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SAP user companies in Singapore can send and receive electronic invoices in InvoiceNow format using xSuite's solution.
The Accounts Payable Automation solution of xSuite Asia Pacific Pte. Ltd. is now "Peppol ready." For this purpose, the Infocomm Media Development Authority (IMDA) has awarded the software producer the distinction of "IMDA Pre-Approved Peppol-Ready Solution Provider" and lists xSuite on its website as a "Peppol Ready Accounting Solution Provider." Peppol is an international network for the electronic exchange of documents and data. In Singapore, electronic invoices will be exchanged in the new invoice format InvoiceNow.
Using xSuite's solution, companies can send, receive and correctly display electronic invoices in accordance with IMDA standards. The associated workflow also ensures SAP-integrated, automated processing of incoming invoices. Through xSuite, companies can register themselves on the platform for the Service Metadata Publisher (SMP) for Singapore's Nationwide E-Invoicing Network. The product is geared toward Singaporean companies that use SAP ERP or SAP S/4HANA and that aim to accept and process electronic invoices.
Singapore is using the invoice format "InvoiceNow" to promote the use of e-invoices. Electronic invoice exchange enables companies to act more simply, quickly, and in a way that saves resources and costs. The format allows invoices to be transferred directly from one financial system to another in a structured digital format. InvoiceNow is based on XML-based syntaxes used in e-invoices. It goes beyond the usual sending of PDF invoices by e-mail, in that here the transfer of data from the supplier system to the buyer system takes place without manual intervention. That makes InvoiceNow the leading format in Singapore for electronic data interchange (EDI). In addition, it is a Peppol-compliant invoice format, which the IMDA demands as the transmission channel for InvoiceNow.
Companies wishing to use the service need a Peppol Access Point, which xSuite Asia operates together with Starhub, one of the four largest telecommunications companies in Singapore. xSuite Asia, IMDA and Starhub have produced a joint webinar to provide information about the new invoice format and its transmission. The recording can be viewed here along with the login link for InvoiceNow.
Another webinar will be hosted by xSuite showcasing the solution on Wednesday, January 13, 2021, 3pm SGT. Registration: Webinar InvoiceNowRead press release here