What is E-invoice Now?
PEPPOL is a framework that enables organizations to exchange standards-based documents, such as purchase orders and invoices electronically, and has been adopted in over 32 countries worldwide.
E-invoice Now is a nationwide E-invoicing method structured digital format that facilitates the direct transmission of invoices across finance systems. Invoicing will helps both Small and Medium Enterprises (SMEs) and Large Enterprises (LEs) enjoy smoother Invoicing, faster payments, and a better way to save the business environment.
Invoice Now, you can now send e-invoices directly to both suppliers and buyers through the open standard Peppol network securely. An e-invoice is now generated through the finance system, it removes the need for your business to handle the invoice manually.
Benefits for Your Business
We are the only bank in Singapore to integrate E-Invoicing as part of our Digital Business Banking, EZ Accounting Velocity. This service is free for all EZ Accounting Business Banking customers and there is no subscription fee or cap on the number of invoices you can send.
E-invoicing reduces the risk of fraud and offers organizations many benefits, as buyers or sellers. More efficient financial processes increased lead to better business performance outcomes for all parties! E-invoicing offers many benefits to buyers as well as sellers. Relative to paper and email invoices, e-invoicing is more:
Secure – E-invoices are sent from the seller to the buyer’s accounting system via approved digital service providers who need to meet strict cybersecurity standards. Further, all trading partners need to be approved and registered on the network. Therefore, documents are extremely secure as it’s very difficult for scammers to get onto the system.
Reliable – E-invoices is delivered to exactly where they need to go. In contrast, paper invoices may get lost in transit or be easily misplaced when they arrive in the organization. Likewise, email invoices may sit in an inbox unattended. In either format, the seller has no visibility of whether the invoice has entered the workflow for approval and payment
Efficient – The e-invoice contains all the required information in a standardized format, which means there is less checking and validation required before processing. By minimizing the extent that people need to get involved with invoices, approval times and costs are cut considerably. This significantly reduces the costs to automate invoice processing for your business buyer and means the seller gets paid quicker.
Eco-friendly – Due to the increased efficiency of e-invoicing, accounts payable departments can become more streamlined. This means they have less energy and resource requirements, which further helps to reduce costs while also helping businesses to meet their environmental objectives.
Businesses Need to Prepare to Send and Accept E-Invoices
Although Significant cost and time savings can be achieved by removing paper and manual invoicing processing depends on your business. But the real benefits of E-invoicing is a system of raising invoices to come with the level of integration you can achieve, not only with your business trading partners but also between your E-invoicing software and other business systems. For accounts payable in particular, integrating e-invoices directly into the AP automation solution further drives touchless invoice processing – which frees up time and resources for more value-adding and strategic tasks.
If your organization wants to provide e-invoices to buyers or streamline the reception and processing of cross-border e-invoices, we recommend that you partner with a PEPPOL access point. Bear in mind that this might be someone you already work with, such as your ERP partner or AP automation solution provider. Although PEPPOL is far from the only e-invoicing network in the world, it is the one showing the highest growth rates, and many industry analysts believe PEPPOL will be the dominant network in the future.Tags: E-Invoicing Singapore, Peppol E-Invoicing, Peppol E-Invoicing Singapore