What is InvoiceNow?
InvoiceNow is an initiative by the IMDA to standardise e-invoicing in Singapore by adopting the Peppol framework.
InvoiceNow ensures you get paid faster by automating the invoicing process while ensuring the removal of errors due to manual data entry.
Benefits of InvoiceNow
Faster Payment Cycle
What is Peppol?
Peppol is a common framework that allows for the direct transmission of e-invoicing under a structured digital format between buyers and suppliers.
Singapore is the first Asian country to have adopted the Peppol framework, with the IMDA serving as the Peppol authority for the nation.
What is the difference between the PDF e-invoicing system I use now and InvoiceNow?
Present invoicing system
The mode of invoicing most businesses use currently involves a combination of physical and soft copies (PDF) of receipts sent by sellers to buyers.
Sellers extract details for their invoices from their respective ERP systems, before formatting it into human-readable form to be sent to buyers.
The buyers then manually type out the invoice they receive into their ERP system.
As we can see, this is a tedious process which is time consuming and can often be riddled with human errors.
PS Invoice+ allows direct transmission of invoices in a structured digital format from one NetSuite ERP to another, based on the Peppol standards. It is:
- Built on NetSuite for NetSuite customers
- Approved by IMDA
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