10 May 2023
Once you experience the reliability, efficiency, and user-friendliness of e-invoicing, you’ll question how you ever coped without it.
Tired of drowning in a sea of paper invoices and receipts? Well, it’s time to say goodbye to the headache-inducing mess and hello to e-invoicing. With e-invoicing, businesses can kiss the days of manual data entry and lost invoices goodbye. Imagine a world where you can effortlessly send, receive, and manage all of your invoices electronically. Not only is it more efficient, but it’s also environmentally friendly.
Enter InvoiceNow, a new nationwide e-invoicing method by Infocomm Media Development Authority (IMDA) that allows an invoice to be sent digitally between the systems directly of your suppliers and buyers. The invoice is sent automatically to your supplier and customer’s backend systems through a secure network and a standard format (Peppol InvoiceNow) therefore, it’s seamless.
With this e-invoicing solution, it’s like having a personal assistant for all of your invoicing needs. It integrates seamlessly with your existing systems, and you can customize it to fit your unique needs. With an e-invoicing solution that is reliable, efficient and so easy to use, you’ll wonder how you ever managed without it.
Get ready to hear all about Invoicenow in the latest episode of DigitalCFO Asia’s podcast, where we chat with Derrick Sun, Director of Business Development at Esker.
The Challenges Companies Are Facing Today with e-Invoicing
In the podcast, Derrick talked about two major challenges in eInvoicing. The first one is the misconception that just sending invoices via email as a PDF counts as eInvoicing. But let’s be real, it takes more than just sending an email attachment to be considered tech-savvy. True e-Invoicing involves verifying the authenticity of the document and extracting information to be pushed into ERP systems for posting.
The second challenge is deriving value from adopting e-Invoicing. Sure, it might seem like a boring regulatory requirement, but with a little creativity, it can actually make life easier. By taking a holistic view of the Accounts Payable (AP) and Accounts Receivable (AR) process, companies can identify painful manual steps that can be eliminated with eInvoicing. Plus, for companies with global operations, it’s like playing a fun game of eInvoicing regulatory whack-a-mole – just hop from country to country and try to keep up with all the different regulations.
What is InvoiceNow?
Imagine e-Invoicing like a party – you can’t just show up with any random dish you make at home and expect everyone to understand what it is. You need to bring something that fits in with the theme of the party. In the same way, e-Invoicing requires structured formats and a common language to ensure everyone is on the same page. That’s where InvoiceNow comes in, like the host of the party, making sure everyone is speaking the same language and having a good time.
Esker offers automation solutions that can improve a business’s productivity by streamlining the upstream and downstream processes of their AP and AR invoicing activities with InvoiceNow. This expands the viewpoint of InvoiceNow from just a regulatory mandate to a tool that can fit into an ideal state of a business’s finance processes, powering the business into the next phaseIn addition, IMDA provides implementation and utilization grants for businesses, which Esker can assist in applying for.
Want to gain more valuable insights on e-Invoicing in Singapore? Tune in to DigitalCFO Asia’s second podcast episode to learn more!
To find out more about InvoiceNow, click here.