Send & Receive ur E-invoice with InvoiceNow
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.
What are the advantages of e-invoices
a. Faster payment cycles
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.
b. Cost reduction
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.
c. Improve efficiency
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.
Available Grants for InvoiceNow!
About
A $200 bonus for all businesses on the network for sending 10 e-invoices on InvoiceNow.
Eligibility criteria
- Applicable to businesses who have valid and active business UENs excluding the entity types listed below.
- Businesses who send a total of 10 e-invoices on the network within 12 months from the 1st e-invoice will receive a bonus payout of $200.
- Send 1st e-invoice: receive $50;
- Send remaining 9 e-invoices: receive another $150;
About LEAD Connect
A $30k fixed grant applicable to large enterprises with their own finance/ ERP solution.
Eligibility criteria
- Applicable to enterprises who have valid and active business UENs excluding the entity types listed below.
- Enterprises who complete integration to the InvoiceNow network with their own finance/ERP solution within 12 months from the start of the work will qualify for the grant.
- Entity has a minimum of 200 business counterparties (aggregate of suppliers and customers).
- Entity has its own ERP/finance solution which requires to connect to the InvoiceNow network with the help of Access Point providers.
- The start of the work should be after 1 November 2022.
About LEAD Transact Grant
Up to a $40k grant by IMDA applies to large enterprises that meet the minimum number of transacting business partners on the InvoiceNow network.
Eligibility criteria
- Applicable to enterprises who have valid and active business UENs excluding the entity types listed below.
- Enterprises who are able to meet the minimum transaction tier, (i.e. transacting with 25 UENs as buyer and/or 250 UENs as biller).
- Enterprise can receive incentives as both Buyer and Biller.
- Funding period is 12 months starting from the first claim submission by the enterprise. The starting dates for the enterprise as Buyer and Biller can be different.
- Billers receiving LEAD Transact Grant will not be eligible for InvoiceNow Transaction Bonus.
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 | ||
| 1 | $5,000 | 25 | 250 |
| 2 | $10,000 | 50 | 500 |
| 3 | $15,000 | 75 | 750 |
| 4 | $20,000 | 100 | 1000 |
InvoiceNow will eventually replace the Vendors@Gov portal for registered businesses.
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."