InvoiceNow | Peppol E-invoice | How to implement | What the users needs to know
Today, majority of companies (seller) have to spend a lot of resources to deal with the invoices, both Outbound (for customers) and Inbound (from Suppliers.)
Companies issue invoices by extracting the data from their accounting/ERP systems or spreadsheets and formatting it in human-readable form. And then they send them to the buyers via post or email. At the receiving end who is the buyer, manual effort and tremendous resources are required to enter or scan the information, convert to data and enter into their systems which is a time-consuming, error-prone, frustrating and fatigue process.
The solution is to use a standard format which is compatible with different ERP and accounting systems. And this standard is now a nationwide initiative of the Singapore government called InvoiceNow (Formerly known as Peppol E-invoice).
InvoiceNow (formerly known as Peppol E-Invoice)
InvoiceNow (formerly known as Peppol E-invoicing) is a nationwide E-invoicing network that help businesses to improve efficiency, reduce cost, enjoy faster payment and stay green at the same time. Using InvoiceNow to send, receive and process the invoices would cut down your process steps and operating cost tremendous over time. Cost savings can be elaborated below. Text highlighted in red are time consuming, tedious steps and these are the culprits that lead to unhealthy life, errors, morale issues, frustration and fatigue.
For customer invoices, it saves more than 60% of the process steps and for Supplier Invoices, it may save more than 80%. Your estimated cost savings can be calculated using this calculator (100.91KB). (Source IMDA website)
More information from IMDA Website:
IMDA implemented the nationwide E-invoicing network in 2019 to help businesses improve efficiency, reduce cost, enjoy faster payment and stay green at them same time. This network is an extension of the International Peppol E-Delivery Network allowing businesses to transact internationally with other linked companies.
The Singapore government will have an additional channel to submit e-invoices via the Nationwide E-invoicing Network. Suppliers are encouraged to submit e-invoices to the Government agencies via this network. The Accountant-General’s Department (AGD) has prepared a guide that explains how you may do so, and the requirements to comply with. Please click here (795.80KB) for the guide.