What is InvoiceNow?

Electronic invoicing (E-Invoicing) is the automated creation, exchange and processing of the 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) InvoiceNow standard. Simply put, this standard generates invoices that contain 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.

To support the initiative, IMDA announced The E-Invoicing Registration Grant (ERG) that provides businesses with a one-time payment of $200 upon successful registration to the Peppol network.

Benefits of InvoiceNow 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.

Improve Efficiency

Automated invoicing processes reduces human error and time, at the same time increases accuracy.

Reduce Costs

Eliminating paper invoices reduces business costs in storage and retrieval.

Steps to get S$200 E-Invoicing Grant (ERG)


Just complete 3 simple steps (or 2, if you are a premium subscriber), and receive $200 from IMDA.
Good news! Financio Premium users can now enjoy sending and receiving E-Invoices for FREE.

  1. Subscribe to Financio Premium

The Peppol-ready cloud accounting solution that gets you connected.

2. Connect to Peppol Network

Log-in to Financio and register for a PEPPOL ID.

3. Ready to InvoiceNow

Upon successful registration, you will receive a notification email from Financio.

Notes:

  • No application is required.
  • No transactions needed.
  • Register for InvoiceNow account on PEPPOL via Financio Premium.
  • Receive the $200 grant automatically via PayNow Corporate Account.

Need help to get started?
Simply click here to contact our friendly customer success team.


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

  1. Go to Peppol official website for directory search: https://directory.peppol.eu/
  2. Key in the UEN number of your business partner and then click the “Search Peppol Directory” button.
  3. Your business partner’s Peppol ID will be displayed.

FAQs


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.
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 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.
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.
No, InvoiceNow e-invoicing is based on the Peppol business document standard and operates over the Peppol network and allowing enterprises to digitally transact with other linked companies on the Network.
a. Faster payment of Invoices due to the simplification of Invoice to Payment processes. 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.
IMDA has put in placed the nationwide e-invoicing framework with open and international standards for companies 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 network and gain from it early.
To benefit from the network, users (i.e. 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.
The Government will consider making Peppol the only channel to invoice the Government when majority of the suppliers have come on-board the Peppol network.
The easiest way for SMEs to adopt e-invoicing is to subscribe to solutions that are connected to Peppol. IMDA has ensured that the majority of the pre-approved solutions that are funded by Enterprise Singapore (ESG) have e-invoicing capability. SMEs can then reap the benefits of e-invoicing with minimal or no additional cost. From now till 31st December 2020 IMDA has announced a $200 E-Invoicing Registration Grant for businesses which register on the nationwide e-delivery network. This is applicable for the first 50,000 businesses
The E-Invoicing Registration Grant (ERG) is a one-time grant of $200 to encourage every organisation to join the nationwide e-invoicing network early and benefit from operational efficiency and reduced cost via digitalisation. It will be used to offset the small incremental cost for adopting Peppol-ready accounting/ERP solutions.
There is no need to claim the grant. The first 50,000 organisations who successfully register on the network on or before before 31 December 2020 will automatically receive the payout via PayNow Corporate. Should the attempt to send the payment to the PayNow Corporate account fail, we will make 2 more attempts in the subsequent 2 months. This will give the organisation sufficient time to register their PayNow Corporate account (without suffix).