First things first, what’s the difference between PEPPOL E-invoicing and InvoiceNow E-invoicing?
The answer is none; both terms refer to the same thing.
In Singapore, its name was changed to InvoiceNow. This change is to gain a clearer understanding from the public and keep in line with other nationwide initiatives, such as PayNow.
Singapore’s governmental board – IMDA implemented the nationwide E-Invoicing network (PEPPOL E-Delivery Network) in 2019 to help businesses improve efficiency, reduce costs, enjoy faster payments and stay green at the same time. Initially, when they introduced PEPPOL/ InvoiceNow, they had the idea that this will become standard practice for B2B invoicing in the future. So, it may be mandatory for you to send invoices via the InvoiceNow network before you know it.
What is PEPPOL InvoiceNow E-Invoicing?
InvoiceNow E-invoicing or PEPPOL E-invoicing is an online document exchange widely used across Europe and on the rise in Singapore. It aims to standardise invoice design and connect businesses directly via the International PEPPOL E-Delivery Network. Thus, greatly easing sales flow.
How does InvoiceNow work?
First, buyers and sellers register on the InvoiceNow network via an authorised access provider, such as Enterpryze. Then, using the company’s identifier, you can send invoices directly into different platforms.
Now we’ve covered the gravy, let’s dig into the meat.
4 Benefits of having InvoiceNow:
1. Easy access to a broader network of buyers
InvoiceNow registered network is available online. Hence, you can quickly check which supplier has registered and potentially connect with other businesses. Plus, it works both ways – new customers are out there and they can find you just as easily!
2. Automatic sending and receiving of documents
If you use an InvoiceNow-ready system, sending and receiving of invoices via InvoiceNow will synchronise directly into your platform! Therefore, no more email chains of invoice details and no double entry of data. This significantly reduces your workload and eliminates the chance of human error.
3. Invoice standardisation
InvoiceNow creates a standard for the structure and content of invoices. Data sources will match across companies so that new documents can slot straight into your system with matched item codes.
4. Going green!
In the current climate, what better time to reduce paper needs and even make savings on printing, filing and storage costs. Additionally, invoices and transaction details are stored safely in the cloud; just a click away. It’s a win-win!
PEPPOL / InvoiceNow E-invoicing with Enterpryze
As a registered InvoiceNow access provider, Enterpryze has already done the legwork by building the integration. Therefore, any invoices sent or received are treated the same as any regular document. This means that your stock and financial data will synchronise automatically into your inventory and chart of accounts. Each invoice created will give you the option to send through the network directly to your suppliers with a simple tickbox or vice versa from your customers.
The future of invoicing is at the tips of your fingers, and we’re here to make that transition as smooth as possible for you!