InvoiceNow in SAP Business One
- Fast and accurate electronic delivery - Improve efficiency
- Saves time and reduces errors - Less admin
- Visibility over invoice delivery - Streamlines processes
- Saves cost and environmentally sustainable - Paperless business
What does "Get Paid Faster" means?
Send an invoice in the standard digital format for quicker processing and validation. Your customers can then pay via PayNow or other e-payment methods.
Quicker generation of e-invoice and no latency due to postage or courier delays supplier’s end.
Minimised manual intervention with structured data format reduces human error.
Straight-through processing and automatic discovery of anomalies and fraud using AI on-network data secured through encryption.
Financing & Factoring
E-invoicing enables financing options on your invoices so that business suppliers can get cash advances with ease.
Why Axxis Consulting?
Axxis Consulting is certified by IMDA for InvoiceNow. Supporting clients in the region since 1997, Axxis Consulting offers leading expertise to support business transformations and related IT implementations.
We are committed to helping Singaporean SMEs streamline their accounting work and get paid faster. That enables us to further support the IMDA’s vision for Smart Nation through InvoiceNow.
Due to our outstanding commitment to our customers and level of expertise, we are proud to hold the designation of SAP Platinum Partner and a member of the United VARs.
Frequently asked questions
What's the difference between using PDF e-invoice and E-Invoice?
In a common business scenario today, a PDF e-invoice is sent to the recipient organization by email. This is a single-sided operation requiring your recipient to re-enter the invoice details into their accounting system (e.g. accounts payable). A complete solution should include transmitting data from the supplier system to buyer system without human intervention and potentially allow for the InvoiceNow invoice to be paid seamlessly.
Is InvoiceNow a form of Electronic Data Interchange (EDI) e-invoice?
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.
How are the banks involved in InvoiceNow?
InvoiceNow is supported by ABS which is the Association of Banks in Singapore, as both InvoiceNow and PayNow are UEN-based. Supporting banks are working on solutions that allow users to flip InvoiceNow invoices to payment (such as PayNow) directly cutting down on complexity and reducing business friction.
How is the government helping end-user companies? How does this benefit them?
IMDA has put in place a nationwide e-delivery network with open and international standards for companies to adopt. Companies that adopt the e-invoicing network stand to gain from business efficiency and improved payment cycles. IMDA has also certified Access Points (APs) which will assist the end-user companies in getting connected through a variety of methods to meet the different digitalisation status of each company. By providing choices and variety for end-user companies to adopt e-invoicing through the open standard, more can come on board the network and gain from it early.
If my supplier and/or client are not on the network, will I still enjoy the benefits?
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 so partners can send InvoiceNow e-invoices.
How long does the process of getting connected take?
The process of connecting depends on the complexity of the systems and processes involved. SAP Business One is a Peppol Ready solution that has default capabilities to send InvoiceNow e-invoices which can be switched on with immediate effect.
I am interested in the InvoiceNow e-invoice and would like to know how I get connected.
The steps that you as an end-user business need to do are:
1. Once you have implemented SAP Business One, register and get your Peppol business identity (Done by your AP).
2. Learn how to send and receive Peppol e-invoices using SAP Business One (Guidance provided by Axxis Consulting).
3. Update all Purchase Order documents with your Peppol business identity for invoicing.
4. Announce that you are E-invoicing ready to all your business partners and suppliers.
Can I send and receive InvoiceNow invoices across the border? How will this impact my business with overseas customers?
You can receive and send InvoiceNow e-invoices to businesses in other countries as long as they are on the Peppol network.
Is the InvoiceNow network secure?
Yes, the network is secure. Firstly, only Peppol-certified Access points are registered on the network and are authorised with a PKI certificate issued by the governing authority. Secondly, all data being transmitted on the network is protected with SSL transport layer security such that it only goes through securely encrypted pipes. Thirdly, the data being transmitted is signed using the Access Points Service Provider (AP) authorised PKI certificate to ensure that the data is genuine and non-repudiable. Lastly, any receiving Access point will check the signature of the sending Access point service provider to ensure that it is as per the authorised one registered on the network and only accepts data sent by genuine Access Points.
Must all new business registrations go through the CorpPass KYC process?
All Singapore-registered companies with valid UENs are required to go through the CorpPass KYC process. Foreign companies with UENs will not be required to go through the CorpPass KYC process. You can visit the CorpPass website to find out more information on CorpPass/SingPass.
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Questions about InvoiceNow?
Wondering how to be on the InvoiceNow network? We’d love to hear from you and answer any additional questions you might have.