How to Apply for IMDA InvoiceNow? 

Lots of companies in Singapore still handle their invoices by doing things the old-fashioned way, manually entering data into a computer. This can take a lot of time and mistakes are more likely to happen. But there is a solution! The Infocomm Media Development Authority (IMDA) in Singapore is promoting something called InvoiceNow 

This government e-invoice system is a real-timesaver for businesses and their employees when it comes to invoicing. It is all part of a nationwide e-invoicing network that is based on something called the Peppol protocol, which is known all around the world. This means businesses can easily send invoices between different financial systems. 

Using InvoiceNow for e-invoicing does not just make things more efficient for businesses, it also means payments happen faster, it is better for the environment because there is less paper to print, and it even allows for international transactions. Keep reading to find out more about the benefits of IMDA InvoiceNow, who can get the IMDA grant, and how to apply for it. 

Demystifying the InvoiceNow Transaction Bonus 

More than 50,000 companies have hopped on board the InvoiceNow network, indicating that electronic invoicing is becoming quite the trend across the country. To encourage more businesses to jump on the electronic invoicing bandwagon, the government has introduced some IMDA grants. Here is a detailed breakdown: 

What Is InvoiceNow? 

InvoiceNow, brought to you by IMDA Singapore, is like a super-efficient electronic invoicing system called Peppol. It is here to make billing a breeze for companies all over the country. With InvoiceNow, sending invoices to a buyer’s accounting system becomes a walk in the park, thanks to its automated and secure network. 

Unlike just emailing a PDF or an online invoice, using InvoiceNow requires both the sender and receiver to have special software that is InvoiceNow-ready. The cool part is, it works even if your financial systems are not exactly twins because there are international rules that make sure everything runs smoothly. 

Who Can Get This Bonus? 

This grant is up for grabs if your business: 

• Is a small or medium-sized company with an active UEN (Unique Entity Number) on the InvoiceNow platform. 
• Sends at least 10 e-invoices through the network within a year of sending your very first e-invoice. 
• Will get $50 for your first e-invoice. 
• Gets an extra $150 after sending the next nine e-invoices. 

Note:  

• Do not have the LEAD Transact Grant for billing. 
• Does not require to fill out any forms or make claims to get the money. 

What is Extra Good Stuff? 

For every 10 e-invoices that get paid within a year, you could pocket an extra $200. You do not have to do anything special for this; it will just show up based on your monthly SESAMi reports. And here is a bonus for you: when you send your very first e-invoice with PayNow Corporate after signing up, you will get S$50. Once you send nine more e-invoices within a year after the first one, your company will be in for a treat with a bonus payment of $150. 

Understanding the InvoiceNow Transaction Bonus is your ticket to simplifying your invoicing process and enjoying some extra cash. So, why wait? Get started today! 

How to Apply for IMDA InvoiceNow?

To get started with the IMDA InvoiceNow grant, you will need to follow a few straightforward steps. Before applying, make sure you have connected with InvoiceNow: 

• Check Compatibility: Firstly, confirm that your accounting, or financial solution is on IMDA’s list of pre-approved systems, and it is ready for Peppol integration. If it supports Peppol, you are on the right track. 
• Activate InvoiceNow: If your solution supports Peppol, reach out to your solution provider and ask them to enable the InvoiceNow feature. This step ensures your system is InvoiceNow-ready. 
• Alternative Option: If you would prefer to integrate InvoiceNow with your existing internal setup, you can contact an Access Point Provider. They can assist in making InvoiceNow work seamlessly within your infrastructure. Once set up, you will be all set to send and receive e-invoices directly through your accounting system. 

Steps to Ensure Grant Eligibility 

While applying for the InvoiceNow Transaction Bonus (ITB), you do not necessarily need to apply, but you should follow these three simple steps to ensure you receive the funds: 

• Register Business User: Make sure your business user is registered on the Singapore Service Metadata Publisher (SMP) through an IMDA-certified Access Point provider like UnifiedPost. 
• Send E-Invoices: Ensure your system can send E-Invoices on the Peppol network through an IMDA-certified Access Point provider like UnifiedPost. 
• Receive E-Invoices: Verify that your system can receive E-Invoices on the Peppol network through an IMDA certified Access Point provider like UnifiedPost and display them correctly. 
• Manage Peppol IDs: Capture and maintain the Peppol IDs of your users’ business partners, such as customers and suppliers. This helps facilitate smooth electronic invoicing transactions. 

By following these steps, you will be on the right track to not only streamline your invoicing process but also potentially qualify for the IMDA InvoiceNow grant. 

Required Documentation 

When applying for the IMDA InvoiceNow grant, you will find that the documentation requirements are quite straightforward. Here is what you will need: 

• Monthly Transaction Report: Your Access Point provider will submit a monthly transaction report. This report is essential for grant evaluation. 

For your e-invoice documents to be considered valid, they should meet the following criteria: 

• Invoice Date: Ensure that the invoice date falls within a reasonable time limit. Backdating or forward-dating by more than seven calendar days is not allowed. 
• Order Number: Include a unique order number that represents the specific transaction involving goods and services. 
• Amount Due: State the total amount payable for the transaction, considering any applicable taxes, discounts, or subsidies. 
• Reference: Provide a unique invoice number or reference code that uniquely identifies this business exchange. 
• Description: Include a detailed description of the goods or services involved in the transaction. This should cover any relevant information. 

Should there be any significant changes in your company’s control, name, legal structure, or any events affecting the grant, as mentioned in Condition 10(b) of the document, it is essential to provide documentary proof to IMDA within two weeks. Keeping them informed helps maintain transparency and ensures compliance with grant conditions. 

Invoicing with Automa8e

Enjoy Smoother Invoicing and Faster Payments Streamline your processes with structured digital invoices, faster payments, and automated efficiency through the Nationwide E-delivery network and Peppol standards. Running a business is a complex task, and manual data entry adds an unnecessary burden. Automa8e accounting software is a powerful business management tool that simplifies your operations. 

Unlock your business’s hidden potential with our solution. It enhances cash flow, accessibility, and boosts productivity significantly.