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 frame work encourage businesses to adopt the electronic invoicing for their billing purposes. The government of Singapore had also encourage the business communities by requiring 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 introduce the E-Invoicing Registration Grant. Businesses will receive a one-time payout of S$200 when they register for e-invoice account. For more update and latest term and conditions, please click on the link below;
How does PEPPOL E-invocing Work?
PEPPOL E-Invoicing allow users that are using PEPPOL Ready solutions such as Netiquette to send and received 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 are PEPPOL E-Invoicing ready.
So how does it benefit you?
Increase in productivities
Your admin staffs can do away with 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 received invoices at a click of a button. Review each and every invoices 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 processing of invoice and payment to their supplier while the more traditional method will usually take thrice as long to verified the invoice’s status and thus delaying the payment process.
With reference to Enterprise Singapore’s SME Financing Survey, the top most finance-related concerns is the delay in customer’s payment and 60% of the SMEs have 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.