InvoiceNow is a nationwide E-invoicing initiative by IMDA for SMEs and large enterprises to streamline their invoicing for a faster and more sustainable way to transact, nationwide and worldwide.

Benefits of InvoiceNow:

• Faster payment cycles
  InvoiceNow Invoices are more efficiently being sent out in suppliers’ systems and then received, captured and processed more quickly at buyers’ systems, thus speeding up payment. Faster payment as a result of faster processing. Delay in payment is a major concern of SMEs (SPRING 2017 business survey). A US Federal Reserve Bank of Minneapolis in 2017 showed 45% of paper invoices were paid on time compared to ~92% of e-invoices.
• Cost reduction
  Research have indicated that senders of e-invoices can save about 59% and recipients can save 64% compared to using paper-based processes. Contributing cost factors could be storage and retrieval of hard copy invoices.
• Improve efficiency
  • Paper and PDF invoices require finance or accounting staff on both sides to key and rekey data into electronic systems. This process of data entry leads to human error. Error-prone manual process is avoided with e-invoicing.
  • Businesses can skip labour-intensive steps such as verifying information, rectifying errors and resolving conflicts.
  • Processes are more streamlined
• Reduced Complexity
  Just as PayNow is a UEN-based e-payment, InvoiceNow is also a UEN-based e-invoicing, by using the same underlying UEN, Invoice to payment processing can be further simplified.
• Transact internationally
  When other businesses are in the network, sending e-invoices to overseas partner is seamless

InvoiceNow FAQ

What is InvoiceNow?
InvoiceNow allows direct transmission of invoices in structured digital format from one finance system to another using the Nationwide E-delivery network, which is based on Peppol, allowing for the invoice to be flipped to E-payments such as Paynow directly

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.

Is InvoiceNow a form of Electronic Data Interchange (EDI) e-invoice?
Yes, InvoiceNow is a type of Electronic Data Interchange (EDI) based on the Peppol standards. Additionally, the Peppol network complements companies’ existing EDI connections to allow e- invoicing to businesses connected to the Peppol network.

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

Are consumer invoices covered under InvoiceNow?
No, InvoiceNow only covers business to business transactions. Business to consumer transactions are currently not covered.

How will InvoiceNow work with other Electronic Data Interchange (EDI) solutions?
InvoiceNow on Nationwide E-delivery Network complements your existing EDI connections to allow e-invoicing to businesses connected to the Peppol network. This extends the reach of digital connections that you can access via your existing solutions to new segments.

How can InvoiceNow e-invoicing help save cost?

• Faster payment of Invoices due to simplification of Invoice to Payment processes. Several banks are working on solutions that allow users to directly flip an InvoiceNow einvoice to an E-Payment.
• Reduction of tedious and time consuming manual processes (estimated $8 per invoice according to a study commissioned by IMDA)
• Reduction of errors and rectification costs (estimated to affect 3% of paper invoices and costing as much as S$72 to rectify, according to a study commissioned by IMDA).
• Reduction of storage, retrieval and delivery costs.

If my supplier and/or client is not on the network, will I still enjoy the benefits?
To benefit from the network, users (i.e. senders and receivers of invoices) must be registered on the network. Just like emails, there’s a need for each to be registered and have a Peppol- ID that partners can send InvoiceNow e-invoices to.

Is there a monetary benefit for end-user companies coming on board? Or are there only non- monetary benefits such as faster payments?
Though getting paid earlier and improvements to efficiency and are clear monetary benefits. Having a digital connection for B2B document exchange is also a good first step to further digitalisation.

For other FAQ, refer to IMDA website

Register for IMDA monthly business briefing webinar to find out more about InvoiceNow and how your business can come-on-board the network, start to transact and begin to enjoy the benefits.

To watch a Video about InvoiceNow at https://go.gov.sg/invoicenow-video