e-Invoicing Takes a New Turn In Singapore

The Infocomm Media Development Authority (IMDA) released a new initiative for businesses to go digital called InvoiceNow. It can provide businesses, especially Small to Medium-sized Enterprises (SMEs), a more complete solution towards their invoicing process with a new Electronic Data Interchange (EDI) process that is based on the Peppol standards.


Although InvoiceNow may seem like the e-invoicing we know, it helps distinguish the difference between the pdf style of invoices to invoices sent through a cloud system. A key difference between them is that pdf invoices are single-sided, meaning it helps the sender but the recipient needs to find a way to re-enter the data into their system. InvoiceNow allows the data to go straight into their system seamlessly and removes need for the human intervention.


InvoiceNow connects on a Nationwide E-delivery Network, which works with existing EDI connections on the Peppol network. This allows businesses to connect to various trading partners, whether they be businesses or government agencies.


How InvoiceNow can benefit a business is by providing a streamlined invoice process, reducing errors and time. Faster payments, as it allows businesses to control their cash flow and receive the money owed to them faster. Keeping the environment healthy as 180 trees are used for one business alone each year. Moving to e-invoicing reduces the need for paper, especially now that the Clause 6 Transaction Act requires just an electronic record of the invoice without a printed one.


LinkFor is an approved Access Point Provider on the Peppol network and has been supporting SMEs, governments and Large Enterprises (LEs) in Singapore to connect to the Peppol network and adopt e-invoicing.


LinkFor were able to reach the Top100 Startup companies of the 2019 Echelon Asia Summit giving a great feat for the brand, and setting the scene for this innovative service to benefit local business owners.


As part of the IMDA partnership with Enterprise of Singapore (ESG) to help businesses go digital, LinkFor adopted the E-Invoicing Registration Grant (ERG) which grants businesses who sign up to their system to receive a one-time payment of $200 before the 31 December 2020.