Integrated with accounting software via PEPPOL, handling both local & International transactions seamlessly.
InvoiceNow allows direct transmission of invoices in structured digital format from one finance system to another using the Nationwide E-delivery network, which is based on Peppol, allowing or the invoice to be flipped to E-payments such as Paynow directly.
With a typical 60-day term invoice through the classic journey excluding financing or factoring, with AutoCount Invoice now solution, the time saved has been estimated to save up as:
Quicker generation of e-invoice and no latency due to postage or courier delays supplier’s end. Firstly, at the supplier’s end, an e-invoice can easily be generated from AutoCount with system assisted dropdowns, and customer and product information readily available. It will be even faster if there is an Order information already in the system. Comparing this with a fresh new data entry that often involves looking for the papers, generating an e-invoice out of a system can save hours and days of processing.
Minimized manual intervention with structured data format reduces human error. Manual invoice can easily take many days before the data is ingested into any system for processing. With AutoCount, e-invoices are transferred over Peppol network in a standard format, they can now receive invoices directly into the Accounts Payable system, the buyer can do away with manual data entry or scanning that heightens the risks of data errors, manipulation, or even fraud.
Straight-through processing and automatic discovery of anomalies and fraud using Ai on network data secured through encryption. Complementing InvoiceNow’s clean data, many accounting and ERP solutions like AutoCount are including sophisticated features to enable the users to use risk-based approach to processing invoices for payment. Lower cost and regular e-invoices can be funneled through instant straight-through processing. More complex e-invoices can be put through 3 or 4-ways matching assisted with other supporting data to help users check the e-invoices quickly. Artificial Intelligence enabled features can help in interpreting and triggering anomalies or even fraud along with a dashboard is also available to view invoices in real-time, and processing can be monitored closely to cut unnecessary delays.
E-payment can be done automatically, saving couple of days preparing payment files manually, result in companies and solution providers can now transfer payment files to banks for payment processing. IMDA has partnered with various banks, along with Association of Banks in Singapore to develop SME solutions to enable this functionality to drive a seamless payment.
Contact AutoCount for assistance or follow the steps below:
Contact AutoCount now to find out more.
With a typical 60-day term invoice through the classic journey excluding financing or factoring, with AutoCount Invoice now solution, the time saved has been estimated to save up as:
- Faster payment of Invoices due to simplification of Invoice to Payment processes. Several banks are working on solutions that allow users to directly flip an InvoiceNow einvoice to an E-Payment.
- Reduction of tedious and time consuming manual processes (estimated $8 per invoice according to a study commissioned by IMDA)
- as much as S$72 to rectify, according to a study commissioned by IMDA).
- Reduction of storage, retrieval and delivery costs.
- Faster payment cycles
InvoiceNow Invoices are more efficiently being sent out in suppliers' systems and then received, captured and processed more quickly at buyers’ systems, thus speeding up payment. Faster payment as a result of faster processing. Delay in payment is a major concern of SMEs (SPRING 2017 business survey). A US Federal Reserve Bank of Minneapolis in 2017 showed 45% of paper invoices were paid on time compared to ~92% of e-invoices. - Cost reduction
Research have indicated that senders of e-invoices can save about 59% and recipients can save 64% compared to using paper-based processes. Contributing cost factors could be storage and retrieval of hard copy invoices. - Cost reduction
Research have indicated that senders of e-invoices can save about 59% and recipients can save 64% compared to using paper-based processes. Contributing cost factors could be storage and retrieval of hard copy invoices. - Improve efficiency
- 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. Error-prone manual process is avoided with e-invoicing.
- Businesses can skip labour-intensive steps such as verifying information, rectifying errors and resolving conflicts.
- Process are more streamlined
- Reduced Complexity
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. - Transact internationally
When other businesses are in the network, sending e-invoices to overseas partner is seamless.
- If you are using a service provider's Accounting/ERP solution, check that they are certified as a Peppol Ready solution (such as AutoCount).
- Alternatively, you can check with your banking provider if they can assist with a solution offering.
- If you have your own financial system, engage with an approved Access Point (AP) operator who will be able to help you connect your system. The list of approved Access Point operators can be found from IMDA website www.imda.gov.sg/einvoice (see under ‘Access Point and Solution Providers’)
- Once you have your solution established, register and get your Peppol business identity (typically done by your AP)
- Learn how send and receive Peppol e-invoices using your solution.
- Update all Purchase Order documents with your Peppol business identity for invoicing.
- Announce that you are E-invoicing ready to all your business partners and suppliers.
In light of the CoVid-19 outbreak, Singapore Government has announced the Disease Outbreak Response System Condition (Dorscon) level raised from yellow to orange, and this is to avoid the spreading of the virus in the community.
As a precautionary measure, Singapore enterprises are encouraged to plan and implement business continuity plans to minimize operation disruptions and to ensure that business remains viable during the virus outbreak. The idea of working from home is one of the critical implementations factors of flexible work arrangements.
AutoCount has ENHANCED the V2.0 features, which allow the internet user to log in from different locations to access their database to enable work anywhere at any time. Many accounting personnel can now rely on AutoCount to perform their routine accounting works from home/away from the office.
Our software solution help SMEs to efficiently manage accounting and inventory while it remains compliant with IRAS regulations. We want to help SMEs businesses stay afloat through this uncertain time and give businesses the luxury to continue running a business remotely.
AutoCount has ENHANCED the V2.0 features, which allow the internet user to log in from different locations to access their database to enable work anywhere at any time. Many accounting personnel can now rely on AutoCount to perform their routine accounting works from home/away from the office.
Our software solution help SMEs to efficiently manage accounting and inventory while it remains compliant with IRAS regulations. We want to help SMEs businesses stay afloat through this uncertain time and give businesses the luxury to continue running a business remotely.
+65 - 6817 9011 or +65 - 9101 1500 to know more
