On June 19th, LinkFor, in collaboration with IMDA, hosted an exclusive webinar on how unlocking the potential of E-invoicing and InvoiceNow could propel enterprises towards greater efficiency and success.
Singapore’s digital acceleration over the past few years has increased with an estimated 83% of SMEs having digital transformation strategies in place. Whether due to government regulations or the natural evolution of technology in everyday business operations.
e-Invoicing adoption is part of this digital acceleration, with the process significantly streamlining tax and payment processes, and comply with regulatory mandates. Since COVID-19, the rapid rise of e-Invoicing has been notable, with government mandates worldwide requiring businesses to register their e-Invoices with the government.
While it may not be mandatory in a few countries, opting out places businesses at a disadvantage. Using a secure, government-backed method with Peppol accredited private e-Invoicing solution providers, such as LinkFor, businesses can save considerable time, efficiency, and increase productivity in managing taxes and payments.
InvoiceNow
In Singapore, IMDA introduced ‘InvoiceNow’, which is a nationwide e-invoicing network that enables companies of all sizes to process invoices in a more efficient manner, reducing business costs, shortening payment cycles, and seamless integration of your ERP systems. LinkFor, as one of the leading Access Point providers in Singapore, offers e-invoicing solutions to all levels of government bodies and businesses that will be a part of InvoiceNow.
The Inland Revenue Authority of Singapore (IRAS) also announced plans for a phased adoption of InvoiceNow for GST-registered businesses (“GST InvoiceNow Requirement”). The transmission of invoice data to IRAS will be used for GST administration purposes. This marks a collaborative endeavour involving IMDA and IRAS to enhance productivity, improve compliance and reduce costs for businesses through the adoption of InvoiceNow.
Connecting your systems through LinkFor
To maximize the benefits of e-Invoicing, integrating it with your existing ERP systems for accounting, procurement, and financial operations is crucial. A seamless integration ensures that the transition to e-Invoicing does not disrupt business operations and that the full benefits of digital invoicing can be realized. LinkFor provides a seamless integration solution that connects your ERP systems with the InvoiceNow portal that allows you to use your current systems without the need for significant modifications or disruptions.
This has tangible benefits for businesses. Real-time processing of e-Invoices ensures that your accounting and procurement records are always up to date, enhancing the accuracy of financial data and improving decision-making. Enhanced compliance is achieved by integrating with the InvoiceNow portal, which handles the technical aspects of compliance, allowing you to focus on your core business operations. Improved cash flow management results from faster invoice processing and quicker payment cycles, leading to better cash flow management with real-time updates and reduced processing times. The integration is designed to scale with your business, handling increased volumes without compromising performance or efficiency.
Why e-Invoicing Matters
This shift to digital invoicing is part of a broader trend towards digital transformation, driven by the need for greater efficiency, cost reduction, and enhanced accuracy in financial transactions. The Insights Partners projects the global e-Invoicing market to reach USD 62.68 billion by 2031, it is estimated to record a CAGR of 22.4% from 2023 to 2031. These statistics underscore the growing importance and a necessity for businesses looking to stay competitive in the digital age.
As the global market continues to evolve, businesses that adopt digital solutions like e-Invoicing will be better positioned to thrive. Don’t get left behind—embrace e-Invoicing today and step into the future of business operations.
Find out how you can you can benefit from eInvoicing LinkFor: https://link4.asia/
Footnote: In this article, “e-invoicing” is used interchangeably to refer to electronic invoicing.
