What is InvoiceNow?
Grow your business with InvoiceNow — a nationwide E-invoicing method that facilitates the direct transmission of invoices in a structured digital format across finance systems. Operating on the open standard Peppol network, this new standard of invoicing will help both Small and Medium Enterprises (SMEs) and Large Enterprises (LEs) enjoy smoother Invoicing, faster payments and a better way to save the environment.
What are the benefits for InvoiceNow?
1. Faster Payment Cycles
InvoiceNow Invoices are more efficiently being sent out in suppliers’ systems and then received, captured, and processed more quickly at buyers’ systems, thus speeding up payment. The faster payment as a result of faster processing. Delay in payment is a major concern of SMEs (SPRING 2017 business survey). A US Federal Reserve Bank of Minneapolis in 2017 showed 45% of paper invoices were paid on time compared to ~92% of e-invoices.
2. Cost Reduction
Research has indicated that senders of e-invoices can save about 59% and recipients can save 64% compared to using paper-based processes. Contributing cost factors could be storage and retrieval of hard copy invoices.
3. Improve Efficiency
- Paper and PDF invoices require finance or accounting staff on both sides to key
and rekey data into electronic systems. This process of data entry leads to human
error. Error-prone manual process is avoided with e-invoicing.
- Businesses can skip labour-intensive steps such as verifying information,
rectifying errors and resolving conflicts.
- Process are more streamlined
4. Reduced Complexity
Just as PayNow is a UEN-based e-payment, InvoiceNow is also a UEN-based e-invoicing, by using the same underlying UEN, Invoice to payment processing can be further simplified.
5. Transact Internationally
When other businesses are in the network, sending e-invoices to overseas partners is
Account Settings (Input InvoiceNow Information)
Select “Post to Peppol”, to send invoices
Retrieve Invoices (Automatically retrieve invoices send via Peppol Network)