The initial and most vital stage in the process of bookkeeping is to create an invoice. Invoicing electronically signifies an agreement to pay for items and services offered. Certain companies employ accounting software to generate invoices and pay electronically. In the course of using accounting software that allows for sending invoices needs the involvement of a human.
Some companies also print their invoices on paper and then mail them. Certain businesses can exchange invoices by email and follow up on the invoices. It calls for an electronic format for the exchange of invoices between buyers and sellers. Electronic invoices simplify and avoid manual interference in invoice exchange and transmission.
There are so many organizations all over the world that are not aware of all benefits of using this system. Read more on e-invoicing registration grants.
What’s an electronic invoice?
Electronic invoice (e-invoice) is a way to automatize and eliminate the need for manual interaction between buyers and sellers in the exchange and issuing of invoices. The invoice is created, sent, and accepted in electronic format. This allows for the automated process of the processing of payments for sellers and buyers.
Electronic Invoicing and its payment have been made simpler by a few accounting software. After receiving the e-invoice within the accounting software, the buyer can look over the invoice before making the online payment using a credit card direct debit, credit card, or credit card. Invoices that are electronic (e-invoice) allow creating automatic invoice payments based on the bank’s details, payment numbers as well as payment reference number. It doesn’t require manual use since the e-invoice contains all the information required by the customer to process the payment online.
E-Invoicing Grant for Registration
The Registration Grant is an IMDA project to help companies digitalize through P-Max Grant Program, in collaboration with ESG. After first-time registration for the E-Invoicing Network, the E-Invoicing Registration Grant provides companies with a one-time payment of $200 per UEN.
This grant makes a one-time payment of $200 per UEN to businesses for registering for the very first time with the Network on or before 31 December 2020. This grant applies to enterprises that, on or before 25 March 2020, are legal, active, and registered in Singapore.
Benefits of E-Invoice
- Enables E-Invoicing is generating and exchanged in one common digital form.
- E-Invoicing minimizes the time and effort expended on invoice exports, invoice authentication, invoice mailing, bill entry manual info.
- The process of this system greatly reduces the energy and cost expended in the process of recording and correcting mistakes.
- This process helps enterprises to save money on invoice printing.
- These eliminate questions from consumers and vendors about invoices, leading to easy acceptance and quicker payments.
- Need to workless effort to make an online payment for the invoice, e-invoices lead to faster processing.
The government of Singapore has acknowledged the advantages of this process and has promoted the use of e-invoicing by companies. The Electronic invoicing Registration Grant is a one-time grant to encourage any company to join the national Electronic invoicing network early and benefit from operational savings and reduced digitalization costs.