Streamline e-invoicing with InvoiceNow and Summit’s Spend Management Software to reduce errors, improve cash flow, and ensure GST compliance in Singapore.
In today’s fast-paced business environment, managing invoices efficiently is key to maintaining healthy cash flow and financial transparency. InvoiceNow, Singapore’s nationwide e-invoicing network, offers businesses a faster, more secure way to send and receive invoices electronically. Instead of dealing with paper-based invoices or manual data entry, InvoiceNow enables direct system-to-system invoicing, reducing processing times and minimising errors.
For businesses in Singapore looking to enhance their spend management, integrating InvoiceNow with Summit’s Spend Management Software takes financial efficiency to the next level. By automating invoice capture, approvals, and payments, companies can gain real-time visibility into expenses, improve cash flow, and strengthen vendor relationships.
What is InvoiceNow?
InvoiceNow is Singapore’s nationwide e-invoicing network, designed to enable businesses to send and receive invoices digitally through a secure, structured format. Managed by the Infocomm Media Development Authority (IMDA), InvoiceNow is built on the Peppol framework, an internationally recognised standard for electronic invoicing. This ensures that invoices are transmitted directly between financial systems, eliminating the need for manual processing, PDFs, or paper invoices.
For businesses in Singapore, InvoiceNow simplifies invoice handling by automating data capture, validation, and submission. When a supplier sends an invoice via InvoiceNow, it flows seamlessly into the recipient’s accounting or spend management software, ensuring faster processing and reduced errors. This system enhances compliance, improves financial visibility, and accelerates payment cycles.
Ensuring GST Compliance with Invoicenow
For businesses in Singapore, GST (Goods and Services Tax) compliance is a critical part of financial operations. InvoiceNow simplifies this process by ensuring that electronic invoices meet IMDA and IRAS (Inland Revenue Authority of Singapore) requirements, reducing the risk of errors and non-compliance. Since InvoiceNow invoices follow the Peppol BIS Billing 3.0 standard, they contain all the necessary fields for GST reporting, such as tax rates, invoice amounts, and supplier details.
One key advantage of using InvoiceNow for GST compliance is automated tax validation. By integrating InvoiceNow with Summit’s Spend Management Software, businesses can automatically categorise expenses, apply the correct GST rates, and generate accurate reports for tax submissions. This reduces manual data entry, minimises discrepancies, and ensures businesses stay audit-ready.
Additionally, businesses registered under Singapore’s Peppol network benefit from faster and more secure invoicing processes, making it easier to track GST transactions and reconcile financial records. By leveraging InvoiceNow and Summit together, companies can streamline GST reporting, improve financial accuracy, and maintain compliance with Singapore’s tax regulations.
InvoiceNow: Everything You Need to Know
Adopting InvoiceNow can significantly improve invoice processing, but we understand that you might have questions about how to get started, integrate it into your systems, and maximise its benefits. Below are some key FAQs to help you use InvoiceNow effectively.
How do I register for InvoiceNow?
To start using InvoiceNow, businesses in Singapore must register for the Peppol e-invoicing network through an accredited service provider. Many accounting and spend management software solutions, including Summit, already support InvoiceNow integration, making it easier for businesses to onboard. Once registered, businesses can send and receive structured e-invoices directly within their financial systems.
How does InvoiceNow improve business operations?
InvoiceNow eliminates the need for paper invoices, emails, and manual data entry by transmitting invoices directly between accounting systems. This ensures faster invoice approvals, fewer errors, and improved compliance with GST regulations. Additionally, businesses gain better financial visibility, as transactions are processed in real time.
Can InvoiceNow work with Summit’s spend management software?
Yes! Summit’s Spend Management Software enhances InvoiceNow’s capabilities by providing automated invoice tracking, approval workflows, and spend analytics. With this integration, businesses can improve cash flow management, reduce invoice processing times, and maintain complete financial control.
For more guidance on using InvoiceNow effectively, businesses should explore IMDA’s official resources or consult their software provider to ensure seamless integration with existing financial systems.
Solutions And Services for InvoiceNow
To implement InvoiceNow successfully, businesses need a reliable Peppol-ready service provider or accounting system that supports e-invoicing integration. Several solutions in Singapore offer built-in InvoiceNow capabilities, including accounting software, ERP systems, and spend management tools. These platforms ensure seamless invoice transmission, real-time processing, and compliance with IMDA and GST regulations.
Seamless Invoice Processing with Summit And Invoicenow
While InvoiceNow is designed for sending e-invoices (accounts receivable), businesses also need a solution for efficiently processing incoming invoices. This is where Summit’s Spend Management Software comes in. By integrating InvoiceNow with Summit, businesses can automate invoice capture, approval workflows, and financial tracking, ensuring that received invoices are processed accurately and on time.
With Summit, invoices sent through InvoiceNow can be uploaded or captured into the system, where they are validated, categorised, and assigned for approval based on predefined rules such as vendor details, cost centres, and general ledger codes. This eliminates the need for manual data entry, reducing errors and improving efficiency. Once approved, invoices maybe scheduled for payment, and expenses are recorded in real-time, providing better budget control, enhanced cash flow visibility, and accurate financial reporting.
Additionally, Summit offers multi-currency support, audit trails, and compliance tracking, making it easier for businesses in Singapore to meet financial regulations while maintaining strong supplier relationships. By combining InvoiceNow with Summit’s accounts payable automation, companies can streamline both outgoing and incoming invoices, ensuring a fully optimised financial workflow.
Talk to us today to learn how Summit can help you enhance invoice processing and gain full control over your financial operations.
