The New Zealand Business Number (NZBN) Information Session
12 February 2019
Start Time: 2:00pm to 3:00pm
- Location: Dunedin
- Venue: Otago Chamber of Commerce, Level 3, 442 Moray Place
Beth Williams from MBIE would like to ensure your influential businesses are aware of the NZBN, to explain the benefits that a unique identifier attached to important business data offers and to share the new big opportunity in the space which is electronic or digital invoicing. The information below about the NZBN might provide some useful background.
What is it?
The New Zealand Business Number (NZBN) is a globally unique identifier available to all Kiwi businesses. The NZBN helps New Zealand businesses better connect and interact, through a shared network of information. That’s because the NZBN links to core business information which organisations are most often asked for.
Who is it for?
Any type of business in New Zealand including self-employed, contractors, tradespeople, landlords, sole traders, partnerships, trusts, limited liability companies, or government, to name but a few, can have an NZBN.
Many organisations already have an NZBN for example companies, the public sector (including government agencies, local authorities and licensing and community trusts) and other corporates or businesses on public registers (such as building societies, charitable trusts, limited partnerships, and incorporated societies).
NZBNs are also available at no cost to self-employed people (also known as sole traders), partnerships and trusts. These businesses can get their NZBN today through www.nzbn.govt.nz
What will it do?
The real potential of the NZBN lies in its power to connect. The NZBN will help organisations work better together and will create a transactional environment with greater certainty of identity, more reliable information, less duplication and much-needed efficiencies.
In the short term it will save businesses time and money as they won’t have to update key information multiple times and in a variety of ways. Invoicing and procurement will be more efficient and business transactions such as on-boarding new suppliers and customers will be faster and simpler. Over time as the use of the NZBN grows businesses will find ways to use the NZBN that we haven’t even thought of yet.
Why should your business use an NZBN?
Using the NZBN will provide a number of tangible benefits for your business. Initially time and cost savings will come through reduced form filling and data entry processes, speeding up interactions with other businesses and with government agencies.
You’ll have access to reliable core business information which will provide you with added confidence that the businesses you’re dealing with are who they say they are, reducing risk and resulting in better decision making. It will also help minimize the cost of repeating information between businesses.
Some other benefits over time include:
- More efficient procurement processes including simpler tendering and purchaser/supplier relationship management.
- Streamlined finance transactions such as more efficient and faster ways to invoice customers, pay bills and apply for credit.
- Improved quality of business networks through the use of one common identifier.