Premium Cover customers can enjoy sending & receiving E-Invoices for FREE!
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)
Automated invoicing processes reduces human error and time, at the same time increases accuracy compared to paper invoice.
Eliminating paper invoices reduces business costs in storage and retrieval.
*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.
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).
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.
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.
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.
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.
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.
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.
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.
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.
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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