In this new digital era, Singapore government and business leaders are keeping up with rapid development of technology. One of the technological aspects is to digitalize payment process in businesses to improve efficiency. Manual invoicing is often prone to errors and late payment which subsequently cause poor cash flow. Positive cash flow is crucial for business, especially for companies that aim to expand their business. At present, most of the companies’ invoicing process still requires manual effort and human intervention to complete it. PEPPOL e-invoicing - ready solution is to help transforming invoicing process and help businesses in Singapore to grow.
InvoiceNow in Singapore
Today’s manual invoicing scenario is that seller generates invoice from their (Enterprise Resource Planning (ERP) or accounting system and then send it to buyer through email or paper. On the other hand, buyers need to enter the invoice information into their system manually before making the payment. Throughout this process, some common issues of manual invoicing include duplicate payments, late payments, lost invoices and matching errors occur frequently. Therefore, Singapore’s Infocomm Media Development Authority (IMDA) launched a nationwide e-invoicing initiative – InvoiceNow. It is functioning on PEPPOL (Pan-European Public Procurement Online) Network, which allows companies to exchange business electronic documents securely. This E-invoicing initiative helps enterprises to proceed smoother and faster payment while bringing a positive impact to the environment. With InvoiceNow, companies are able to proceed with direct transmission of invoices across finance systems and buyers can easily complete the payment through PayNow or other e-payment methods.
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E-invoicing in SAP Business One
SAP Business One is a full-suite ERP solutions for companies to ride on the wave of business digitalization. It is perfectly designed for medium-size businesses and subsidiaries to run smoothly as well as an integrated and affordable business management software. Not only that, SAP Business One is also a PEPPOL-ready solution, it integrates all the invoice information between sellers and buyers. With SAP Business One’s financial module, companies are capable of sending and receiving invoices through InvoiceNow network, and able to complete transactions within a shorter period of time. Put simply, seller generates and sends e-invoice to buyer through SAP Business One whereas buyer receive e-invoice and able to complete the payment through their finance system instead of printing the invoice on paper then make payment separately. This streamlined process brings in more value to companies and positive growth for business.
With SAP Business One’s financial module, companies are capable of sending and receiving invoices through InvoiceNow network, and able to complete transactions within a shorter period of time
E-invoicing: Support from the Singapore Government
In the effort of supporting business digitalization and to encourage more businesses to join the e-invoicing network, Singapore government offers LEAD Connect Grant and LEAD Transact Grant for companies to apply. LEAD Connect Grant is a S$30k fixed grant for large enterprises with their own finance or ERP solution. Meanwhile, LEAD Transact Grant is up to S$40k grant for large enterprises who meet the minimum number of transacting business partners on the InvoiceNow Network. On top of that, companies are also able to receive a S$200 bonus for sending 10 e-invoices with InvoiceNow under the InvoiceNow Transaction Bonus (ITB).
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Since the start of Industrial Revolution 4.0, companies have been focusing on ways to bring in more value to their business by boosting productivity, faster pace of making decision and reducing waste of resources. Going digital format on invoicing process is definitely a wise decision to accelerate and streamline the supply chain and eventually helps to expand business globally. As a global SAP implementation partner, be one solutions’ team is always ready to on board the journey of business digitalization together with our clients. With the grants and SAP Business One – the PEPPOL-ready solutions, this is a golden opportunity for your organization to stay competitive. Contact us to discuss how we can help you through this process.