InvoiceNow is a nationwide e-invoicing network by IMDA Singapore that aims to make invoicing for businesses smoother and more efficient. With this service, InvoiceNow automatically sends your invoice to a buyer’s accounting system via a secure network.
InvoiceNow Invoices are more efficiently being sent out in suppliers’ systems and then received, captured and processed more quickly at buyers’ systems, thus speeding up payment. Faster payment as a result of faster processing. Delay in payment is a major concern of SMEs (SPRING 2017 business survey). A US Federal Reserve Bank of Minneapolis in 2017 showed 45% of paper invoices were paid on time compared to ~92% of e-invoices.
Research have indicated that senders of e-invoices can save about 59% and recipients can save 64% compared to using paper-based processes. Contributing cost factors could be storage and retrieval of hard copy invoices.
Paper and PDF invoices require finance or accounting staff on both sides to key and rekey data into electronic systems. This process of data entry leads to human error. Error-prone manual process is avoided with e-invoicing.
Businesses can skip labour-intensive steps such as verifying information, rectifying errors and resolving conflicts.
A $200 bonus for all businesses on the network for sending 10 e-invoices on InvoiceNow.
A $30k fixed grant applicable to large enterprises with their own finance/ ERP solution.
Up to a $40k grant by IMDA applies to large enterprises that meet the minimum number of transacting business partners on the InvoiceNow network.
Please refer to the table below for the transaction tiers and corresponding pay-outs:
|Transaction Tier||Payout||Number of Unique Business Counterparties Transacted With|
|As Buyer||As Biller|
On 24 February 2023, at the Ministry of Finance (MOF) Committee of Supply Debate, Senior Minister of State Chee Hong Tat announced that: "The Government will implement InvoiceNow as the default e-invoice submission channel for all Government vendors within the next few years."