What is InvoiceNow?
InvoiceNow consists of the transmitting and processing of automated invoices from one party to another. There will be no need for the business to manually handle the invoice as the invoices are sent to the buyer's Peppol-Ready accounting system through the secure network. It is unlike sending a PDF file or a physical invoice. This reduces the cost and time spent on handling invoices manually.
How does InvoiceNow work in MadSoft Solutions?
The seller will create the invoice in MadSoft solutions. The invoices are then send via the secured Peppol network to the buyer. The buyer will receive the invoices in their Peppol-Ready system without having to re-enter the invoice details again. The buyer can prepare funds for the invoice to be paid.
- Increases Efficiency as time is save when employees need not print out invoices and mail it out. It gives employees more time to focus on their delegated activities
- Save Cost as there is reduction in material costs (i.e. paper, stamps. printing)
- Error Reduction: There will be no need for data entry, which will curb human error
- Process Payment Faster: Less time is needed in processing or lost invoices. This will ensure that payment can be made on time.
- Better cash flow management: Automated invoice processing and ensure consistency of payment timings.
E-Invoicing Registration Grant (ERG)
- This grant provides businesses with a one-time payment of $200 per UEN, upon first registration to the E-invoicing Network on or before 31 December 2020.
- This grant is applicable for businesses, which are valid, active and registered in Singapore on or before 25 March 2020.
- Payment will be disbursed by PayNow Corporate to the registered UEN who are eligible
- Have been registered in Singapore on or before 25 March 2020
- Have registered with an IMDA approved Peppol Service Provider on or before 31 December 2020
- Have registered their UEN (without suffix) to their respective PayNow Corporate account
- Have an active and valid UEN which is used for the registration on the E-Invoicing Network
- Entities not eligible for the Grant which include (but are not limited to) foreign military units, Government and Government-aided schools, high commissions and consulates, international organisations registered with the Ministry of Foreign Affairs, People’s Assocation services and grassroot units, and Government agencies and bodies performing public duties
- Are registered with the Accounting and Corporate Rgulatory Authority (ACRA) or any other UEN issuing agency, (the “Eligible Entity”).
To find out if you are eligible for the grant, click here
FAQ, click here
- No application is required
- No transactions are required
- Get the form here now!