Electronic invoicing (E-Invoicing) is the automated creation, exchange and processing of requests for payment between suppliers and buyers using a structured digital format. Invoice formats such as PDF, Word Document, and paper-scans are not considered E-Invoices as they require some level of human input.
E-Invoicing allows direct transmission of invoices in structured digital format from one finance system to another resulting in faster payment.
Singapore's IMDA has implemented the Nationwide E-Invoicing network via Pan-European Public Procurement On-Line (PEPPOL). From 20 January 2020, suppliers to the Singapore Government will have an additional channel to submit e-invoices via the Nationwide E-invoicing Network. Suppliers are encouraged to submit e-invoices to the Government agencies via this network.
Benefits of E-Invoicing
- Improve Efficiency
Moving from paper to e-invoices will do away to manual data entry which are error prone.
- Reduce Cost
Eliminates or reduces several costs to businesses such as storage and retrieval costs.
- Get Paid Faster
E-invoicing can accelerate invoice processing and payment times.
- Transact Internationally
Send E-Invoices seamlessly to overseas partners.
- Green Friendly
E-Invoicing reduces the use of paper and plays a part in improving climate issues
How to connect to the Peppol Network?
Businesses can get connected to the Peppol Network through certified Access Point providers or PEPPOL Ready Service Providers with solutions already connected to the network.
Financio are now E-Invoicing Peppol Ready Service Provider and user can register and connect to PEPPOL network via Financio software.
Supported Financio User
- Singapore - Premium User
Please sign in to leave a comment.