InvoiceNow facilitates sending/receiving the e-invoices directly through the open standard Peppol network securely. This helps both Small and Medium Enterprises (SMEs) and Large Enterprises (LEs) enjoy smoother Invoicing.
What is InvoiceNow?
Electronic invoicing (E-Invoicing) is the automated creation, exchange and processing of request for payments between suppliers and buyers using a structured digital format. So, what does this really mean?
In Singapore’s context, Infocomm Media Development Authority (IMDA) has implemented the Pan-European Public Procurement On-Line (PEPPOL) E-invoicing standard. Simply put, this standard generates invoices that contains structured data; data that is in a particular format so that it can be processed automatically. With PEPPOL, this comes in EDI – electronic data interchange format. The result is your invoice arrives in a format that’s immediately ready to be processed for payment, with no need for any details to be keyed in all over again.
Why PEPPOL is important?
Manual invoicing, whether on paper or pdf will always be prone to errors and delays. This is why in 2018, the Singaporean government decided to implement electronic invoicing nationwide using PEPPOL infrastructure. For businesses, this means faster payments, less administrative work, and no misplaced or mishandled documents. The onboarding process is easy.
Benefits of E-Invoicing
Get Paid Faster
Accelerate invoice creation and distribution. Invoices can be received and processed faster.
Better Cash Flow
Immediate delivery of invoices shortens the time to payment and thus improves cash flow.
Automated invoicing processes reduces human error and time, at the same time increases accuracy.
Eliminating paper invoices reduces business costs in storage and retrieval.
How to set up Peppol InvoiceNow in SmartCursors
Register and connect with the peppol network using company UEN.
If already had peppol Id, just update that Id in system and start using it.
SmartCursors Pte Ltd
60 Albert Street #14-04
OG Albert Complex
Tel: (65) 6336 5500