By Kelly R
IMDA has implemented the nationwide E-Invoicing network on 9 January 2019 with certified Access Points and Solution Providers offering services to help businesses improve efficiency, reduce cost, enjoy faster payment cycles, access to new financing options and build a strong foundation for digitalisation. This network is an extension of the International Peppol E-Delivery Network allowing our enterprises to transact internationally with other linked companies.
Electronic invoicing or E-Invoicing allows direct transmission of invoices in structured digital format from one finance system to another resulting in faster payment.
From 20 January 2020, suppliers to the Singapore Government will have an additional channel to submit e-invoices via the Nationwide E-invoicing Network. Suppliers are encouraged to submit e-invoices to the Government agencies via this network. The Accountant-General’s Department (AGD) has prepared a guide that explains how you may do so, and the requirements to comply with.
The PEPPOL E-invoice is an invoice that is completely generated, transmitted and processed digitally with little to no manual processing. It is created digitally in a supplier’s financial system, transmitted electronically through the network to the recipient (buyer) where it is processed automatically, offering the ability of greater digital efficiencies and better cash flow for suppliers.
A business who wishes to adopt e-invoicing subscribes to an Access Point (AP) Provider of their choice. They then send their e-invoices to their AP who delivers the e-invoices on their behalf to APs that serve the receiving parties. The exchange of e-invoices between the APs are done in a standard PEPPOL format. Each business needs to connect to only one AP and through it they are connected to all parties in the network. Each business takes care of the data mapping between its own standard and the common PEPPOL standard. It is this distributed architecture that allows the overall system to scale, efficiently and economically. So you no longer need to worry about integrating to individual partners thus saving you time and money. I’m already using E-Invoice, why is this different? In a most current business scenario, an invoice is either a hardcopy document or a PDF file sent to the recipient organisation either by the postal service or email. At best, this is a “single-sided” operation – your recipient will then have to re-enter the details of the invoice into his own accounting system (e.g. accounts payable).
Similarly, you may be receiving many “E-invoices” in the form of PDFs – you will also need to have someone manually input the invoice details or scan the pages of invoices into your system. These manual interventions /translations could invariably introduce errors. How can I benefit from E-Invoicing? Studies have shown that E-invoicing improves on-time payment of invoices from 45% to 92%, saving time and money.
Additionally, it reduces duplicated effort of finance folks entering in information then printing out the same information to pdf or paper and send it across email or snail mail respectively. Also, it minimises most transcription errors – known to excessively delay processing and costing as much as $72 to rectify a single invoice. Lastly, it is also more eco-friendly and helps use less paper.
EzyAP is an IMDA & PEPPOL certified access point provider for Electronic Invoicing. Ezy Access Point (EzyAP) supports E-Invoicing through direct transmission of invoices in structured digital format from one financial system to another.
Provide fast and secure connection
Enjoy fast and secure transmission of E-invoices through PEPPOL network.
EzyAP allows you to save time by allowing you to upload multiple invoices at one time.
Save time and energy spent on manual invoicing and save up on labour cost.