High e-invoicing questions from advisors, answered

Invoicing admin may be vastly time consuming for advisors. From chasing purchasers for monetary paperwork to manually coming into particulars into software program, this course of could cause loads of complications for these concerned. Fortunately, there’s a answer to be discovered. E-invoicing, a brand new technique to trade invoices straight between accounting software program, is ready to enhance the accounts payable and receivable expertise. 

How? It removes the onerous components of conventional invoicing and makes the whole course of not solely quicker, however safer, correct and environment friendly. For advisors who spend their days managing these duties, shifting to e-invoicing holds the promise of a streamlined workflow – permitting you to give attention to extra vital work. Additionally it is an vital step within the digitisation of small companies throughout the nation and guarantees to carry wide-ranging advantages (from aiding in fixing the longstanding late funds concern, to boosting safety). 

Whereas the community remains to be rising, extra companies of all sizes in addition to authorities businesses are becoming a member of every day. Right here at Xero, we’re happy to be serving to make e-invoicing a actuality as one of many first main suppliers of small enterprise accounting software program to supply it in Australia. Lately, we heard from you, our associate group, on what you need to know concerning the transfer to e-invoicing. Listed here are your high questions answered: 

How do I arrange e-invoicing inside Xero?

There are two parts to utilizing e-invoicing – sending and receiving. To have the ability to ship e-invoices, you’ll have to comply with the steps right here.

Be sure to’re on the brand new invoicing setting in Xero in your desktop, as the power to ship e-invoices is just accessible on this setting. When you’re utilizing traditional invoicing, you’ll be able to click on ‘Swap to new invoicing’ on the backside of the bill display.

In the case of receiving e-invoices, you’ll have to register by way of Xero. As soon as logged in in your desktop, this takes only a few straightforward steps that you would be able to comply with right here. 

Do I want to make use of a separate platform to Xero to entry e-invoicing?

No, you don’t. Xero is an accredited e-invoicing Entry Level and that is included in your subscription. This implies you’ll be able to ship and obtain e-invoices inside Xero, with none extra add-ons or exterior providers. 

You do, nonetheless, have to ensure you’re registered to obtain e-invoices, which may be carried out within the payments to pay part of Xero in a couple of straightforward clicks.

Does utilizing e-invoicing value additional?

E-invoicing is included in Starter, Customary and Premium Xero subscriptions.

Will advisors have to register individually to their purchasers?

Prospects with advisor person position entry can register on behalf of their purchasers to obtain e-invoices. Upon getting carried out this, your shopper is not going to must register themselves or make any adjustments. This needs to be carried out individually for every enterprise you’re employed with. 

How can I test if my shopper’s clients and suppliers are registered for e-invoicing?

You may test if a enterprise is registered on the e-invoicing community by way of the Peppol listing. In the event that they aren’t, recommend they register with their accounting software program so you’ll be able to start sending them e-invoices.

Do each the sender and receiver have to be registered?

No, you solely have to register to obtain e-invoices. Each events do want to make use of software program that’s linked to the Peppol community, nonetheless, for it to work. This may be any accredited e-invoicing Entry Level, not simply Xero, and a few authorities businesses are already capable of obtain e-invoices. 

How do I do know if a shopper has obtained an e-invoice?

If they’re registered for e-invoicing, the bill will arrive into Xero as a draft invoice ready to be accepted and paid. Maintain a watch out for these as it might be a bit completely different to your traditional course of – no extra digging by way of emails and manually coming into particulars. 

How does e-invoicing work if I’m already utilizing Hubdoc?

E-invoicing and Hubdoc can work in conjunction as not all invoices will be capable to be delivered by way of e-invoicing. You’ll probably nonetheless obtain invoices within the mail, by way of e mail, or by different means. Hubdoc ensures that regardless of how an bill is delivered to you, there’s normally a simple, no-stress technique to get it into Xero that doesn’t require you to manually transcribe all of the bill particulars.

Can I register abroad purchasers?

At present, Xero helps e-invoicing in Australia, New Zealand and Singapore. You’ll be able to register them relying on the rules in every of these international locations. 

Whereas you’ll be able to register them from Australia, initially, you’ll solely be capable to ship an e-invoice from Xero to a different enterprise or authorities division in the identical nation. We are going to lengthen this functionality to assist worldwide commerce in the end, the place markets are coated by the Peppol community.

Does e-invoicing have the same old invoicing measures I’m used to, like duplicate invoicing checking?

Sure – since it’s inside the traditional Xero platform, it makes use of lots of the options you already know and love. For instance, you’ll be able to proceed to make use of bill reminders when sending an e-invoice. Duplication is a problem with e-invoicing, no matter how the bill is presently processed (for instance, email-to-bills, repeating payments, financial institution reconciliation/spend cash all have the identical concern). Since e-invoicing flows into ‘Draft Payments’, it can point out that there’s a duplicate ‘Reference’ earlier than the draft is accepted.

For extra info on e-invoicing and what it means for advisors and your small enterprise purchasers, go to the Xero web site. And, as at all times, don’t hesitate to tell us in case you have extra questions.