Singapore Encourages the Use of E-Invoicing via Peppol with InvoiceNow
The Senior Minister of State Chee Hong Tat announced that “the Government will implement InvoiceNow as the default e-invoice submission channel for all Government vendors within the next few years”.
Singapore launched its national e-invoicing network in 2019, based on the Peppol infrastructure, making it the first country outside Europe to use the European network to exchange e-invoices between private enterprises. In order to promote e-invoicing in Singapore, the body responsible for the country's e-invoicing system, Infocomm Media Development Authority, or IMDA, launched InvoiceNow, a series of initiatives including financial compensation for companies adopting e-invoicing.
Singapore is committed to moving away from paper invoices. Recently, the Senior Minister of State Chee Hong Tat announced that “the Government will implement InvoiceNow as the default e-invoice submission channel for all Government vendors within the next few years”. This means that InvoiceNow will replace the Vendors@Gov portal for registered businesses.
This is a big step that the Singaporean government is making toward the full implementation of e-Invoicing as the default method of submission. The ultimate objective of this initiative is to make e-invoicing mandatory as early as possible, following the current trend in the APAC region.
The country's Peppol Authority, IMDA, is responsible for assigning access points and defining technical specifications for the e-invoicing system. Companies that would like to invoice electronically in Singapore must have an accredited access point and an e-invoicing system capable of sending invoices in the Peppol standard.
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.
EDICOM is accredited by the Infocomm Media Development Authority (IMDA) as an Access Point for the Peppol network in Singapore.
EDICOM's global invoicing platform integrates fully with your ERP and allows you to send and receive e-invoices to and from any agency or company in Singapore.
Through our Access Point, you will be able to create the correct InvoiceNow format and automatically send it to the receiver.
By connecting to our Access Point you will also be able to connect with organizations and administrations at an international level.
EDICOM is a certified Access Point in Japan, Australia, New Zealand, and other EU countries. EDICOM was also granted an SMP certificate by the OpenPEPPOL Association to run its own Service Metadata Publisher. An SMP is a decentralized registry that provides information on the access points and types of messages that a Peppol recipient can receive. With EDICOM’s SMP there is no need to work with outside connections or third parties to obtain information from registered users on the network. The service offered by EDICOM to operate in the network is an integral service that ensures efficient and complete operation from beginning to end of the process.
EDICOM’s AP benefits
The EDICOM solution leaves nothing in the hands of third parties. All processes are carried out on our own infrastructure based in the cloud. This also enables companies to operate without having to perform any new installation in their systems or worry about maintenance.
We hold several certificates on information security matters, among them ISO 27001, and are a qualified provider of trust services acknowledged by the European Union under the eIDAS Regulation.
One of the biggest advantages of having a global provider like EDICOM is that it is possible to centralize all your electronic communications, even if the company operates in different countries.
Regulatory and ethical compliance affecting businesses is increasing. With the EDICOM solution, companies have the peace of mind to adapt properly to established legislation and processes. The platform transforms the communications automatically to the required formats and standards, following the protocols set for security and messaging issues.
Watch our webinar on APAC e-Invoicing in collaboration with Deloitte
Which countries already have mandatory legislation? What are your obligations? How does e-Invoicing work in Japan, China, Thailand, Indonesia, Singapore, Australia, South Korea, etc...? Don't miss our webinar with Deloitte where we analyzed the e-Invoicing and Tax Reporting trends in the region.
Highlight on Key Milestones of Peppol in Singapore
Singapore is continuing its drive to promote e-invoicing with the aim of helping companies improve efficiency, reduce costs, streamline payment cycles, and minimize environmental impact.
Peppol is a set of specifications designed to streamline public procurement processes between companies and governmental bodies regardless of their location or the systems they use. Thanks to its versatility and international scope, it isn’t only being adopted in Europe or the B2G sector but is being used to exchange e-documents between entities of all kinds globally.
- IMDA became the first Peppol Authority outside of Europe in May 2018. The government of Singapore decided to develop its e-invoicing system using European standards and Peppol infrastructure with the aim of promoting international commerce.
- The nationwide E-invoicing network was launched in January 2019, with 11 Access Point providers ready to serve the market
- The Peppol Ready solution accreditation was created in 2019 and more than 50 Peppol-Solution providers were successfully connected to the network by January 2020
- The Singapore government added a new channel for suppliers to submit e-invoices via the nationwide E-invoicing network in January 2020 and has since become the preferred channel for suppliers.
- The E-Invoicing Registration Grant was announced in March 2020 to incentivize businesses to join the network before 31 December 2020.
- The nationwide E-invoicing network was renamed as InvoiceNow in September 2020
Benefits for large businesses
Reduced Manual Work
- Receive invoices in one standard electronic format.
- No capturing and manual processing of invoice data.
- Seamless integration of your ERP system in the Peppol network.
Decreased Error Handling
- Fully automated transmission of invoice data into your ERP system minimizes erroneous entries.
- Significantly decrease the time and effort spend to follow-up and rectify errors later in the process.
New opportunities for vendor management
- Negotiate cash discounts for early payment of invoices, enabled by the ability to process invoices quickly.
- Provide your vendors online with status-updates like received, acknowledged and paid (optional).