How Can the Nationwide E-invoicing Framework System Help Singapore Companies?
Singapore e-invoices are those invoices that are created, processed, and transmitted entirely by digital means with absolutely no need for any manual process. They are a necessity for every organization today as they reduce the operating costs of a company significantly and improve efficiency by quicker and efficient processing of invoices. All the companies in Singapore will now be able to enjoy the benefits of e-invoicing through the Nationwide e-invoicing framework system.
Does Your Business Need an E-invoice?
No matter what kind of business you do; food or pharma or service provider or anything else, accounts and invoicing is one of the core departments of your business. You cannot neglect it. Creating invoices is an essential activity carried out in all the companies, and Singapore is now shifting towards e-invoicing.
- One of the significant reasons for this shift is that the e-invoices bring more accuracy to the accounting process and eliminate problems like under or over-payment, which has been a common problem during manual invoice processes.
- They provide relief to the accounting department by eliminating the need for unnecessary manual work which mostly involved rechecking and re-evaluation of the entries.
- E-invoices also bring better control over financial transactions and enable the staff to devote more time to other essential tasks which were earlier consuming a lot of time to recheck their invoices and calculating the amount. With e-invoices, the calculations are precise, thanks to automation. Hence, companies utilizing the system can minimize the risk of errors to a greater extent.
- It helps in making payments faster and enables suppliers with more flow of cash. E-invoicing also brings more transparency in business operations. As a result, customers recognize a company as a truly remarkable and reputable brand.
Why Should Your Business Shift to Singapore E-invoicing?
Singapore has made enormous progress economically over the last decades. Thus, the government has always encouraged its local businesses to use digital technology for competing with international companies. To help the business organizations to keep up with the global updates, improve the efficiency and speed of transactions, to reduce operating costs, Singapore has introduced an e-invoice system. This system of e-invoicing is based on a standard used widely in Europe.
Knowing About the Nationwide E-invoicing Framework System
The Nationwide E-invoicing Framework system, introduced by IMDA (Info Communications Media Development Authority) in 2019 enables businesses to enjoy benefits like cost reduction, increased efficiency, and a quicker cycle of payments. It will pave the way for digitalization and will allow companies in Singapore to make transactions globally with other linked companies.
Nationwide E-invoicing Framework system is an extension of the International E – delivery network, which people also refer to as PEPPOL. The PEPPOL (Pan European Public Procurement Online), which is an open standard, facilitates the exchange of documents, which are machine-readable and standardized, over its network. All over Europe, millions of transactions are handled by PEPPOL presently. In fact, it is the sole standard method of receiving and sending e-invoices in the region. By using this system, an organization can connect to all others already present on the PEPPOL network.
Singapore has appointed IMDA as its PEPPOL authority. Its job is to see that rules and regulations meet the requirements of Singapore, as well as the PEPPOL service and other technical standards.
So, do you see how easy your invoicing making becomes with this framework?
How Can Businesses Send an E-invoice on this Network?
A company has to subscribe to an AP (Access Point) provider who will receive the-invoice first and send it to the AP of the other concerned party. Through only one AP, businesses have connections to all other parties who are part of the network. The standard PEPPOL format applies to all the transactions.
Isn’t that easy and user-friendly, too? So, make your decision and move to this framework for more efficiency and accuracy.
Can Singapore E-invoices Improve Efficiency and Reduce the Costs of Your Company?
Research shows that e-invoicing significantly reduces delay made in payment transactions and reduce the wastage of time and effort. Since we do all transactions electronically, the cost of buying paper reduces. Hence, you are also contributing to the environment. As all transactions are paperless, there would be a significant reduction in cutting trees for paper production.
Singapore e-invoices are fruitful for the people working from home and also to the freelancers.
By E-invoicing, payments are quick and efficient digital without the need for having to meet anyone in person. There are also multiple options available for modes of payment. All this helps to save a lot of time and also costs like those of transportation or courier.
Are these Singapore E – invoices Safe to Use and Transact?
All transactions coming through and from the PEPPOL network are encrypted. Hence it is safe as every AP provider gets a digital certificate. This ensures that only legitimate providers have access to the system. This makes the network very secure for use. So, without any risk or danger, you can sign up to get your AP and begin your e-invoicing process.
How Can Businesses Adapt to the New E-invoicing System?
Those already using financial accounting packages only need to make small changes to their software to start using the new system.
Doesn’t that sound easy, reliable, and time-saving task? So, move ahead and be one of the companies which are tech-savvy and possess new technologies coming to Singapore.
