What Is InvoiceNow?
InvoiceNow is an e-invoice method used throughout Singapore that helps businesses to enjoy getting paid faster and better invoicing. The IMDA has implemented the PEPPOL e-invoicing standard which generates standard invoices for processing.
InvoiceNow is subsidised and encouraged by the government. It has many benefits including speeding up the invoice payment process and reducing manual entry.
Will the Singapore government make InvoivceNow compulsory?
InvoiceNow and e-invoicing is not currently mandatory. However, it is highly encouraged and InvoiceNow may be made mandatory once more vendors have joined the PEPPOL network. There are many benefits to using InvoiceNow. Apart from the faster invoicing speeds, you will also get subsidised by the government.
Is WLP Group an approved IMDA solution provider?
Yes! WLP Group has been approved by IMDA for Xero. If you are looking to digitalise your accounting process contact WLP Group at +65 6493 2970.
How will InvoiceNow help my business?
InvoiceNow will facilitate faster payment of invoices due to simplification of the payment process. In fact, a few banks in Singapore have already started developing solutions to allow businesses to flip InvoiceNow invoices. In addition, by e-invoicing, businesses will be able to spend less time on the manual process of creating and issuing invoices. Business will be able to focus on running day-to-day operations.
In addition, since InvoiceNow uses Xero, the accounts payable workflow will be sped up as invoices will be sent directly to customers’ accounting software. With data being pre-populated, you are likely to be paid faster as the invoices would just need to be processed without any manual labour.
Can I register for InvoiceNow with WLP Group if I’m already registered with another provider?
You will need to de-register with your currently provider before registering for us. But we can guide you through that process. Contact us at +65 6493 2970 for a free consultation!
What are the benefits of e-invoicing?
The benefits are:
- Keep track of everything easily. Invoices sent out will be tracked by your accounting software (e.g. Xero) and you will not have to manually file paperwork.
- Better cashflow for your business. E-invoicing will send invoices straight to your customer’s accounting system. This will help to pre-populate fields and give your customer less work to do on his side, thereby helping you get paid faster.
- Improve efficiency as you will deal with less paperwork and manual invoicing, therefore reducing costs
Do I have to be on the Peppol network in order to issue InvoiceNow invoices to the Government through the Peppol network?
Yes, you need to be on the Peppol network to issue InvoiceNow invoices to the Government through this network. AGD has developed a guide that explains how you may do so, and the requirements to comply with. The guide can be found here.
Can I send and receive InvoiceNow invoices cross border? How will this impact my business with overseas customers?
You can receive and send InvoiceNow e-invoices to businesses in other countries as long as they are on the Peppol network.
Is the InvoiceNow network secure?
Yes, the network is secure. Firstly, only Peppol certified Access points are registered on the network and are authorised with a PKI certificate issued by the governing authority. Secondly, all data being transmitted on the network is protected with SSL transport layer security such that it only goes through securely encrypted pipes. Thirdly, the data being transmitted is signed using the Access Points Service Provider (AP) authorised PKI certificate to ensure that the data is genuine and non-repudiable. Lastly, any receiving Access point will check the signature of the sending Access point service provider to ensure that it is as per the authorised one registered on the network and only accept data sent by genuine Access Points.
Will the government be able to see the details of my invoices?
No, under current regulation government is not able to access or track your e-invoices. The routing of e-invoices through the network is on a direct peer to peer basis between the sending and receiving Access Point providers. SGNIC maintains a central directory of businesses on the network which is necessary for Access Points to know which AP to route destination e-invoices to. (similar to how SGNIC maintains the DNS addresses of Singapore registered domains, such that any URL typed on a browser lands on a destination webpage).