Enables trading partners to exchange standards-based electronic documents over the Peppol network with InvoiceSenz. It directly transmits invoices in a structured digital format from one finance system to another using the Nationwide E-delivery network based on Peppol.
Singapore is the first country in Asia to adopt an electronic invoicing standard called Peppol. Australia and New Zealand have joined, and other countries like Malaysia, Vietnam, and Thailand will soon follow.
InvoiceSenz helps to ensure that invoices are efficiently sent out in suppliers’ systems and then received, captured, and processed more quickly at buyers’ systems, thus speeding up payment. The faster payment is a result of faster processing.
Just as PayNow is a UEN-based e-payment, InvoiceNow is also a UEN-based e-invoicing, by using the same underlying UEN, Invoice to payment processing can be further simplified.
Paper and PDF invoices require finance or accounting staff on both sides to key and rekey data into electronic systems. This process of data entry leads to human error. An error-prone manual process is avoided with e-invoicing.
Invoices are transmitted electronically, rather than being sent on paper. This can save time and reduce the chance of errors.
Peppol uses standardized formats and protocols for the electronic exchange of invoices. This allows businesses that use different software systems to communicate with one another.
By using e-invoicing, businesses can automate many of the steps involved in the invoice process, such as data entry, processing, and reconciliation.
With e-invoicing, businesses can track the status of invoices in real time, making it easier to manage the invoice process.
E-invoicing can save businesses money by reducing the need for paper, postage, and other expenses associated with paper invoicing.
E-invoicing has the capability to have secure communication such as encryption and digital signatures which can increase data privacy and integrity.
Some countries have implemented regulations requiring e-invoicing, so businesses must comply with these regulations to avoid penalties.
E-invoicing has the potential to enable supply-chain financing in near-real-time, facilitating greater efficiency and transparency that could increase working capital and liquidity. InvoiceSenz is on Peppol, it allows companies and organizations to exchange invoices via a single network while being flexible on how to connect to this network.
Interested in learning more about InvoiceSenz? Get a live demo to explore how InvoiceSenz can streamline cash flows, speed up payment and process invoices faster.