Invoice Now – E Stream MSC

E-Invoice (InvoiceNow) with SQL Account

Experience seamless e-invoicing with SQL Account’s integration with Peppol InvoiceNow


SQL Account is InvoiceNow Ready

SQL Account InvoiceNow is a quick, easy and secure way to send and receive E-Invoices directly into your businesses’s accounting software. By utilizing the nationwide E-Invoicing network, Peppol, instead of email, InvoiceNow ensures seamless transmission of invoices from one accounting software to another, resulting in faster invoicing and quicker payments. 

Why Invoice Now?

Watch how InvoiceNow has enabled Sheng Siong to optimise their supply chains and increase operation efficiency to bring overall convenience to its employees and customers. 

InvoiceNow Requirement for GST Registered Business

The Inland Revenue Authority of Singapore (RAS) has announced on 15th April 2024 on plans for the phased adoption of InvoiceNow for GST-registered business, known as the “GST InvoiceNow Requirement”. GST-registered business will be required to use InvoiceNow to send invoice data to IRAS for tax administration. To provide businesses with sufficient lead time to prepare, this requirement will be implemented progressively. 

Targeted Businesses Implementation Date
GST-Registered businesses that wish to be early adopters 1st May 2025
Newly incoporated businesses that register for GST voluntarily 1st Nov 2025
All businesses that register for GST voluntarily 1st April 2026

How to Get Started with E-Invoice (InvoiceNow) In your Business

We are recommended taking the following steps to get ready :

Step 1: Contact SQL to register for InvoiceNow and obtain you Peppol ID

Step 2: Activate InvoiceNow feature. Start send / receive E-Invoice and get ready to comply with GST InvoiceNow requirement

Here’s why SQL Accounting is your perfect partner for IRAS GST InvoiceNow compliance:

Built-in Compliance

SQL Account ensures your e-invoices and GST adhere to all IRAS regulations, saving your time and minimizing errors.

1 Software, 3 Platforms

SQL Account offers a trio of powerful capabilities, starting with a highly customizable on-premise system tailored to your unique workflow, extending to cloud services that provide unparalleled flexibility and accessibility from anywhere at any time, and culminating with a mobile application that enables the issuance of e-invoices from any device. These components are seamlessly integrated, ensuring a cohesive and efficient connection with your SQL Account.

Expert Support

Our team of e-invoice specialists has in-depth knowledge of the e-invoice mandate and is here to guide you every step of the way.

SQL Account E-Invoicing (InvoiceNow) FAQ

General Questions

  • 1. What is InvoiceNow and Peppol?
InvoiceNow allows direct transmission of invoices in a structured digital format from one finance system to another using the Nationwide E-delivery network, which is based on Peppol, creating opportunities for automation. As such, both SMEs and large enterprises can enjoy smoother invoicing and faster payments, with shorter invoicing processing time without any manual paperwork.

Peppol is an international E-Document delivery network and business document standard form of Electronic Data Interchange (EDI) allowing enterprises to digitally transact with other linked companies on the Network.
  • 2. I am already using PDF E-Invoice, why is InvoiceNow different?
In a common business scenario today, an PDF e-invoice is sent to the recipient organisation by email. This is a single-sided operation requiring your recipient to re-enter the details of the invoice into their own accounting system (e.g. accounts payable). A more complete solution should include the transmission of data from supplier system to buyer system without human intervention and potentially allow for the InvoiceNow invoice to be paid seamlessly.
  • 3. Does SQL Account support InvoiceNow to both Businesses and Government?
Yes, SQL Account supports send / receive E-Invoices to both Businesses and Government.
  • 4. Are consumer invoices covered under InvoiceNow?
No, InvoiceNow only covers business to business transactions. Business to consumer transactions are currently not covered.
  • 5. What benefits are there for InvoiceNow e-invoicing?
  1. 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.

  2. 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.

  3. Improve efficiency
    i. 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.
    ii. Businesses can skip labour-intensive steps such as verifying information, rectifying errors and resolving conflicts.
    iii. Process are more streamlined

  4. Reduced Complexity
    Just as PayNow is a UEN-based e-payment, InvoiceNow is also a UEN-based e-invoicing, by using the same underlying UEN, Invoice to payment processing can be further simplified.

  5. Transact internationally
    When other businesses are in the network, sending e-invoices to overseas partner is seamless.
  • 6. Are my customers and suppliers joined Peppol network?
You will be able to search your Peppol Ready suppliers and customers in SQL Account or search thry Singapore Peppol Directory here via www.peppoldirectory.sg.

Inquiry

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