Regardless if you are running a major organization or a small to medium company, InvoiceNow is one business element that you can take advantage of.
InvoiceNow automates the creation, exchange, and processing of invoicing for businesses. It also enables companies to deal easily with other firms connected to the InvoiceNow network both locally and globally.
In Singapore, InvoiceNow is governed by IMDA Singapore’s Infocomm Media Development Authority (IMDA)
Relin Consultants has prepared a simple guide below with all the information about InvoiceNow.
WHAT EXACTLY IS INVOICENOW IN SINGAPORE?
- InvoiceNow is a statewide e-invoicing network that makes invoicing easier and more efficient.
- In contrast to sending a PDF file or online invoice by email, e-invoices may be sent effortlessly and virtually quickly as long as both the sender and recipient are utilizing InvoiceNow-ready software (such as Xero).
- InvoiceNow works even if the two accounting systems are different, thanks to an international standard synchronizing the two ends.
- This benefits both Small and Medium Enterprises (SMEs) and Large Enterprises (LEs) by allowing for simpler invoicing, faster payments, and a more environmentally friendly business method.
WHAT ARE THE ADVANTAGES OF UTILIZING INVESTNOW?
Increase efficiency while lowering costs
Reduce manual effort and manual entry mistakes to speed up invoice processing and payment timeframes. This also eliminates the consumption of paper and mailing, making it more environmentally friendly.
Faster payments
Faster invoice validation and fewer delays for client payments are among the relevant perks when utilizing InvoiceNow. You may also track your bills to make sure they are not lost.
Transact both local and global
All e-invoices on the InvoiceNow network are issued and received in a standardized format.
HOW CAN I UTILIZE INVOICENOW FOR MY COMPANY IN SINGAPORE?
- Determine whether your finance or accounting solution is Peppol-ready and on the IMDA’s list of pre-approved solution providers.
- Request that your Peppol-ready solution provider enables the InvoiceNow feature on your current solution. Alternatively, contact an Access Point Provider to connect InvoiceNow to your existing system.
- You’re all set to InvoiceNow. Begin sending and receiving invoices straight through your accounting or finance system.
If you require further assistance in setting up InvoiceNow after setting up a Singapore Company, get in touch with us by sending us an inquiry at enquiry@relinconsultants.com.
FAQs
How is InvoiceNow different from the PDF E-Invoice I’m already using?
In a typical business scenario, an e-invoice in PDF format is emailed to the recipient organization. This is a one-sided transaction that requires your recipient to re-enter the invoice data into their accounting system (e.g. accounts payable). InvoiceNow acts as a more comprehensive solution that should include the smooth transmission of data from the supplier system to the buyer system and the ability to pay the InvoiceNow invoice.
What exactly is Peppol?
Peppol is a global E-Document delivery network and business document standard type of Electronic Data Interchange (EDI) that enables organizations to trade with other networked companies digitally.
Peppol originates from Europe, but it does work in Singapore, and it is also currently being adopted in over 30 countries besides the European market.
What role do banks play in InvoiceNow?
Association of Banks Singapore (ABS) supports InvoiceNow since both InvoiceNow and PayNow are UEN based. Supporting banks are developing solutions allowing users to seamlessly convert InvoiceNow invoices to payment (such as PayNow), minimizing complexity and business friction.
Can IRAS see my e-invoices?
No, IRAS does not have access to invoices under present law. Hence you will still have to retain the date in the event IRAS requires it for a tax audit.
Is InvoiceNow applicable to business-to-individual invoices?
No, only business-to-business transactions are covered by InvoiceNow. Currently, business-to-individual transactions are not included.
