Manual invoicing, whether on paper or pdf will always be prone to errors and delays. This is why in 2018, the Singaporean government decided to implement electronic invoicing nationwide using PEPPOL infrastructure. For businesses, this means faster payments, less administrative work, and no misplaced or mishandled documents. The onboarding process is easy.
Electronic invoicing (E-Invoicing) is the automated creation, exchange and processing of the request for payments between suppliers and buyers using a structured digital format. So, what does this really mean?
In Singapore’s context, Infocomm Media Development Authority (IMDA) has implemented the Pan-European Public Procurement On-Line (PEPPOL) E-invoicing standard. Simply put, this standard generates invoices that contain structured data; data that is in a particular format so that it can be processed automatically. With PEPPOL, this comes in EDI – electronic data interchange format. The result is your invoice arrives in a format that’s immediately ready to be processed for payment, with no need for any details to be keyed in all over again.
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Under Setting > Company > Action > Register InvoiceNow
Receive a confirmation email within days upon successful registration and your company’s UEN will be registered with PEPPOL network.