InvoiceNow

Receive $200 when you send 10 E-Invoices!

Premium Cover customers can enjoy sending & receiving E-Invoices for FREE!

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What is InvoiceNow?

e-invoicing

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 invoice processing is automatic. 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. nationwide e invoicing initiative also eliminates invoices using paper which reduces business expenses & help with faster payment cycles.


“Without an invoice, businesses do not get paid. But invoicing can be very tedious and manual,
with many inherent errors.  E invoicing can change that.” 
- Dr Yaacob Ibrahim, Minister for Communications and Information (MCI)


Benefits of E-Invoicing
invoicing software

Get Paid Faster

Accelerate invoice creation and distribution. Receive e invoices that's processed faster with faster payment cycles. 

Businesses Improve Efficiency

Automated invoicing processes reduces human error and time, at the same time increases accuracy compared to paper invoice.

Better Cash Flow

Immediate delivery of invoices shortens the time to payment and thus improves cash flow.

Reduce Costs

Eliminating paper invoices reduces business costs in storage and retrieval.

Receive $200 when you send 10 E-Invoices with ABSS!

*ABSS Premium Cover customers can enjoy sending & receiving E-Invoices for FREE!


4 STEPS to receive the InvoiceNow Transaction Bonus (ITB)

STEP 1

Register at the form: https://go.gov.sg/register-itb

STEP 2

Send first E-Invoice to receive $50.

STEP 3

Send remaining 9 E-Invoices to receive another $150.

STEP 4

The bonus will be disbursed directly to you through PayNow Corporate.

Click here for more ITB related FAQs.

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How to set up Peppol InvoiceNow in ABSS Accounting Software

STEP 1

*Purchase ABSS  Premium Cover  / Upgrade Cover with your latest ABSS product version.

*Existing ABSS Premium Cover / Upgrade Cover customers may skip this step


STEP 2

Register and log in to ABSS Connect - your gateway to start your InvoiceNow journey.


STEP 3

Register and connect to the Peppol network with your business UEN.

* To register, users are required to complete the registration form on the CONNECT app, and provide consent to StoreCove (ABSS designated access point provider). 


FAQs

  • What is InvoiceNow?

    InvoiceNow, unlike paper invoice, allows direct transmission of invoices in structured digital format from one finance system to another using the Nationwide e invoicing network which is based on Peppol, allowing for the invoice to be flipped to E-payments such as Paynow directly.

  • I am already using PDF E-Invoice, why is InvoiceNow different?

    In a common business scenario today, a PDF e-invoice is sent to the recipient organisation by email. This is a single-sided operation requiring your recipient to re-enter the details of the invoice into their own accounting system (e.g. accounts payable). A more complete e invoicing solution should include the transmission of data from supplier system to buyer system without human intervention and potentially allow for the InvoiceNow invoice to be paid seamlessly.


  • Who can register for a Peppol ID/InvoiceNow on behalf of the company?

    Any company authorised personnel can register for a Peppol ID/InvoiceNow on behalf of the company. However, you can only be registered with one Peppol Access Point provider at any one time.

  • Where can I find my business partner's Peppol ID to send E-Invoices?

    1. Go to Peppol official website for directory search: www.peppoldirectory.sg


    2. Key in the Business Name/UEN number of your business partner in the search box.


    3. Your business partner’s Peppol ID will be displayed.

  • I am already registered with one Peppol Access Point. Can I register with the other?

    If you like to register with another Peppol Access-Point provider, you will need to de-register with your existing provider before registering with your preferred provider.

  • Is InvoiceNow e invoicing different from Peppol e invoicing?

    No, InvoiceNow e-invoicing is based on the Peppol business documents standard and operates over the network on Peppol and allowing enterprises to digitally transact with other linked

    companies on the nationwide e invoicing network.

  • How can InvoiceNow help save cost?

    a. Faster payment cycles of Invoices due to the simplification of Invoice to Payment processes as compared to paper invoices. Several banks are working on solutions that allow users to directly flip an InvoiceNow

    e-invoice to an E-Payment.

    b. Reduction of tedious and time-consuming manual processes (estimated $8 per invoice according to a study commissioned by IMDA)

    c. Reduction of errors and rectification costs (estimated to affect 3% of paper invoices and costing as much as S$72 to rectify, according to a study commissioned by IMDA).

    d. Reduction of storage, retrieval, and delivery costs.

  • How is the government helping end-user companies? How does this actually benefit them?

    Infocomm Media Development Authority (IMDA) has put in placed the nationwide e invoicing initiative & peppol framework with open and international trade standards for companies to adopt. Companies that adopt the e-invoicing network stand to gain from business efficiency, smoother invoicing and faster payment cycles. IMDA has also certified Access Points (APs) who will assist the end-user companies in getting connected through a variety of methods to meet the different digitalisation status of each company. By providing choices and making it easy for end-user companies to adopt e-invoicing through the open standard, more can come on board the network and gain from it early.

  • If my supplier and/or client is not on the network, will I still enjoy the benefits?

    To benefit from the network, users (i.e. senders and receivers of invoices) must be registered on the peppol e delivery network. Just like emails, there's a need for each to be registered and have a PeppolID that partners can send InvoiceNow e-invoices to and receive e invoices.


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