What is Peppol e-invoicing?
Peppol E-invoicing is a standardised digital way of sending and receiving invoice between the accounting systems of two parties, regardless of the type of software they use.
Peppol is the network that facilitates the exchange of this information digitally.
Does E-invoicing mean online invoicing?
No E-invoicing is different from online invoicing.
In most current business scenarios, online invoicing refers to either a scanned copy of the invoice or a PDF file sent to the recipient organisation via email. The process relies on manual data entry as your recipient will have to re-enter the details of the invoice into his own accounting system (e.g. accounts payable). Similarly, you may be receiving many online invoices in the form of PDFs – you will also need to have someone manually input the invoice details or scan the pages of invoices into your system.
E-invoicing on the other hand is an invoice created digitally in a supplier’s financial system, transmitted electronically through the Peppol network to the recipient (buyer) where it is processed automatically without any human intervention. For example, E-invoices received in a PEPPOL Ready accounting solution can appear as draft bills automatically without any manual data entry.
Free on Xero!
Xero can now connect to the Peppol E-invoicing network launched by the Infocomm Media Development Authority of Singapore to speed up your invoicing process.
It can get you paid faster by your customers and help you maintain healthy cash flow in your business.
Best of all, it comes free with your Xero subscription!
Contact us now to start getting paid faster!
On the back of an economic slow-down made worse by the Covid-19 virus epidemic, this year's budget was highly expected to give a significant boost to the ailing Singapore economy. And with the largest budget deficit in ten years of S$10.9B, it can be said that this was what it sought out to do.
A summary of the measures can be found in the table below (source : Ministry of Finance) :
Apart from the belated "ang bao" ($100-$300 cash) to every Singaporean,the following three initiatives in the Budget are of the greatest impact to businesses:
1. Sending Coal In The Midst of Harsh Winter (雪中送炭)
The businesses hit by the ongoing epidemic are largely in tourism, food & beverage and transport industries. So it is heartening to see the Budget giving relief to these sectors through the following measures :
Although rental and property tax rebates does not seem like much compared to an outright cash rebate, it is still some measure of relief to affected businesses..
2. Other Band Aids
There are also other measures tailored to support workers and enterprises :
These measures are also expected to help alleviate cash flow issues faced by businesses.
3. Seizing Opportunities
Chinese believe that there is opportunity in a crisis ("危机") and Singapore is sizing up opportunities arising from the following trends :
While it's true that some of the measures are not as significant when compared to those implemented during the SARS crisis, this is a reflection that the current crisis is not considered to be as bad as SARS, Should this not be the case, the G has reserved enough gas in the tank to implement more measures.