1/18/2024 0 Comments Xero for bookkeeping businessOnce you’re able to both send and receive eInvoices, and more businesses join the network, it will offer a number of benefits for your business or practice: In the second phase, you’ll be able to send eInvoices as well. What it means for youĪt first, you’ll just be able to receive eInvoices in Xero. Xero has been investing in eInvoicing for a number of years, and acquired a technology business called Tickstar in 2021, which allows us to host our own access points and not rely on third-party providers. To access an eInvoicing network, both the business and customer need an access point. The beauty of eInvoicing is that the business and customer don’t need to be using the same accounting software, because the international standards used by Peppol allow the two accounting systems to ‘speak’ to each other. Xero uses the Peppol network, which has been adopted by the UK government as well as other countries around the world, including Australia, New Zealand and Singapore. There are a number of eInvoicing networks globally. When a business sends an eInvoice, it’s transferred directly to their customer via a secure eInvoicing network. The invoice arrives as a pre-populated bill, ready to be approved and paid. Businesses can spend valuable time chasing customers for payment, which may impact their cash flow.ĮInvoicing helps reduce errors and delays, by sending an invoice directly from the business’ accounting system into the accounting system of their customer. This is time consuming and can lead to errors, such as entering the wrong invoice amount or bank account, or sending the invoice to the wrong contact. However, the customer still needs to open the invoice when it’s received and either scan or manually enter the data into their accounting system. Most businesses create an invoice and send the PDF via email, or use a word processing software like Microsoft Word and post a hard copy in the mail. ![]() It’s easy and free with your Xero subscription. ![]() To start receiving your Xero subscription bills as an eInvoice, you’ll need to register to receive eInvoices in Xero. In the months ahead, you’ll be able to receive your monthly Xero subscription bill as an eInvoice, with the ability to send eInvoices to follow, as the adoption of eInvoicing in the UK increases. Today, we’re excited to share that we are the first major small business accounting software company to launch eInvoicing in the UK. While it’s still early days in the UK, we expect that eInvoicing will eventually become a global best practice standard and a natural part of the cloud accounting process. Many governments around the world are introducing eInvoicing as a way to drive digitisation of the small business economy, with some regions even mandating its use.
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