The Singapore government is pushing for businesses to adopt InvoiceNow, an electronic invoicing system that will be mandatory for government vendors from 2025. If you’re a business owner, now is the time to get prepared. But what exactly is InvoiceNow, and how can it benefit your business? Let’s break it down. ( For more info regarding about the invoicenow may refer IRAS website or IMDA website )
What is InvoiceNow?
InvoiceNow is Singapore’s nationwide Peppol e-invoicing network, which enables businesses to send and receive invoices digitally in a structured format. This system ensures faster, more accurate transactions while reducing administrative hassle.
From 2025, businesses that work with government agencies must submit invoices through InvoiceNow to receive payments. Adopting this system early can give your business a competitive edge and streamline your invoicing process.
Why Should Businesses Adopt InvoiceNow?
Faster Payments – E-invoices are processed quicker, reducing payment delays.
Cost Savings – Say goodbye to paper invoices and manual processing costs.
Increased Accuracy – Eliminate human errors and ensure compliance with IRAS regulations.
Seamless Integration – Works with accounting software like ABSS/MYOB and SQL Account, making adoption easy.
Better Cash Flow Management – Speed up invoicing and payments for healthier cash flow.
How to Get Started with InvoiceNow
Check Your Accounting Software – Ensure your system supports Peppol e-invoicing. ABSS/MYOB and SQL Account are compatible with InvoiceNow, making integration seamless.
Register on the Peppol Network – Businesses need to be onboarded to send and receive e-invoices.
Train Your Team – Educate staff on how to use InvoiceNow effectively.
Test Your System – Run trial invoices to ensure smooth operations before the mandate kicks in.
Final Thoughts
The 2025 InvoiceNow mandate is just around the corner. Businesses that prepare early will benefit from faster payments, increased efficiency, and improved compliance. If you’re using ABSS/MYOB or SQL Account, you’re already one step ahead—these systems support InvoiceNow, making the transition easier.
Need help getting started? Contact us today and future-proof your invoicing process! 🚀
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