A nationwide E-invoicing method based on Peppol that enables the direct delivery of invoices in a structured digital format across different finance systems – Activate InvoiceNow in SAP Business One.

Implementation Timeline for the GST InvoiceNow Requirement

On 15 April 2024, the Inland Revenue Authority of Singapore (IRAS), in collaboration with IMDA, announced a phased rollout of the GST InvoiceNow Requirement for GST-registered businesses. This initiative aims to improve business productivity, enhance tax compliance, and reduce operational costs by adopting InvoiceNow-Ready Solutions for invoice transmission.

From 1 May 2025, a soft launch will begin, allowing existing GST-registered businesses and new applicants (from that date onwards) to voluntarily transmit invoice data to IRAS via the InvoiceNow network.

Over time, this requirement will become mandatory, starting with newly registered GST businesses and gradually extending to all remaining GST-registered businesses.

InvoiceNow in SAP Business One

SAP Business One is a Peppol Ready solution, provides SMEs in Singapore the capability to send and receive invoices through the InvoiceNow network. Activate InvoiceNow in SAP Business One to harness digital technology and stay competitive, comply with future legislation and realise the many benefits that E-invoicing brings:

• Fast and accurate electronic delivery - Improve efficiency
• Saves time and reduces errors - Less admin
• Visibility over invoice delivery - Streamlines processes
• Saves cost and environmentally sustainable - Paperless business
• Minimizes compliance efforts - Shortens GST audit process

Why Axxis Consulting?

Axxis Consulting is certified by IMDA for InvoiceNow. Supporting clients in the region since 1997, Axxis Consulting offers leading expertise to support business transformations and related IT implementations.

We are committed to helping Singaporean SMEs streamline their accounting work and get paid faster. That enables us to further support the IMDA’s vision for Smart Nation through InvoiceNow.

Due to our outstanding commitment to our customers and level of expertise, we are proud to hold the designation of SAP Platinum Partner and a member of the United VARs.

Learn more: https://axxis-consulting.com/peppol-einvoicing-invoicenow/