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.
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
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.
