InvoiceNow is a nationwide e-invoicing network by IMDA Singapore that aims to make invoicing for businesses smoother and more efficient. With this service, InvoiceNow automatically sends your invoice to a buyer’s accounting system via a secure network.
As long as both the sender and receiver are using InvoiceNow-ready software (such as Xero), e-invoices can be exchanged seamlessly and almost instantly contrary to sending a PDF file or online invoice through email. Thanks to an international standard that synchronises the two ends, InvoiceNow also works even if the two accounting systems are different!
InvoiceNow is a form of e-invoicing (or electronic invoicing) that involves the process of sending an invoice digitally. This replaces the need for manual invoicing that is often prone to:
InvoiceNow helps to completely eliminate these problems through fast billing, clean data, automated processing, financing and factory, as well as an automated process to e-payments.
The first benefit of using InvoiceNow is that it reduces the likelihood of your invoices getting lost in the mail. e-invoicing ensures that invoices are sent and received directly to the other party’s accounting system. Thus, the chances of losing an invoice are practically non-existent.
Additionally, the online accounting software helps with administrative and manual tasks.
Finally, the most important benefit to the vast majority of companies — getting paid more quickly. By making it easy for customers to pay your company by using e-invoicing (and issuing invoices), your company gets paid faster.
Making the switch to InvoiceNow could be the next big step for your business. Join 35,000 other local businesses to enhance your efficiency and save costs by joining the InvoiceNow network today!
To find out more about InvoiceNow, check out IMDA’s resources here.
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