In view of the new normal, timely payments from your customers is a crucial factor in ensuring sufficient cash flow for business sustainability. One such solution is for business to adopt the Nationwide E-Invoicing Framework (Peppol) will help you get paid faster.
Singapore is amongst countries who have adopted Peppol as their e-Invoicing framework, including others such as Australia, New Zealand and many others in Europe too. Peppol facilitates a standardised B2B & B2G e-invoice exchange which eliminates human errors (i.e. data entry or checking of OCR accuracy) associated with our traditional method of invoicing (paper based or digital files). This in turn helps reduce delays in the invoice processing lead time and speeds up the payment from your customers.
Peppol promotes secured transmission of invoice data in a standard format that is easily recognisable by any businesses regardless of the location and types of accounting system used. The common standard would allow quicker validation and payment.
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Government Peppol grants
In order to promote e-invoicing in Singapore, IMDA have launched a series of initiatives. One is the Chain Leader Grant, a program to subsidize implementation costs related to the roll-out for strategic companies in the business community, i.e. companies with a client/supplier base of at least 500 companies. The grant covers up to 50% of qualified projects costs of up to $150,000.
The government is also offering E-invoicing Registration Grant to companies that register with Peppol via a certified service provider. Eligible companies will receive a one time payment of $200. Interested parties who wish to apply for the Chain-Leader grant, please contact us at email@example.com as we will guide you on how to get the grant.
Coming Soon: Excel Upload for AGD
SESAMi will be adding an additional feature on our web portal which enables you to submit batch invoices to the Singapore Government Agencies with a single excel file upload. You no longer need to create invoices individually.