Accounting Experience with Solution Uplift for InvoiceNow
- Starting from 1st April 2024, Financio is now compliant with IMDA Solution Uplift criteria, as below:
- Ability to receive orders on the InvoiceNow network through IMDA-certified access point.
- Ability to convert an incoming order from the InvoiceNow network through IMDA-certified access point.
- Ability to send invoice response on the InvoiceNow network through IMDA-certified access point.
- Ability to receive invoice response on the InvoiceNow network through IMDA-certified access point.
Benefits of InvoiceNow E-Invoicing
Get Paid Faster
With E-invoicing Software, You Can Accelerate Invoice Creation And Distribution. E-Invoices Can Be Received And Processed Faster.
Better Cash Flow
Through PEPPOL, Users Can Enjoy Immediate Delivery Of E-Invoices. It Shortens The Time To Payment And Thus Improves Cash Flow.
Improve Efficiency
E-Invoicing Software Processes Reduces Human Error And Time, Increasing Accuracy At The Same Time.
Transact Locally and Internationally
Transact Seamlessly With Other Companies That Are Linked To The InvoiceNow Network Locally And Abroad.
Send and receive e-invoices with InvoiceNow
InvoiceNow Ready
Financio is InvoiceNow ready. Financio Premium users can now enjoy sending and receiving E-Invoices for FREE. Join InvoiceNow now!
Generate Compliant Invoices
Create invoices that are 100% compliant with InvoiceNow requirements. This ensures that all your invoices meet the necessary standards and reduces the risk of non-compliance.
Almost Real-Time Validation
Financio Accounting Premier provides almost real-time validation of invoices, helping you avoid errors and ensuring your documents are correct before submission.
Easy Invoice Tracking
Track your e-invoices conveniently within Financio Accounting Premier. See if they've been submitted, validated, rejected, or cancelled - all in one place!
Streamlined Reporting
Financio e-Invoice simplifies B2B, B2C & B2G invoicing with seamless InvoiceNow reports. This includes transactions with multiple currencies, recurring billing, dividend payments, and supplier payments. Ensuring all your e-invoices comply with InvoiceNow regulations.
Invoice efficiently
InvoiceNow is a quick, easy and secure way to send and receive e-invoices directly into a business’s accounting software. E-invoices are sent via the Peppol.
InvoiceNow for GST-registered Business
On 15th April 2024, Inland Revenue Authority of Singapore (IRAS) announced plans for a phased adoption of InvoiceNow for GST-registered businesses ("GST InvoiceNow Requirement"). To allow businesses sufficient lead time to prepare, the GST InvoiceNow Requirement will be implemented progressively as follows:
Phase | IRAS Requirements |
---|---|
From 1st May 2025 | For voluntary early adoption by GST-registered businesses, as a soft launch |
From 1st Nov 2025 | For newly incorporated companies that register for GST voluntarily |
From 1st Apr 2026 | For all new voluntary GST-registrants |
IRAS will continue to consult industry partners on the initiative and carefully review the feedback received before announcing further details for the remaining GST-registered businesses. Businesses can seek support from IRAS or IMDA in their adoption of InvoiceNow. For more information on the implementation of InvoiceNow for GST-registered businesses, please refer to the IRAS Webpage.
We, as your Financio accounting software solution provider, will always stay ahead and keep you updated.
How to integrate InvoiceNow in Financio Accounting
Step 1: Register InvoiceNow Account
As announced by IMDA, Peppol E-Invoicing is now known as InvoiceNow. In line with the changes, we have made the necessary changes across all our new product's labelling and documents.
Step 2: Setup E-Invoices in Financio
Key in your Vendor ID, enter your email, set up the contact and update business unit and save your setting.
Step 3: Send out your E-Invoices by using Financio
Create Invoice/Credit Note as usual in Financio, users can check the status of the Invoice at the InvoiceNow tab once the E-Invoice is received by the recipient successfully.
Frequently Asked Questions
InvoiceNow allows direct transmission of invoices in structured digital format from one finance system to another using the Nationwide E-delivery network which is based on PEPPOL, allowing for the invoice to be flipped to E-payments such as PayNow directly. By transitioning to e-invoicing, businesses in Singapore can enjoy more efficient payment processing.
In a common business scenario in Singapore 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 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. Financio’s e-invoicing software runs on the InvoiceNow system and eliminates redundant manual processes, automating the payment process so that employees can focus instead on high-value tasks. Learn more about why Financio is the right choice for your business.
PEPPOL is an international E-Document delivery network and business document standard form of Electronic Data Interchange (EDI) allowing enterprises to digitally transact with other linked companies on the Network. PEPPOL lets you easily send and receive e-invoices between business accounting systems with InvoiceNow, reducing paperwork and manual data entry.
Any company authorised personnel can register for a PEPPOL ID/InvoiceNow on behalf of the company to start sending and receiving e-invoices. However, you can only be registered with one PEPPOL Access Point provider at any one time. Sign up for a free trial with Financio now to give our e-invoicing software a try and experience the benefits of an automated payment processing system.
If you would like to register with another PEPPOL Access Point provider, you will need to de-register your existing Access Point provider before registering with your preferred Access Point provider. Only upon doing so, can your use the PEPPOL network to send and receive e-invoices.
No, InvoiceNow e-invoicing is based on the PEPPOL business document standard and operates over the PEPPOL network, allowing enterprises to digitally transact with other linked companies on the Network.
- 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.
- Reduction of tedious and time-consuming manual processes (estimated $8 per invoice according to a study commissioned by IMDA).
- Reduction of errors and rectification costs (estimated to affect 3% of paper invoices and costing as much as $72 to rectify, according to a study commissioned by IMDA).
- Reduction of storage, retrieval, and delivery costs
IMDA has put in place the nationwide e-invoicing framework with open and international standards for companies in Singapore to adopt. Companies that adopt the e-invoicing network stand to gain from business efficiency and improved 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 PEPPOL network and gain from it early.
To benefit from the network, users (i.e. both senders and receivers of invoices) must be registered on the 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. Contact us now to learn more about e-invoicing software with Financio now.
The Government will consider making PEPPOL the only channel to invoice the Government when a majority of the suppliers have come on-board the PEPPOL network.
- InvoiceNow Ready.
- A.I Scan via OCR: Save time consolidating receipts.
- Technical Support: Guidance on software usage.
- Live Chat Customer Support.
- Stay compliant and updated with the latest software version.