Electronic Invoicing for businesses in Singapore

About E-Invoicing

E-Invoicing which is also termed as electronic invoicing is a function that allows direct transmission of invoices in digital format from one financial system to another resulting in a wide range of benefits.

The nationwide E-invoicing network was implemented on 9th January 2019 with certified access points and solution providers as part of the government’s initiative to champion digitalisation.

Peppol Solution Providers

Peppol (Pan European Public Procurement On-Line) system ready solutions are specific solutions such as Accounting, ERP which are connected to the PEPPOL network where business users can generate an issue an electronic invoice using Peppol E-delivery. Andre Corporate is a Peppol ready service provider being listed on IMDA’s website and is a professional consultant for ABSS Accounting software which is a Peppol ready specific solution with E-invoicing functionality for small and medium businesses.

Objectives of E-Invoicing

To assist companies to speed up business transactions and at the same time minimising errors, disputes due to cheque errors and reduction in manpower operating costs.

Aimed at transforming companies and encourage them to go digital, to be able to compete internationally, while also transforming the info-communications and media industries to meet the demand of the digital world.

Benefits of E-invoicing

With E- invoicing implemented your company will collect payments from customer faster, reducing the number of debtor days. This is because invoices processed from your company by E-invoicing will appear in the financial system of your customer, without the need to generate a PDF or sending a hardcopy invoice by snail mail. This will result in faster collections from customers as they will be receive your invoices earlier with just a click of your button.

There will be an improvement in efficiency at the accounts and sales department level. Errors will be minimised as manual data entry of invoices will be eliminated. Labour intensive steps such as information verification and rectifying errors will be minimised greatly.

There will be greater cost reduction due to elimination of printing hardcopy invoices , also reduction or elimination of costs to store and archive and retrieval of prior year hard copy invoices.

Businesses will be able encouraged to transact internationally as invoices can be send seamlessly to overseas partners and also this in turn will reducing the language barrier by E invoicing processes having a uniform structure that is recognised by e-invoicing systems.