Singapore's e-invoicing initiative will lead to quicker payments for businesses

March 8, 2018 : Singapore is planning an initiative to develop a common electronic invoicing (e-invoicing) platform for businesses according to Mr. Yaacob Ibrahim, the Minister for Communications and Information.

"Invoices are critical functions for businesses – without an invoice, businesses do not get paid. But invoicing can be very tedious and manual, with many inherent errors." Mr. Ibrahim said in his speech in Parliament. "E-invoicing can change that. It can help businesses cut costs, ensure companies are paid faster, and open up new financing options."

FACT Software International hails the initiative stating that e-invoicing will speed up the payment cycle and will also help make organisations better prepared for decision making.

Mr. Arvind Agarwalla, Founder & CEO of the FACT Group of Companies worldwide further adds : “The decision to implement an e-invoicing platform will be a boon to all businesses and will reduce dependency on manual entries.”

"E-invoicing will also lead to greater transparency between two parties and will also lead to major time saving for companies as entries are digitised."

E-invoicing will do away with the use of various digital formats such as PDFs, Word docs and scanned copies which often include errors due to human involvement. The process for e-invoicing will be automated and include the creation, processing of payment requests and exchange of invoices between two parties.

Mr. Agarwalla also highlights additional changes e-invoicing would bring to businesses : "Of course, using a unified e-invoice format will lead to quicker transactions and approvals, and should have a positive impact leading to a better financial assessment for all parties involved."

"We have worked with several third parties to successfully integrate Procurement, Payments and Invoicing with FACT ERP."

In addition to third party integration, FACT Software has developed the Advance Export Declaration (AED module) specifically for Singapore companies engaged in shipping. The AED interface provides seamless integration with e-Freight@Singapore, cutting down submission and clearance time for paperwork between shippers and logistics companies. FACT ERP.NG allows users to upload the XML files that automatically converts Shippers’ documents to 3 unique message specifications for downstream reuse.

The Info-communications Media Development Authority (IMDA) spokesperson has mentioned that important parties will be contacted to understand what are the needs that must be kept in mind while developing the platform.

Mr Agarwalla added : "With our experience of making FACT compliant with Singapore’s GST, we can assure the incorporation of any future e-invoicing platform by the Government will be done without any downtime for our users."

FACT Software is a Singapore based software development company with over 30 years of experience in helping 100,000+ companies become more productive, efficient and more profitable. The organisation is listed on the IRAS (Inland Revenue Authority of Singapore) website as GST compliant since 1994.

FACT ERP.NG is regularly updated with enhancements, over 500 every year, and the incorporation of the e-invoicing platform for Singapore will match FACT ERP.NG’s ethos of Zero Manual Work while ensuring the end of error-strewn invoices.

For more information about the FACT Software Group, see : www.factsoftware.com or mail us at info@factsoftware.com.

 

Copyright @ 2018 FACT Software International Pte Ltd.