Use GST InvoiceNow!
Get pumped for e-invoicing with SQL Account using InvoiceNow! Say goodbye to paper clutter and hello to efficiency, savings, speedy payments, and eco-friendliness—all rolled into one. It’s like the future of invoicing, but right now!
What is InvoiceNow?
Say goodbye to the hassle of emailing PDF invoices! With InvoiceNow, businesses can seamlessly send and receive e-invoices directly between their accounting systems via the secure Peppol network. No more manual uploads or delays—just instant, secure transactions. Plus, with both parties using InvoiceNow-ready software, the exchange is smooth and almost instantaneous.
How does GST InvoiceNow works in SQL Account
Sender
You (the sender) shoot off an invoice from SQL Account to your customer.
Transfer
The invoice zips through the secure Peppol e-invoicing network.
Recipient
Your customer will spot the invoice in their accounting software, all set for approval and payment.
What are the Benefits of GST InvoiceNow
Save Time
Incoming invoices are imported, slashing the time you'd spend on manual data entry.
Faster Payment
E-Invoice turbocharges your customer's accounts payable process, enabling them to process and pay you in record time.
Greater Accuracy
Without manual intervention, it slashes human errors, inconsistencies, and mistakes.
Up-to-Date Records
As e-invoices are exchanged in near real-time, businesses can access up-to-date cash flow information, empowering quick and informed decision-making.
Greener Business
It also contributes to environmental conservation by reducing paper waste and transitioning to digital copies.
SQL GST InvoiceNow FAQ
General Question
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.
No, InvoiceNow only covers business to business transactions. Business to consumer transactions are currently not covered.
Yes, InvoiceNow is a type of Electronic Data Interchange (EDI) based on the Peppol standards. Additionally, the Peppol network complements companies’ existing EDI connections to allow e- invoicing to businesses connected to the Peppol network.
InvoiceNow on Nationwide E-delivery Network complements your existing EDI connections to allow e-invoicing to businesses connected to the Peppol network. This extends the reach of digital connections that you can access via your existing solutions to new segments.
Cost & Benefits to Organisations
1️⃣ Faster payment of Invoices due to simplification of Invoice to Payment processes. Several banks are working on solutions that allow users to directly flip an InvoiceNow einvoice to an E-Payment.
2️⃣ Reduction of tedious and time consuming manual processes (estimated $8 per invoice according to a study commissioned by IMDA).
3️⃣ Reduction of errors and rectification costs (estimated to affect 3% of paper invoices and costing as much as S$72 to rectify, according to a study commissioned by IMDA).
4️⃣ Reduction of storage, retrieval and delivery costs.
To benefit from the network, users (i.e. senders and receivers of invoices) must be registered on the network. Just like emails, there’s a need for each to be registered and have a Peppol- ID that partners can send InvoiceNow e-invoices to.
How Do I Get Connected?
Ensure that your accounting software supports Peppol e-invoicing, such as SQL Account. Register for the InvoiceNow service, and link it to your business system.
Many common accounting systems like SQL Account have integrated InvoiceNow, which enables seamless connectivity to the Peppol network.
Most accounting software vendors offer integrated support for InvoiceNow, meaning minimal technical expertise is required to implement the system.
Network Security
InvoiceNow operates on the Peppol network, which uses encryption and secure protocols to ensure the safe transmission of data between businesses.
InvoiceNow transmits structured digital invoice data, including transaction details and GST information. The data is encrypted to ensure confidentiality.
By using accounting software that complies with Peppol standards, businesses ensure that their invoicing data is securely transmitted over the network, with encryption and other safeguards in place.