Netiquette is PEPPOL E-Invoicing Ready
Singapore had officially joined the PEPPOL E-Invoicing Network in January 2019. In the news release on the web link below, the framework encourages businesses to adopt electronic invoicing for their billing purposes. The government of Singapore had also encouraged the business communities by requiring them to submit e-invoicing for all government-related transactions.
To further sweeten the deal, the Infocomm Media Development Authority (IMDA) with Enterprise Singapore (ESG) had introduced the E-Invoicing Registration Grant. Businesses will receive a one-time payout of S$200 when they register for an e-invoice account. Please note that the ESG has ended on 31 December 2020.
How does PEPPOL E-invoicing Work?
PEPPOL E-Invoicing allows users that are using PEPPOL Ready solutions such as Netiquette to send and receive invoices digitally between their customers and suppliers. Do not be mistaken that PDF file is an E-Invoice as the business will still need to manually handle the invoice by entering data into the accounting system.
So the magical part about the PEPPOL E-Invoicing is that…
Businesses will just need to click on the supplier invoices received and it will update into the accounting system automatically. And likewise, send your customer invoices at a click of a button as long as their customer’s accounting system is PEPPOL E-Invoicing ready.
So how does it benefit you?
Increase in productivities
Your admin staff can do away with the printing of invoices, pasting of stamps, and walking to the post box to mail the invoices. And also save time from entering the supplier’s invoices into your accounting system.
In Netiquette’s PEPPOL Ready business suite, you can use your registered PEPPOL’s Account and send and receive invoices at a click of a button. Review each and every invoice appearing in the display and decide if the invoices are in proper order before accepting it into your system.
Faster Payment Cycle thru more efficient verification and validation
E-Invoicing can help to speed up the processing of invoices and payments to their supplier while the more traditional method will usually take thrice as long to verify the invoice’s status and thus delaying the payment process.
With reference to Enterprise Singapore’s SME Financing Survey, the top most finance-related concern is the delay in customer’s payment and 60% of the SMEs have to face the issue of delayed payment from customers.
Better Visibility of Payment Cycle
E-invoicing will allow businesses to have a better visual feel of their payment cycle and thus gain better and more efficient cash flow management. It could potentially increase the efficiency of supply-chain financing in working capital and liquidity.
Netiquette Software PEPPOL E-Invoicing (InvoiceNow) Video Guide
You can now watch our video guide by clicking here.
