInvoicing-ready software, can experience the benefits of sending and receiving eInvoices. 

Unlike email or postal addresses, your NZBN doesn’t change. This means you can rest assured your eInvoices will reach your customers and won’t get lost like they can in a busy inbox.

To receive eInvoices, you need to have an NZBN and be registered to receive eInvoices through your eInvoicing-ready software provider. Get started here

NZBN records need to be set to ‘Public’ before registering for eInvoicing

Before you register for eInvoicing, the following NZBN data fields need to be set to ‘Public’:

  • Business entity name (legal business name and trading name)

  • Entity type

  • Registered or postal address, including postcode.

If this data is set to ‘Private’, businesses can’t register for eInvoicing. This also means suppliers can’t find that business in the NZBN directory.

It only takes a couple of minutes to update. Log in to your MyNZBN account and set your NZBN data to ‘Public’ today.

Log in to MyNZBN — New Zealand Business Number

Do your customer and supplier records capture NZBN? 

Keeping a record of your trading partners’ NZBNs is crucial when getting setup for eInvoicing. Along with other information generally held for your buyers, you’ll need to have their NZBN in your accounting or invoicing system you’ll use to send eInvoices. It also has the added benefit of ensuring other information, such as a business’s trading address, are up to date.

Many businesses also use their suppliers’ NZBN to validate eInvoices received. This helps ensure the correct supplier is paid.

Here are some easy ways to get your trading partners’ NZBNs:

  • You may have it already when you first setup their record
  • Ask next time you’re talking to them, or it might already be on purchase orders or remittance advices they’ve sent you
  • Send a survey, or information request to your trading partners
  • Search the NZBN directory. You can search by their business name. Top tip: search 5 to 10 customers a day to break it down to manageable chunks
  • If you’ve got lots of trading partners, use the free NZBN Business Match service.

NZBN services — New Zealand Business Number

Get started with eInvoicing today

eInvoing.govt.nz