InvoiceNow consists of the transmitting and processing of automated invoices from one party to another.
There will be no need for the business to manually handle the invoice as the invoices are sent to the buyer’s Peppol-Ready accounting system through the secure network.
It is unlike sending a PDF file or a physical invoice. This reduces the cost and time spent on handling invoices manually.
The buyer creates the Purchase Order and sends it to the seller via the InvoiceNow Network. The seller receives the buyer’s e-Purchase Order via the InvoiceNow network in MadSoft.
The seller can open the e-Purchase order to view it before flipping & ingesting the data in MadSoft Sales Order. In MadSoft Sales Order, it will trigger actions such as stock check and stock replenishment orders when the stock is below a re-order level for better service to customers.
The seller will flip the sales order to an e-invoice and send it to the buyer via the InvoiceNow network in MadSoft directly. An email notification will be triggered and sent to the buyer with the attachment of the e-invoice document. Sellers can generate a more accurate invoice for 2-way matching and enjoy faster payment and buyers save on manual input and verification.
With MadSoft Solutions, buyers & sellers can check the status of the invoices and decide when to process them. They can be at ease processing multiple invoices and multiple orders within minutes. Data entry is no longer needed and it’s simply a breeze.
The buyer can send an invoice response via InvoiceNow network to tell the seller the status (In progress, accepted, fully paid etc) of his invoice on the buyer’s side and the Seller will receive the invoice response status and forecast his cash flow better.
With InvoiceNow, Order Processing is no longer a daunting task, Less admin More Win.
Efficient
Increases Efficiency as time is saved when employees need not print out invoices and mail it out. It gives employees more time to focus on their delegated activities.
Save Cost
Save Cost as there is reduction in material costs (i.e. paper, stamps, printing).
Error Reduction
There will be no need for data entry, which will curb human error.
Process Payment Faster
Less time is needed in processing or lost invoices. This will ensure that payment can be made on time.
Better Cash Flow Management
Automated invoice processing and ensure consistency of payment timings.
- 01InvoiceNow Transaction Bonus (ITB)
- 02LEAD Connect Grant
- 03LEAD Transact Grant
About
A $200 bonus for all businesses on the network for sending 10 e-invoices on InvoiceNow.
Eligibility criteria
- Applicable to businesses who have valid and active business UENs excluding the entity types listed below.
- Businesses who send a total of 10 e-invoices on the network within 12 months from the 1st e-invoice will receive a bonus payout of $200.
- Send 1st e-invoice: receive $50;
- Send remaining 9 e-invoices: receive another $150;
Steps
[1] Complete a one-time registration at this form to receive payout status and other InvoiceNow related matters from IMDA: www.go.gov.sg/register-itb
[2] Find your business customers on the SG Peppol Directory and retrieve their Peppol ID information (www.peppoldirectory.sg).
[3] Send an e-invoice directly from your solution to your business customer on the network.
[4] Receive your bonus via PayNow Corporate, no claim is required.
About LEAD Connect
A $30k fixed grant applicable to large enterprises with their own finance/ ERP solution.
Eligibility criteria
- Applicable to enterprises who have valid and active business UENs excluding the entity types listed below.
- Enterprises who complete integration to the InvoiceNow network with their own finance/ERP solution within 12 months from the start of the work will qualify for the grant.
- Entity has a minimum of 200 business counterparties (aggregate of suppliers and customers).
- Entity has its own ERP/finance solution which requires to connect to the InvoiceNow network with the help of Access Point providers.
- The start of the work should be after 1 November 2022.
- Click here to find out more.
About LEAD Transact Grant
Up to a $40k grant by IMDA applies to large enterprises that meet the minimum number of transacting business partners on the InvoiceNow network.
Eligibility criteria
- Applicable to enterprises who have valid and active business UENs excluding the entity types listed below.
- Enterprises who are able to meet the minimum transaction tier, (i.e. transacting with 25 UENs as buyer and/or 250 UENs as biller).
- Enterprise can receive incentives as both Buyer and Biller.
- Funding period is 12 months starting from the first claim submission by the enterprise. The starting dates for the enterprise as Buyer and Biller can be different.
- Billers receiving LEAD Transact Grant will not be eligible for InvoiceNow Transaction Bonus.
- Click here to find out more.
1. Go to Peppol official website for a directory search: https://www.peppoldirectory.sg/
2. Key in the UEN of your business partner and click the “Search Peppol Directory” button
3. Peppol ID will appear
- 01InvoiceNow FAQ
- 02InvoiceNow Transaction Bonus FAQ
What is InvoiceNow?
InvoiceNow allows direct transmission of invoices in a structured digital format from one finance system to another using the Nationwide E-delivery network, which is based on Peppol , creating opportunities for automation. As such, both SMEs and large enterprises can enjoy smoother invoicing and faster payments, with shorter invoicing processing time without any manual paperwork.
I am already using PDF E-Invoice, why is InvoiceNow different?
In a common business scenario today, an PDF e-invoice is sent to the recipient organisation by email. This is a single-sided operation requiring your recipient to re-enter the details of the invoice into their own accounting system (e.g. accounts payable). A more complete solution should include the transmission of data from supplier system to buyer system without human intervention and potentially allow for the InvoiceNow invoice to be paid seamlessly.
What is Peppol?
Peppol is an international E-Document delivery network and business document standard form of Electronic Data Interchange (EDI) allowing enterprises to digitally transact with other linked companies on the Network.
Is InvoiceNow e-invoicing different from Peppol e-invoicing?
No, InvoiceNow e-invoicing is based on the Peppol business document standard and operates over the Peppol network and allowing enterprises to digitally transact with other linked companies on the Network.
More Questions about InvoiceNow?
Who qualifies for this bonus of up to $200? Is my organisation eligible?
The grant is applicable to organisations who have a valid and active business Unique Entity Number (UEN). UENs eligible for the grant include UENs of businesses and local companies registered with ACRA and entity-type UENs; exclude foreign military units, Government and Government-Aided schools, high commissions, consulates, international organizations registered with MFA, PA Services, Grassroot Units, Government agencies and bodies performing public duties. To qualify, the organisation needs to send a total of 10 e-invoices* on the InvoiceNow network within 12 months from the 1st e-invoice to receive the $200 bonus via PayNow Corporate.
Is this bonus only for organisations with UENs? Can a self-employed person without a UEN claim this bonus?
Only an organisation with a valid UEN can register on the InvoiceNow network to start transacting. Hence only organisations with UENs qualify for this bonus.
How can I apply for the bonus?
No application is required. You will receive the bonus based on monthly transaction reports submitted by Access Point providers. However, if you are interested in this bonus, you are encouraged to register your interest at www.go.gov.sg/register-itb to receive help and status updates from IMDA.
How does my organisation receive the bonus?
There is no need for application or claim submission. The transaction record will be based on the monthly report submitted by Access Point providers. The organisation will receive the first payout of $50 via PayNow Corporate after sending the first e-invoice on the network from 1 Nov 2022 onwards. The subsequent $150 payout will be disbursed after the organisations send another 9 e-invoices within 12 months from sending the first e-invoice. In total, organisations who send all 10 e-invoices via the network will receive $200 via PayNow Corporate.
