Electronic Invoicing for businesses in Singapore
E-Invoicing is also termed electronic invoicing is a function that provides direct transmission of invoices in digital format from one financial system to another resulting in a wide range of benefits.
The nationwide E-invoicing network access points and solution providers as part of the government’s initiative to champion digitalization.
Peppol Solution Providers
Peppol (Pan European Public Procurement On-Line) system ready specific solutions such as Accounting, ERP which are related to the PEPPOL network where business users can generate an issue an electronic invoice using Peppol E-delivery. Onestop Accounting is a ready service provider to be selected listed on IMDA’s website and a professional consultant for ABSS Accounting software which is a Peppol ready specific solution with E-invoicing functionality for small and medium businesses.
Objectives of E-Invoicing
To assist the company to speed up business transactions and at the same time minimizing errors, disputes due to cheque errors, and reduction in manpower operating costs.
Aimed at Digital transforming companies and encourage them to go digital, to be able to compete internationally while also digital transforming the info-communications and media industries to meet the demand of the digital world.
Benefits of E-invoicing
With E-invoicing implemented your company will collect payments from customers faster, reducing the number of debtor days. The invoices processed from your company by E-invoicing will appear in the corporate financial system of your customer, without the need to generate a PDF or sending a hard copy invoice by email. They will result in faster collections from customers as they will receive your invoices earlier with just a click of your button.
There will be efficiency at the accounts and sales department can always be improved. Errors will continue minimized as manual data entry of invoices will be eliminated. Labor-intensive steps such as information verification and rectifying errors will be minimized greatly.
There will be higher cost reduction due to the elimination of printing hardcopy invoices, also reduction or elimination of costs to store, archive, and retrieve prior-year hard copy invoices.
Businesses will be able encouraged to transact internationally as invoices can be sent to overseas partners, and also this will reduce the language by international E-invoicing processes having a uniform structure that is recognized by e-invoicing systems.
How can users send and receiving E-invoice using ABSS software?
1 Get Access and Signup to Login ABSS connect
ABSS Premier Version 23.2 and ABSS Accounting Version 28.2 are equipped with the send and receive E-invoice functionality using item layout. Your company is required to be on the annual premium support of upgrade cover your business to get access to ABSS connects. You need to fill up your email and create a strong password, then click sign up.
2 Get Connecting to ABSS software via the Peppol Network
Users need to visit the ABSS Connect portal, required to entering the User ID and Password, which was previously registered as per step 1 above. The user will choose their company name with the UEN filled up and then need to connect to PEPPOL e-invoice is an access point service provider which connects to the PEPPOL network.
You are ready to E-Invoice once you receive the confirmation an email
The access point provider Pagero makes invoicing will send you a confirmation email with regards to registration, and your company can proceed to send and receive E-invoice.