Businesses can now reduce cost and processing times when they transact with the Housing & Development Board (HDB), JTC and Maritime and Port Authority of Singapore (MPA) through the InvoiceNow nationwide e-invoicing network, said MPA on Tuesday (30 November).
Launched by the Infocomm Media Development Authority (IMDA) in 2019, InvoiceNow is based on the international Peppol business standard, and invoices are transmitted over the Peppol document e-delivery network.
The network allows more than 40,000 Singapore businesses that have joined the network to digitally transact with other Peppol-linked companies in Singapore and worldwide.
As part of efforts to drive digital transformation and help Singapore businesses seize opportunities in the digital economy, IMDA worked with HDB, JTC and MPA to enable the agencies to issue e-invoices for direct receipt into their business customers’ accounting systems through InvoiceNow.
Collectively, HDB, JTC and MPA represent 70% of public sector invoicing, and every month the agencies’ 25,000 business customers receive more than 49,000 invoices.
E-invoicing enables businesses to digitalise transactions, reducing the amount of time and effort in re-keying in the data into its own systems, saving up to USD 8 per invoice processed and enjoying faster processing times when sending its own e-invoices. It will also enable businesses to reduce carbon footprint.
Mr Leong Der Yao, Assistant Chief Executive, Sector Transformation, IMDA said: “IMDA has been pioneering the development of digital utilities, such as InvoiceNow, to enable our businesses large and small to transact seamlessly in the digital economy.”
“With the support from HDB, JTC and MPA, companies on this nationwide InvoiceNow network can now receive e-invoices from these agencies, and benefit from going digital. I urge businesses that have not yet switched to e-invoicing to join InvoiceNow.”
HDB’s Group Director of Properties and Land, Ms Kee Lay Cheng said: “As part of our Service Masterplan to deliver a seamless customer experience, HDB has been constantly strengthening our capabilities in service delivery and harnessing the benefits of new technology and digitalisation. With InvoiceNow, we will be able to help our business partners streamline their transactions and bring about more convenience.”
JTC Group Chief Finance Officer, Ms Chee Wan Chin, said: “With InvoiceNow, we hope to make it easier and more convenient for our customers and partners by digitalising business transactions.”
MPA Director, Finance, Procurement and Admin, Ms Cindy Sim, said: “In tandem with digital transformation efforts of the maritime industry, MPA partnered IMDA to embark on InvoiceNow.”
“This serves as an additional platform for our customers to receive invoices digitally via the Peppol network with greater efficiency. We hope this will help more maritime companies accelerate adoption of electronic business processes.”
Businesses interested in participating in the nationwide InvoiceNow network to leverage the cost and labour benefits in receiving e-invoices, can visit: https://www.imda.gov.sg/invoicenow.
Photo credit: Infocomm Media Development Authority
Published: 1 December, 2021
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